Notes Transactions - Adjustment

Notes Transactions – Adjustment

1. Login into Notes Receivable system as a manager.

1. Click on Find button, select the note which you want makes adjustment.

1. Click on the Adjustment button in Maintenance Screen.

1. On click of Adjustment button, Adjustment screen will be displayed.

Adjustment screen contains following fields.

1. As Of: This field is editable and it's a date control. It will contain minimum date as current date. It's a mandatory field.

Notes Receivable system will allow the user to select the future date. If user selects the future date then that transaction will be saved in to the data base but transaction will not be effected to note until the system date reaches to transaction "As Of date".

1. Type: This field is non editable but user has to select the Adjustment type from dropdown. User can perform two types of adjustment.

1. Principal: If User is willing do the Principal adjustment for the note then he has to select the type as "Principal"
2. Interest: If User is willing do the Interest adjustment for the note then he has to select the type as "Interest".

It's a mandatory field. If type field is blank then following validation message will be displayed.

1. Amount: This is editable field. User has to enter amount how much he is willing do the adjustment.
2. If User select Type as " Principal and entered amount is positive then if the entered amount exceeds the Note Credit limit then following validation message will be displayed.

1. If User selects Type as "Principal and entered amount is negative then if the entered amount makes current Note Principal as less than zero then following validation message will be displayed.

1. If User selects Type as "Interest" and entered amount is negative then if the entered amount makes the last accrued interest as less than zero then following validation message will be displayed.

1. If User selects Type as "Interest" and entered amount is negative then if the entered amount exceeds the current note payoff balance then following validation message will be displayed.

1. It's a mandatory field. If Amount field is having zero then following validation message will be displayed.

1. Comment: This field is not mandatory. User can enter comments for the adjustment. It will accept maximum of 250 characters.

1. Use Account: This field is mandatory and non editable but user has to select value from drop down. It contains following options.

The adjustment amount will be credit to selected account if the adjustment amount is positive.
The adjustment amount will be debit to selected account if the adjustment amount is negative.
User has to select Account numbers in Control file Settings screen. Please refer control file help document for further information.
If user doesn't select any account then following validation message will be displayed.

1. Show As: Provided a way for Adjustments to be shown in different "transaction types" on various reports. User can select an entry from the dropdown, and that particular Adjustment will be shown under that selection but not as "Adjustment". For example, this below transaction will be shown as "Principal Adjustment".

The different "Show As" texts can be set by clicking the "…" button from the dropdown. It brings up the Shown Adjustment As form, on which the user can create as many different texts as needed.

This field is mandatory, if user doesn't selected then following validation message will be displayed.

1. OK button: This button will be enabled if all mandatory fields contain data. On click of ok button data will be effected to selected note if the As of date is current date else it will be effected to note once system date reaches to transaction date.

1. Cancel button: This button is used to cancel the Adjustment transaction and return to Maintenance screen. On click of cancel button following validation message will be displayed.

If user clicks on the button "Yes" then Adjustment screen will be closed and returned to Maintenance screen.
If user clicks on the button "No" then warning message screen will be closed and Adjustment screen will be displayed.
Integration with General Ledger: when user makes the adjustment then two entries will be inserted into GLIJEMST (Journal Entries) with an adjustment amount.
If adjustment amount is positive then one record will be debit to "GL Notes Receivable "account which is configured in the Control file settings and another record will Credit to Account number which is selected in the" Use Account" field of Adjustment screen.
If adjustment amount is negative then one record will be credit to "GL Notes Receivable "account which is configured in the Control file settings and another record will debit to Account number which is selected in the" Use Account" field of Adjustment screen.
User can verify the entries in summit application by following the below steps.

1. Login to summit application

1. Select /Click General Ledger Menu

1. Select Report and Inquiry Menu

1. Select View Account History

1. Enter Account number, Accounting Year, Period (Beginning and ending)

Below report will give the required details

1. To view Note creation details, select the record and double click.
2. 
   

Example: Below account Number: 11100001 is Notes Receivable Account, so payment amount will debit to this account.


Double click on the record.

1. Below account number: 11100090 is "Interest Income Account", so payment amount will be credit to this account.

Double click on the record



OR

1. Login to summit application

1. Select /Click Petrolac Menu

1. Petrolac Dates screen will appear. Click OK.

1. Select End of Period Menu on Petrolac Main Menu screen.

1. Select G/L Distribution Report Menu on End of Period Menu screen.

1. Enter Transaction Date (Beginning and ending) and click on View Report button.

Below report will give the required details