Skip to end of metadata
Go to start of metadata

You are viewing an old version of this page. View the current version.

Compare with Current View Page History

« Previous Version 28 Next »

Overview

NorthScope allows users to enter accounts payable adjustments that integrate as transaction entries in the host system. These transactions are used to record adjustments against fishermen, tenders, or fishermen/tenders.

Prerequisites

Required Prerequisites

  • Vendor Setup

  • Financial Account setup

Optional Prerequisites

  • Set the purchasing preference for “Default Account – Settlement Accrual”. 
    • This will ensure that transactions will still post if the settlement account has not been manually configured for each fisherman or tender.
  • Attributes Setup for Fisherman - Adjustment Transaction.

Understanding the data flow

An adjustment transaction can be used to adjust owed or due balances from or to fishermen, tenders, or fishermen/tenders. When the transaction status is changed to “Ready to Post,” a settlement transaction is created in NorthScope for each line item.

In addition, a NorthScope journal entry is created and sent to the host system as an unposted transaction entry in the Financial module, if the integration setup in the company module for Journal is set to immediate/timed. 

To view the data flow of Adjustment transactions, click here.

Step 1: Entering the transaction in NorthScope.

Entering a new transaction

From NorthScope, expand the Purchasing module on the navigation menu and select “Transactions”. This will open the Purchasing Transaction List View, which displays all Adjustment, Balance Transfer, and Cash Receipt purchasing transactions with a status of New or Approved.

Click the “New” toolbar icon and select “Adjustment” to open a blank record view.

Completing the header fields

  • Amount: This field auto-populates upon saving once line items are entered to display the total of the adjustment transaction.
  • Date: This field defaults to today's date but can be edited.
  • Doc No: If entered, this field requires a unique document number by transaction type to identify the adjustment.
  • Status: This field is to select the status from the following options:
    • New - This is the default.
    • Approved - Used when there is a two-step process for finalizing transactions. Setting the status to “Approved” disables all editable fields except Status.
    • Ready to Post - Used when the user is ready to post the transaction. Setting the status to “Ready to Post” disables all editable fields including status.

Adding line items

Click New from the grid toolbar to add blank rows for data entry. By default clicking New creates 5 blank rows. Complete the data entry by adding one line for each transaction.

Note: Clicking New from the grid toolbar saves the transaction.

Note: Additional lines can be added by clicking New grid toolbar icon. 

Required line item fields:

  • Description: Enter the description for the adjustment. This field defaults to blank but is required in order to save the line item.
  • Distributed To: Select the fisherman or tender to which the adjustment is being applied. This lookup contains all active vendors with a Vendor Type of Fisherman, Tender, or Fisherman & Tender. This field is required.
  • Extended: This field is read-only and displays the product of the price per UOM and the quantity. 
  • Price: Enter the price for the line item. This field defaults to 0 but must be greater than 0 to save as a status of 'Approved' or greater. 
  • Purchase Account: Select the GL account that will be used for the credit side of the journal entry if the line item is a positive adjustment and the debit side of the journal entry if the line item is a negative adjustment. The lookup contains all active purchasing accounts. This field defaults to blank. (The Purchase Account cannot be the same as the Distributed To entity's Settlement Accrual account)
  • Quantity: This field defaults to 1 and must be greater than or less than 0 to save the transaction with a status of 'Approved' or greater.
    • Note: If the user wishes to record a negative adjustment, the user must use the Quantity field to record the negative (i.e. -1) and enter the absolute value of the amount to be adjusted in the Price field. For example, an adjustment of -$500 would be entered by placing a -1 in the Quantity field and a positive 500 in the price field.

Assigning Attributes (Optional)

The Attributes tab on the transaction will include all user-defined Attributes assigned to the Fisherman - Adjustment Transaction.

To setup Attribtues for the Fisherman - Adjustment Transaction, navigate to Company → Attributes → Fisherman → Transactions → Adjustment. 

