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Accounting
Overview
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Dollar
Bill
- is
a pop-up box in the Contract database to add to
general ledger |
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General
Ledger/Key Entries
- From the contract multiple listing, select this panel to review
general ledger transactions that relate to the displayed record.
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Without
Accounting Processes for all the monies associated with the contracts, the
Book-It2000 system would be incomplete.
Accounting can be very confusing, requires detailed information,
and has to be kept current.
Book-It2000 handles some of the Accounting processes through the
Begin-of-Day routines.
Entering deposits, commissions and miscellaneous transactions will
require your input.
There
are several ways that monetary transactions can get passed, processed and
handled in Book-It2.
The remainder of this chapter outlines how the monetary entries can
be made and are accessible through the Contract data records.
The
General Ledger (Monetary entries) consists of two main parts, Monetary
entry and General Ledger History.
The Monetary entry is for posting transactions.
The General Ledger History is a listing of already existing General
Ledger accounts and the transactions for each account.
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| Accounting |
terms
and definitions |
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1.
Disposition
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Determines how a transaction
should process. Only the
dispositions of D (deposit), (A) Artist Advance, (E) Expense and O (other) are available for posting while the contract
status is P or A.
All dispositions are available when the contract is at U or
D status. The following
are valid codes: (C, D, O, P,
R, T)
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C |
Commission
received. General Ledger entries will generate to credit the source
entity (Artist or Agency) and debit the cash account.
If
the commission source is B, the transaction will credit the Artist
receivable account 103BBBB00 and debit the cash account 101001000.
If
the commission source is M, the transaction will credit the Agency
receivable account 107MMMM00 and debit the cash account 101001000.
Commission
Amount Due field is reduced by the amount of the transaction.
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D |
Deposit received.
General Ledger entries generate to credit the Deposit Liability
account, and debit Cash account. Deposits
received field (Red Monetary Display on the individual contract) will
increase with the dollar amount.
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O |
Use for Other Transactions
that have nothing to do with commissions.
For example, Agent VST paid for promotional material to be printed
for an artist. The artist is
to reimburse agent VST at a later date.
The transaction needs to be recorded in the general ledger so that
when VST sends the artist a statement for money due (to agent VST), the
artist will be reminded of the debt.
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| P |
Payment to Artist
only for services rendered. The
Contract status should be ‘U’ or ‘D’.
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| R |
Reimbursement from the Artist.
This Disposition will only be used if an artist needs to reimburse
money spent on Other transactions and there must be a credit balance in
the Artist’s Payable account.
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| T |
Transfer money from the Artist
or
Agency payable account to pay the commission.
The Source code determines which payable account to debit.
Only the commission amount is paid.
The dollar amount has to be equal to or less than the commission
amount due. The payable
account must have a credit bbalance that will cover the amount of the
transaction.
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2.
CR/DB
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Credit or Debit. C
or D are the only valid codes. The
system will automatically put the transaction as a credit or debit when a
disposition code is chosen.
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| 3.
Amount
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Numeric characters only. The
format is 00.00. Input the
dollar amount of the transaction.
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| 4.
Description |
The
Description field is optional and Free Format.
The most common use is to input a check number and a brief
description of the transaction taking place.
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| 5. Effective Date |
Format
MMDDYY. Input the
effective date of the transaction. If you do not put a date, the system will use today’s date.
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| 6. Account |
The
Book-It! System will automatically know which account numbers to use
Refer to Account Numbers for more details on the various account
numbers. The Credit or Debit
field is for the account number input here.
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| 7. Offset Account |
For
every Credit there is a Debit and Vise-Versa.
The Book-It! System will automatically know which account number to
use. The system will also
know automatically if the entry to this account is a credit or debit
amount.
If
the transaction is Debit to the first account number, a Credit will be
made to the Offset Account.
If you set up the transaction as a Credit the first account number,
a Debit will be made to the Offset Account number.
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