Organizations (Enterprise and OpenRDA 101 that have the software bundle FM 23–Default Account Codes) will now see a reclassification process on the receipt maintain screen (Accounting tab). This is applicable to revenue type receipts that are deposited to one fiscal year and need to be reclassified as revenue/receivable for the prior fiscal year (i.e., accruals). This has been done to facilitate recording of such receivables in the software without the need for journal entries (previously receivables for financial receipts had to be entered as revenue type journal entries with a debit to the applicable receivable code; the financial receipt was then entered as a balance sheet receipt, debiting cash and crediting the receivable). A field has been added to the receipt journal file for entry of the receivable code applicable to the journal (if more than one receivable code is applicable, you may need to create new receipt journals as a journal can only have one receivable code; alternatively, you can review and change the receivable code in the applicable receipt journal each time you need to reclassify a revenue receipt to prior year). This receivable code is automatically used when the Reclassify Revenue as Prior Fiscal Year function (on the Accounting tab of the receipt maintain screen) is engaged. To be reclassified, the receipt must be a revenue type receipt, the Reclassified flag in the receipt must be false, and the Source of the receipt cannot be Classify Prior Fiscal Year (the latter prevents a reclassified receipt from being reclassified again). This process will create an offsetting receipt for the current fiscal year (identical to the original receipt except that the Debit Code will be the receivable code from the receipt journal) and an identical receipt for the prior fiscal year (except that the Debit Code will be the receivable code from the receipt journal). The Bank Rec Updated fields will automatically populate with this process (as this reclassification has no effect on the deposits in the Bank Rec module). A printout is not provided as the two new receipts will need to be source user verified and distributed. Please note that beginning balances for the new year will always need to be reset whenever there is a reclassification of revenue as this affects ending balances for the previous year; thus, affects beginning balances for the new year.
If you are an OpenRDA 101 customer and wish to purchase this software bundle, please contact Mimi English (mve@openrda.com).