Step 2: Finalizing the transaction in NorthScope.

Changes can be made to a transaction until it is finalized. To finalize a transaction, the user will need to change the status to “Ready to Post”.  In some companies, posting is a two-step process where transaction(s) are “Approved” by one person and posted by another. 

Approving the transaction

This step is optional and is used for companies that require a two-step process where there the person who approves the transaction cannot be the same person that posts the transaction.

To approve a transaction open it from the list view, change the status to “Approved”, and click the “Save” icon on the header toolbar. In addition to the validations performed each time the “Save” icon is clicked, there are additional validations that are performed:

  • Ensures there is at least one valid line item on the transaction
  • Ensures that all default GL Accounts can be assigned.
    • The “Settlement Accrual” account for each fisherman or tender identified in the Distributed To fields.
  • Ensures the Date resides within a valid fiscal period as determined by the host system. 
  • Ensures the required Attribute values have been entered. 

Once the status has been successfully updated to “Approved”, all the editable fields, with the exception of Status, will be disabled.

Finalizing the transaction

When the transaction is ready to be finalized, the user must open it and change the status to “Ready to Post” and save the transaction. Setting the adjustment to “Ready to Post” does the following:

  • Validates the same conditions as the approval status and locks down all editable fields including status.
  • Updates the transaction status to Posted and removes it from the list view
  • Creates the NothScope journal entry and sends it to the Host System.
  • Creates the NorthScope Settlement transaction(s).

Step 3: Posting the accrual journal entry in the host system.

For every Adjustment transaction in NorthScope, an accrual journal entry will be made in the host system if the Company Integration Setup for 'Journal' is set to Timed or Immediate. The journal entry will appear in the host system's Financial module as a Transaction Entry in the batch titled NS followed by the year, month, and day with the following format: NS: YY_MM_DD. For example, if the Adjustment was integrated on July 14, 2015, the Batch ID for the transaction entry would be NS: 15_07_14. 

Each Adjustment journal entry description will be the NorthScope journal entry number followed by the NorthScope transaction ID followed by the NorthScope transaction name (i.e. 12345: ADJ1000 Adjustment).

Journal entries for positive adjustment line items

Every positive adjustment transaction that integrates to the Host System will create the following journal entry:

One debit line showing the summarized amounts per each unique fisherman or tender “Settlement Accrual” account. The GL Account comes from the vendor’s “Settlement Accrual” account or, if missing, defaults from the Purchasing Preference for “Default Account – Settlement Accrual” account.

One credit line showing the summarized amounts per each unique “Purchase Account” on the transaction that was distributed to a fisherman or tender.

Journal entries for negative adjustment line items

Every negative adjustment transaction that integrates to the Host System will create the following journal entry:

One debit line showing the summarized amounts per each unique “Purchase Account” on the transaction that was distributed to a fisherman or tender.

One credit line showing the summarized total per each unique fisherman or tender “Settlement Accrual” account. The GL Account comes from the vendor’s “Settlement Accrual” account or, if missing, defaults to the Purchasing Preference for “Default Account – Settlement Accrual” account.

Once the user is satisfied that all the GL Distributions are correct, the user can post the batch in the host system.

Note: Although this step is required, it does not need to be done for each transaction. Posting can be done nightly or as needed.

Step 4: Reviewing in NorthScope.

Whether or not Step 3 is complete, the following will occur in NorthScope:

  • The posted Adjustment(s) will automatically update from “Ready to Post” to “Posted” and will no longer be visible in the Purchasing Transaction List View.
  • Settlement transactions will be added for each line item.
    • If the line item is a positive adjustment, the corresponding settlement transaction will be “Due from” the Vendor while if the line item is a negative adjustment, the corresponding settlement transaction will be “Owed to” the Vendor.

Once Step 3 is complete, the following will occur in NorthScope:

  • The NorthScope journal entry will update from "Ready to Post" to "Posted" and will no longer be visible in the Financial Journal Entries List View
  • No labels