Re: Backdating invoices

[Corey Seeman <cseeman@xxxxxxxxxx>]

Alan --

When you are keying an invoice, you can set the invoice for relatively any 
date you want.  The assumption is that you are getting that off the invoice 
document itself.  However, the date that the invoice is processed is the 
date that is used for the paid field.  This is the distinction between the 
PAID DATE and the INV DATE in the PAID fields of the order records.

So you are always paying the invoice in the moment.  If you have moved to a 
new fiscal year, then your payment goes against the current year regardless 
of what the invoice date is.

Having said all that, depending on what fiscal close method you use, there 
might be some easy ways around this. Let us suppose that you looking to pay 
someting in the middle of July that your accounts payable department says 
can be paid in the last fiscal year.  That is really great news, but how do 
you do it.  These are the steps that you would take:

1.  Pay your invoice as is. I suppose that you could include a line for the 
note that says to be credited to a previous fiscal year, but this is not 
necessary.  When you pay the invoice, your books are already off kilter 
because you are showing payments for the current fiscal year that need to 
be backed out.  Even though you are going to reverse these charges, it is 
important to pay the invoice to have the record that the item has been paid.

2. Adjust Fund Balances.  What you need to do is to remove the expenditure 
from the current fiscal year.  Look at the invoice that you keyed after you 
post.  This will give you all the changes that have taken place.  As a 
hint, if you are going to do this for a few invoices, post your payfiles, 
then run the invoices, and immediately post again.  This way, all the 
changes that you have to make will be clearly identified for you in the 
section of the posting that records all balance changes.

What you will be doing is using Adjust Fund Balances (in telnet or 
Millennium) to add a negative expenditure for the amounts charged against 
the funds with the invoice(s) that you keyed.  While the notion might be to 
add it back as an appropriation, it does not accurately reflect what is 
happening.  For example --

FUND: dissb

Original Balance:       1500.00
Payment:                  250.00        (should be charged to previous 
fiscal year)
BALANCE:                1250.00
Adjust Fund Balance
Expenditure              -250.00
NEW BALANCE:     1500.00

3. Adjust Figures in old Balance File (last year's money).  See Page # 
102950 in the Users Manual.
I would always go back and adjust the balance files from the previous 
year's reports to reflect that these invoices were paid from last year's 
money.  This is important for your records and to answer the question if 
people ask why you backed something out of the current year.  I am not sure 
that you can do this in Millennium...honestly I have not tried.

I hope this helps.  I wrote alot, but I am trying to avoid other work.

Best -- Corey

Corey Seeman
Assistant Dean for Resource & Systems Management
University of Toledo
<mailto:corey.seeman@xxxxxxxxxx>corey.seeman@xxxxxxxxxx
419-530-2333

http://library.utoledo.edu/userhomes/cseeman/
<http://library.utoledo.edu>http://library.utoledo.edu (Main Library Page)




At 02:06 PM 6/22/2004 -0400, Alan Bartlett wrote:
> Hi,
>
>         Does anyone know whether or not it is possible to backdate 
> invoices that are being processed in the acquisitions module?  We are 
> checking different options for processing invoices and the end of the 
> fiscal year.
>
>         Thanks,
>
>         Alan E. Bartlett
>
> --
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Corey Seeman
Asst. Dean for Resource and Systems Management
University of Toledo
corey.seeman@xxxxxxxxxx
http://library.utoledo.edu
http://library.utoledo.edu/userhomes/cseeman/