Credit Memo Impact to General Ledger

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EricT
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Deltek Vision Version: 7.0
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Credit Memo Impact to General Ledger

Postby EricT » Wed Aug 06, 2014 11:29 am

I have an invoice from a few accounting periods ago that has transactions required on a different project. I don't want to void the invoice because I think it impacts historical reporting and does not leave an accurate paper trail. If a Credit Memo is performed how do move the transactions to the correct project? Should I perform an add-on? And if so, which account do I select.
Here is exactly the situation. Project has three seperate transactions with individual chart of account numbers: 547.01, 547.02 and 547.03. When I run the Income Statement the transactions are there when I drill down. After applying the credit memo the transactions are still on the Income Statement report for these three chart of accounts. I don't want these accounts to have duplicate credits if I re-enter the transactions against the same accounts as the void.

Some one please help? Thank you!

meaglin
Posts: 195
Joined: Thu Nov 05, 2009 10:36 pm
Brief Company Description: Deltek Vision Consultant
Deltek Vision Version: 6.1
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Vision User Group: Utah
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Re: Credit Memo Impact to General Ledger

Postby meaglin » Thu Aug 07, 2014 4:14 pm

To answer your question would require know a bit more about your configuration. But the basics are as follows. When you post an invoice, your AR GL account gets a debit, and some revenue accounts get a credit. If you are using REV GEN, then you also get a credit to the Balance Sheet Account for Unbilled Services and a debit to Unbilled Revenue GL Accounts.

As I said, a lot of if's there. If you do a credit memo "or" a void, the exact same thing happens in reverse.
Mel Eaglin
meaglin@vrsllc.com
Visionary Reporting Solutions
San Diego, CA 92109
http://www.vrsllc.com/
http://www.deltekvisionconsultant.com/deltekvisionblog
Phone: (858) 245-8956
"Skype Name: mel.eaglin"

EricT
Posts: 2
Joined: Wed Aug 06, 2014 11:23 am
Deltek Vision Version: 7.0
Number of Employees: 0
Company Position: Project Manager
Vision Modules: 7.1
Number of Offices: 0
Year Vision Installed: 2011

Re: Credit Memo Impact to General Ledger

Postby EricT » Fri Aug 29, 2014 8:56 am

We do run Rev Gen and I've been reviewing the accounts that receive credits and debits through the posting logs of invoices. Thank you very much. I am tentative to have anyone perform voids in previous accounting periods because if I run reporting on say revenue they won't match what was run in that period. I always want to reconcile so I'm against voids unless they are in the same period.

meaglin
Posts: 195
Joined: Thu Nov 05, 2009 10:36 pm
Brief Company Description: Deltek Vision Consultant
Deltek Vision Version: 6.1
Number of Employees: 2
Company Position: Owner/Consultant
Vision Modules: ALL
Number of Offices: 0
Year Vision Installed: 2005
Vision User Group: Utah
Contact:

Re: Credit Memo Impact to General Ledger

Postby meaglin » Fri Aug 29, 2014 10:24 am

If you run a Project Earnings report, with the Selection set to Charge Type Code = R and then in the Options click Final Totals. Then on the Activity Tab select Current & be SURE to select Include Invoices. Then in the columns select Current Revenue it will tie to your income statement to the penny.
Mel Eaglin
meaglin@vrsllc.com
Visionary Reporting Solutions
San Diego, CA 92109
http://www.vrsllc.com/
http://www.deltekvisionconsultant.com/deltekvisionblog
Phone: (858) 245-8956
"Skype Name: mel.eaglin"


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