Oneir Solutions

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DEALING WITH FOREIGN EXCHANGE TRANSACTIONS

The discussion below provides an example relating to US Dollar (USD) transactions; however, the calculations are similar with other non-domestic funds transactions. Only the exchange rates differ.
MAKE A SALE TO A U.S. CUSTOMER
Let’s make a $1,000 sale, for example, with a standard exchange rate of 1.38.

Debit Credit

Accounts Receivable 1000.00

Currency Exchange 380.00

Sales 1380.00

Cost of Goods Sold 600.00

Inventory 600.00

Note that the sales are converted to Canadian dollars. The conversion of the revenue inventory and cost of goods accounts accomplishes proper accounting for the entry as well as ensuring that the profit margin is reported correctly.

Sales 1380.00
Less C of G (600.00)
Margin 780.00

When the A/R ledger is printed, it shows the individual invoice in the funds they were sold in: in this case U.S. funds. This method allows you to view the A/R and print statements in the correct funds. When the A/R is printed, a conversion value is shown on the A/R […]

How to Write-Off AR Account Balances

To write off AR accounts simply post a credit adjustment or debit adjustments against the invoices or credit notes being written off. You will have to post to a GL account for the write off amounts. Most of the time, the GL account would be the same account used to write-off bad debts, even when writing off a credit balance. However, if you are unsure, you may wish to consult your accountant. Alternatively keep a record of the entries made and the account they were posted to so if they wish it to be accounted for in another account, it can easily be moved with a general journal entry.

To write off an entire balance made up of many invoices post an open credit note to the customer, again debiting the GL write off account. After the customer’s balances is zero, match the open credit note to the invoices outstanding. […]

Refunding AR by Credit Card

When a customer has a credit balance on their account it is sometimes necessary to refund them by credit card. To refund a customer by credit card there are two steps to have a good accounting trail. If they do not have a credit yet but have returned the items the first step is to create the credit note on the customer’s account. Usually this will be done through the same module that the original sale was made. Once the credit note is on the account follow the next step below.
Step #2. Clearing the customer’s credit from the account.
1. Go to the Accounts Receivable menu.
2. Go to ‘Post manually prepared invoices and credit notes’.
3. Enter the customer code you are refunding.
4. Select ‘Debit and increase Receivables.’
5. Enter ‘CREDIT’ for invoice number.
6. Enter the credit note number you are refunding. (If you do not know the credit note number you […]

Refund AR by Cheque

When a customer has a credit balance on their account it is sometimes necessary to refund them by check. To refund a customer by check there are three steps to have a good accounting trail. If they do not have a credit yet but have returned the items the first step is to create the credit note on the customer’s account. Usually this will be done through the same module that the original sale was made. Once the credit note is on the account follow the next two steps below.
Step #2. Clearing the customer’s credit from the account.
1. Go to the Accounts Receivable menu.
2. Go to ‘Post manually prepared invoices and credit notes’.
3. Enter the customer code you are refunding.
4. Select ‘Debit and increase Receivables.’
5. Enter ‘CREDIT’ for invoice number.
6. Enter the credit note number you are refunding. (If you do not know the credit note number you may […]

POST FINANCE CHARGE

Oneir has always provided the option of calculating and displaying finance charges on past due interest charges on your printed statements. These charges, however, were not posted to the customer account receivable ledger or general ledger. This provided a method of informing the customer that there were consequences to late payment of invoices but did not overstate your account receivable for the cases where the finance charges generally were not being paid. Now Oneir provides the ability to accumulate the past due charges on the customer’s accounts receivable ledger. Here is how it works.

Oneir will post finance charges to customer accounts receivable and the general ledger. While Oneir allows you to be selective in it’s posting, i.e. choose one or a range of customers, a particular customer type or a specific customer term, only those customers set up in the accounts receivable with the Statement option, “with finance charge” will […]

Oneir Year End Closing

Date is outside three fiscal years. You may wish to close year end through GL. Press SPACE to continue.
If you receive the preceding message when entering Oneir Software you must perform a year end close to continue working in the current fiscal period.

Please perform the following steps bellow if you wish to continue.

1. ENSURE THAT EVERYONE IS OUT OF ONEIR AND ALL OTHER WORKSTATIONS.
2. Take a back up of your data. If you do not have a normal automatic back up procedure, you may use the back up data option in the Other Options menu. This must be done before proceeding. You will lose the general ledger data only for the first of the three years you currently have open. You MUST print any reports for the year being removed BEFORE running this routine.
3. Go to the General Ledger Menu.
4. Go to Carry out year end closing?
5. Read the on […]