The AR Posting Codes are found in SETUP | Property Group | Property Setup | Accounting | AR | Posting Codes
Prerequisites
1.Chart of Accounts must be created
2.GL Departments must be entered
The following examples define the accrual and cash method when defining the posting codes.
To add a Posting Code:
1.Scroll down to the bottom of the list and find the next blank set of fields
2.Enter a name for the charge in the Post Code field
3.Enter the Type, which is the accounting code (note, this cannot be changed once the posting code is added to the list!)
4.Select the Program Area. This should be left as is if the code is available through all AR applications. The user will be able to use the selected charge in the Adjustment area as well as in the New Resident area.
5.Select the Debit GL Code for the corresponding debit which applies. This field is a dropdown list of the Chart of Accounts.
6.Select the Credit GL Code for the corresponding credit which applies This field is a dropdown list of the Chart of Accounts.
7.Check the Applied box for all charges except the payment code. Checking this box allows VMS to apply payments to the posting codes listed following the hierarchy or order in which they were placed.
8.Check the LF Include T1 and/or LF Include T2 boxes to enable the charge to be assessed a late fee.
9.Check the Exclude ACH box to allow the user to choose which charges should be excluded in the total amount of which a homeowners checking/savings account will be debited.
10.Select the GL Department to use when overriding the defined GL department for the company/community when posting income to specific cost centers.
11.Select the Inactive box to allow the user to inactivate the posting if it was in use, otherwise it can be deleted.
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Accrual Basis Accounting: In order to properly maintain the AR Delinquency, AR Prepaid and Balance Sheet GL information, all Posting Codes defined with the Credit Type MUST ALWAYS have a Credit GL Code defined with a liability account in order for the system to properly maintain the AR to GL data applied application entries. See Best Practices: AR Posting Code Definition document located in the VMS Help Panel for more details |
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Cash Basis Accounting: You must enter an Accounts Receivable Chart of Account as the Debit GL Code for internal holding purposes |
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The order of the Posting Codes defines the applied application process known as Posting Hierarchy. Use the green arrow keys in user toolbar to manage order. |
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All recurring billing posting codes must have the type Assessment, Special Assessment or a Credit defined for the system to use the code during billing. |