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<< Click to Display Table of Contents >> Navigation: General Ledger > Special Features > Dual Date Reporting |
What is it?
The ability to print financial statements on a date other than effective date (i.e. Production date, Service date, Invoice date)
Oil and Gas example: Normal financial statements are printed based on the G/L effective date of the transaction. The Dual Date report feature allows you to print financial statements based on Production month instead of G/L effective date out of the same set of books. Pak Accounting typically records the Production month on all revenue entries created from the Check Stub module. The system also records the Production month on all revenue entries created from the revenue section of the Investor Interface. On the cost side of journal entries, typically created from the Accounts Payable module, the system will report using the Service Date when using the Production based report option, instead of the G/L effective date. If there is no Service Date, the system will look at the invoice date.
Who would use Dual Date?
Companies who need to print Production month based financial reports (i.e. income statements, trend reports, spreadsheet, etc). For example, separate financial statements for the Tax accountant and Engineer, one by GL effective date and one by production date.
How do I set it up?
Once the dual date feature is purchased, implementation is simple.
| 1. | Set up a Revenue Receivable account (this account must be a new account with no transactions, it will be used to record the offset of any out of balance entries using the production date). Note: the account will be changed to inactive after setting up company master so that no entries can be made to this account other than by the system. |
| 2. | In Company Master > Revenue/Billing Options > Accounts tab, enter the account number of the "Dual Date - Revenue Receivable" account setup in Step #1. |
| 3. | Resummarize the Posted detail in Utilities > Resummarize > G/L Posted Detail Fixes > Resum Posted Detail. |
| 4. | The Dual Date feature is now setup, View/Trend summary screen and Financial reporting will now have the option to print by either Effective date or Production Date (invoice date). In addition the Trend Report. Spreadsheet Trend, Spreadsheet Report, and Budget Report can be run using the dual date. |
NOTE: This option will also turn on Service / Draw date options in Accounts Payable. However, the "Dual Date - Revenue Receivable" account must be entered in the Revenue Billing module. See Number 1 above.
Correcting Dual Date Out of Balance
1. When the Dual Date account is out of balance, the first step is to rebuild the GLPOST and PSMF files
2. Resummarize the posted detail in Utilities > Resummarize > G/L Posted Detail Fixes > Resum Posted Detail. This will take care of the out of balance issue most of the time. If it does not correct the problem, call your Customer Success Team.