An owner’s AR balance can be adjusted to increase or decrease that balance using the AR Adjustment Entry program found on the Accounts Receivable Processing menu.
- In AR Adjustment Entry, create a new voucher with the desired voucher date and adjustment total, then click Retrieve.
- Specify the owner code whose AR balance will be adjusted.
- Enter the GL account to be affected by the adjustment as an offset to the fixed account for Accounts Receivable. (Do not enter the fixed account for AR, Owner Advances, Royalties Payable or Accounts Payable in this field).
- Enter the desired Adjustment Date which becomes the Journal date for the GL entry.
- Enter the Adjustment Reason or take the default, ‘Manual A/R Adjustment’.
- Enter the total amount of the AR Adjustment for this owner.
- Use ‘Invoice Selection’ to select Unpaid Invoices (those that do not have a zero balance), Paid and Unpaid Invoices (which also includes zero balance invoices) or Create Invoice (to create a new invoice with that adjustment balance rather than adjusting an existing invoice).
- Enter a Well Code to limit the list of invoices displayed to those for that well code only; or leave it blank to display all invoices per the invoice selection regardless of the well code.
- Click Retrieve Invoices to display the invoices; then enter the desired adjustment amount to the Adjustment field of each invoice or click ‘Owed’ to adjust off the full invoice balance. Note: that once you click ‘OK’ to return to the list of invoices, the new Balance is displayed. Verify the new balance before saving the voucher.
- Use Post AR Adjustments to Trial and Final post the adjustment. Note: Adjustments to an owner’s AR balance should be done before the current AR Statement is generated or after the AR month is closed but not in-between these two actions.
A positive adjustment will debit the AR fixed account to increase the owner’s AR balance; while a negative adjustment will credit the AR fixed account to decrease the owner’s AR balance.
Contact OGsys Support with any questions.