UB> Adjustments and Fees> Input

Contra Revenue Adjustment

 

Summary

 

A contra revenue account is a revenue account that is expected to have a debit balance instead of the usual credit balance. This debit balance is contrary to the credit balance commonly carried by a revenue account.

 

A contra revenue adjustment allows you to enter negative billing transactions. Follow these steps to create a contra revenue adjustment.

 

Related Links

 

Click here for information on Adjustment Type Maintenance.

 

Step by Step

 

1     Create a new Adjustments and Fees batch. 

 

  • Adjustment transactions added to an existing batch will not overwrite the transactions already entered into the batch, but the batch will return to the Input step if a Proof List or GL Distribution report has already been created.
  • Select the Adjustments and Fees palette in UB> Adjustments and Fees. This will expand the Adjustments and Fees palette and display the steps of the Adjustments and Fees process.
  • Select New from the UB Adjustments and Fees batch number drop-down menu. This will open the New Batch window.
  • Enter a Batch Month and Batch Year. These fields will default to the current calendar period and calendar year, and are used for reference only. The fiscal period the transactions in the batch are posted to is determined by the Journal Entry date entered when creating the GL Distribution report in UB> Adjustments and Fees> GL Distribution.
  • Enter a Batch Number, or click the Generate icon to create a batch using the next available batch number.
    • The batch number is used to identify a specific batch within a batch month and batch year. They are limited to five digits and must be unique with the batch month of the batch year.

 

2     Create a new Contra Revenue Adjustment Transaction. 

 

  • From the Adjustments and Fees Input and Display window (UB> Adjustments and Fees> Input), click the Create icon drop-down menu and select Contra Revenue Adjustment to open the Contra Revenue Adjustment window.
  • Enter an account number or click the Account Number field label to select the customer account from a list.
  • Select an adjustment type in the Adjustment Type drop-down menu. The selected adjustment type will be attached to the adjustment type transaction line.
    • The Service, Fee Code, Description and Amount associated with the selected adjustment type will populate a line item in the lower section of the window. The Amount field on this line item can be edited.
    • Adjustment Types are created and maintained on the Adjustment Type Maintenance window (UB> Maintenance> Adjustment Type). Click here for information on Adjustment Type Maintenance.
    • The description associated with the selected adjustment type will automatically populate in the Description field.
  • Modify the date in the Transaction Date field to change the transaction date of the adjustment. This field will populate with the current date.
  • Enter a description of the adjustment in the Description field if you would like to add a description to the adjustment transaction.
    • If a description is attached to the selected adjustment type, that description will automatically populate in the Description field. This description can be edited.
    • The description will display on the History tab of the Account Master Maintenance window (UB> Maintenance> Account> History tab> Description column).
  • Click the Save icon to return to the Adjustments and Fees Input and Display window.

 

3     Commit the Contra Revenue Adjustment. 

 

  • Once the adjustment has been created, you can view the adjustment on the UB customer account using the Account Master Maintenance window (UB> Maintenance> Account> History tab).
    • The adjustment transaction will display in red as it is still uncommitted.
  • Print a Proof List.
    • Generate the Proof List (UB> Adjustments and Fees> Proof List).
    • The Proof List will display the adjustment amount, the service being adjusted, and the customer account information.
    • Click the Print icon to process the report immediately or enter a date and time in the field next to the Print icon to schedule the report to generate at a later time. You can view the progress of the report on the Job Viewer window (SS> Utilities> Show Scheduled Jobs). Click here for information on the Jobs Viewer window.
      • Click the Print icon drop-down menu and select Print Preview to preview the report before printing.
      • Click the Print icon drop-down menu and select Excel to export the report data to an Excel spreadsheet as unformatted data.
      • Click the Print icon drop-down menu and select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
      • Once the report is generated, you can also display the report using the View Reports window (SS> Utilities> View Report). Click here for information on the View Reports window.
  • Print a GL Distribution report.
    • Enter the journal entry date and generate the GL Distribution Report (UB> Adjustments and Fees> GL Distribution).
    • The GL Distribution Report will display the journal entry created by the adjustment.
    • The GL accounts attached to the service rates or fee codes on the billing line items being adjusted will be used in the journal entry. The revenue and cash accounts attached to the fee code or service rates will be used in the journal entry.
  • Commit the adjustments.
    • Open the Commit window (UB> Adjustments and Fees> Commit).
    • The Commit window will display the journal entry date of the journal entry created by the process.