Owner AR Beginning Balance Entry

 

TOPS [ONE] Version 4.2.6.5

 

Description 

The AR Beginning Balance Entry function is used to enter balances owed by homeowners when transitioning a community into TOPS [ONE]. The outstanding owner balances from the previous application must be entered into TOPS [ONE] so that everyone starts out with the same balance they ended within the previous application.

If a homeowner has a credit balance, then the credit must be entered using the Prepaid Adjustment function. The Credit and Debit side of the Prepaid Beginning Balance Adjustment must be the General Ledger Account linked to the Prepaid Code.

The AR Beginning Balance Entry function does not make an entry into the General Ledger. This is because the General Ledger balances were updated when the charges were originally applied in the previous application. General Ledger balances are input separately.

Tip: Run reports from the previous application and TOPS ONE once you have all the Beginning Balance entries complete to ensure they balance.

 

Step By Step 

1. Click Accounts Receivable then AR Adjustments 

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2. Click Owner Adjustment 

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3. Make sure you are in the correct community

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4. Search for the homeowner by typing name in owner search

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5. Under Adjustment Type select Beginning Balance Adjustment

6. Verify the Post Date is correct

This is the date that will this transaction will hit the owners ledger, and AR reports.  

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7. TOPS [ONE] Prepopulates the Adjustments pane with the recurring Assessment type codes. If the owner’s balance falls into one or any of these codes, enter the amount owed.

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8. If the owner’s balance relates to a different code, then that can be added by clicking the Code Selector and choosing the appropriate code from the list.

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9. When the owner’s entire balance has been entered, click Accrue at the top of the page.

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10. Review the entry. If the code summary and total amount are incorrect, then edit the entry to make changes. Otherwise, click Post Transaction under the Actions button.

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Prepaid Adjustment

A Designated Prepaid is used to lock the distribution of any prepaid amounts to only apply to a specific charge. To select a different Prepaid account, click the drop-down menu at the bottom section. Once the new code is selected, a line for that Prepaid Account will come up. 

2019-05-01_16_59_31-TOPS__ONE_.png1. Enter the adjustment amount. For a Prepaid Beginning Balance this needs to be a positive number.

2019-05-01_17_00_47-TOPS__ONE_.png2. Select Show General Ledger to select the prepaid offset account. 

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3. Both the Debit and Credit sides must have the Prepaid GL account selected. 

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