Accounting Periods - Quick Start

This document shows how to close a period and run basic accounting reports using closed periods. The advantage of accounting periods is that the reports are consistent and will not change if run today or next year. To make this happen, the accounting period assumes a starting and ending date.

The Baseline Period (closing the first period)

The first accounting period is used as the starting period for the second. For groups already using OASIS and wish to start using accounting periods must select a time to create the initial period where the time frame will be from the first day OASIS was used to the date of the close. All POs, invoices and posted payments will become a permanent part of the first period.

It is important to create a baseline period. This will show all orders, invoices and posted payments in the system at the time of the baseline period. When the next period is closed, any changes to orders created during the baseline period will show as credits and debits.

First, select the Payments application in OASIS:

After selecting “Show Listing” under the “Accounting Periods” menu, you will see the listing of previous accounting periods (none will be available initially):

Press “New Period” and key a description and any (option) notes for the period:

After pressing “Ok” the system will close the period. This may take a little time as the system processes transactions.

Closing a Period

Closing following periods uses is the same as the baseline period. The only difference is that a change is considered any of the following:

• A transaction added (or a payment posted) since the last period was closed.
• A change to a transaction in any previous period

Data from all periods is retained in OASIS indefinitely.

Running the reports

The only reports designed to use accounting periods appear in the “Accounting Periods” menu of the Payments application (this will change at a later time). In all cases an accounting period must be selected before running the report.

PO Listing Reports

NOTICE: Running reports run for the baseline period will be very large – we recommend using PDF as an output media.

Select the Payments application, then select “PO Listing by Accounting Period” under the “Accounting Periods” menu:

Features:

• Output to – output media
• Title (if the report is saved)
• Bookings Report – all orders are shown that are now cancelled
• Backlog – orders are show if a balance is due on the order
• PO Listing – all orders are shown for the accounting period.
• Show Details – one line per PO is shown
• Show Totals Page – a summary is created based on the sort selected.
• Sort: by Project Name, Manufacturer, or Customer

Like the customer service PO listing reports (under the orders application of OASIS), one line on the report represents one order in OASIS. However, the orders application PO listing report always shows the total order value. For the accounting period reports, the full amount of the order is show for the accounting period when the order (or invoice) was created (or payment was posted).  For all other accounting periods, the order is not shown or a “net change” is shown for the period.

Consider a PO where $1,100.00 of material is ordered. During the same period, the PO was invoiced and paid by the manufacturer.

The bookings report might look like the following:

Now consider how the same PO might look if a change order was applied where the agency is “buying” trims for the order to “fix” a job problem. The order amount is staying the same as shown:

The second period will show the order in the bookings report, but only the net value will show:

Commissions for Accounts

NOTICE: Running reports run for the baseline period will be very large – we recommend using PDF as an output media.

The primary report affected by the accounting period concept is the Commissions for Account report. The result will be more accuracy – especially when orders change after the sales staff has been paid (may or may not be in their favor – just more accurate).

Consider the PO described above. When the commission report is run for the first month, the following sales person (DEMO ACCOUNT) will be credited $100 in commissions and overage:

From above, a change order was applied to the PO to back out some of the overage on the PO to cover the cost of the trims. If we also assume the sales person on the order has also changed, the following is possible:

First – the DEMO ACCOUNT is debited for the original payout:

Then the new sales person is credited the original payout, but with the new order terms. Additionally, the new sales person is debited for the trims:

Conclusions

For some of our customers, the old commissions for accounts and PO listing reports will work just fine. The only assumption is that the errors will be negligible. However, for larger customers and customers looking for more accuracy, the accounting reports will provide the accuracy required – even for complex transactions.