How to Close Sage Timberline Accounts Receivable for Month-End
With experts in construction accounting and Certified Consultants for Sage Timberline software, Plumb is your resource for accounting software in the construction industry.
Plumb has put together a series of Sage Timberline training manuals for assistance with Sage Timberline month-end close. However, the setup for each client is unique. The following notes give basic guidance on how to navigate Sage 300 CRE – Sage Timberline to enter common transactions, and run basic reports. Job setup and Contract information is not included in these Sage Timberline training notes.
If you’re currently using the software, you know that the Sage Timberline Accounts Receivable module gives you all the tools you need to stay in touch with your clients A/R to proactively manage your cash position. You can automatically post payments to the oldest outstanding invoice or manually post to individual invoices or items. Enter unapplied customer payments, misc., and job cost receipts all in one session. You can also easily issue debit and credit adjustments as needed.
Sage Timberline Accounts Receivable Month-End Close Procedures:
To Enter Invoices:
In AR > Tasks > Enter Invoices > Contract/Job View
In the header section, enter the Customer number, Contract number, Invoice number, Invoice Date, Amount, Retainage Held, Reference, and Description. The due date will populate based on information entered in the customer setup.
In the distribution section, select the Amount Type from the dropdown list, enter the Job number, Extra (if applicable), Units (if applicable), Tax Group, and select the Exempt Status from the dropdown menu.
The Amount and Retainage Held will prefill from the header section.
Click Save Line > When you are done distributing the invoice amounts, click Finish.
Enter the next invoice. When you are done entering invoices, Click Finish, then click Start.
To enter Cash Receipts:
In AR > Tasks > Enter Cash Receipts > Contract/Job View
Enter the Bank Account, Deposit Date, Deposit ID
Select the Deposit Type, Enter the Number of deposit items, Enter the total deposit amount.
Click Enter to open the Enter Cash Receipts – Deposit Items screen.
Select the Deposit Item Type from the dropdown menu. Enter the Customer, Cash Receipt ID, Amount, Reference, and Description.
Click Enter to open the Cash Receipt Selection screen.
Select the invoice that you are applying the cash receipt against, then click OK.
When you are done entering the cash receipts, click Finish, then click Start.
For further assistance with your Sage Construction Software training needs, or questions regarding month-end close or the Sage Timberline Accounts Receivable module, contact TAG.