Mystery of Closer Donna Magnuson A/R Consultant. Agenda ïƒ Why should I close?...

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Transcript of Mystery of Closer Donna Magnuson A/R Consultant. Agenda ïƒ Why should I close?...

  • Mystery of Closer

    Donna MagnusonA/R Consultant

  • AgendaWhy should I close?

    Closing Transactions

    Pre-closing Process

    Closing

    Review of the Reports

    Duplicating the Numbers

  • Why Should I CloseThe moment you click the OK button in Closer, closing looks at your entire database, calculates the totals for the closing reports, and locks transactions into a period (this doesnt mean you cant make changes to charges or credits)The data is written to separate period_close tables in the database that never changeThe numbers will make your accountant smile

  • Why Should I CloseIf you dont close, you are always chasing a moving target Adjustment periods dont exist, each period gets updated as the transactions changeYou can never go back in time and run a report to match a previously run report. The data always changes

  • Mystery of CloserClosing Transactions

  • Closing TransactionsCharges use TRIP DATE

    RN assigns Charges to the period of the TRIP DATE unless the period is closedIf the period of the TRIP DATE is closed then RN assigns the charges to the next open period and is reflected as a Charge Adjustment

  • Closing TransactionsFor example, if you are closing 201104.

    All charges with a trip date of 04/01/2011 through 04/30/2011 will be included as a Charge in PeriodAll charges that have been added or deleted for trips prior to 04/01/2011 will be included as a Charge Adjustment

  • Mystery of Closer

    Lets look at some Charge examples

  • Closing TransactionsThe Last Period Closed and the next period To Close is shown in the Closing Companies screen within closer201104 is the current open period

  • Closing TransactionsScenario 1 Mileage Charge was modified 3 months after the trip datePost Date = 7/15/2011, Trip = 4/8/2011, Open period = 201104Period assigned 201104

  • Closing TransactionsEven though the mileage was modified on 7/15/2011, because the 201104 period was still open, the period assigned is 201104

  • Closing TransactionsWhen you close 201104, both the base rate and mileage will be included in the Charges in Period on the Closing reports

  • Closing TransactionsScenario 2 Charges were added to a trip 4 months after, but the trip period was already closed Post Date = 7/15/2011, Trip = 3/28/2011, Open period = 201104The system cant apply these charges to the period 201103 because it is already closed, therefore the Adjustment period of 201104 gets assigned

  • Closing TransactionsWhen you close 201104, both the base rate and mileage will be included in the Charge Adjustments on the Closing reports

  • Closing TransactionsScenario 3 Charge AdjustmentA0427 applied when the period 201103 was open, A0427 was deleted and A0433 was added after 201103 was closedPost Date = 7/15/2011, Trip = 3/24/2011, Open period = 201104Both the reversal of A0427 and the new charge A0433 are assigned the adjustment period of 201104

  • Closing TransactionsWhen you close 201104..A negative -700.00 will be included as Charge AdjustmentA positive $500.00 will be included as a Charge AdjustmentThe net amount of -200.00 will be reflected in the ChargeAdjustment total and account receivable

  • Closing TransactionsCredits use DEPOSIT DATE

    RN assigns Credits to the period of the DEPOSIT DATE unless the period is closedIf the period of the DEPOSIT DATE is closed then RN assigns the credits to the next open period and is reflected as a Credit Adjustment

  • Closing TransactionsFor example, if you are closing 201104.All credits with a deposit date of 04/01/2011 through 04/30/2011 will be included as a Credit in PeriodAll credits that have been added or deleted for deposit dates prior to 04/01/2011 will be included as a Credit Adjustment

  • Closing TransactionsScenario 1 payments were added with a deposit date within the current open periodPost Date = 7/15/2011, Deposit Date= 4/28/2011, Open period = 201104Period assigned 201104Check Date does not matter, only for reference

  • Closing TransactionsWhen you close 201104, both the payments will be included in the Credits in Period on the Closing reports

  • Closing TransactionsScenario 2 credits were added with a deposit date of a closer periodPost Date = 7/15/2011, Deposit Date= 3/15/2011, Open period = 201104Period assigned Adj 201104201103 is closed, since the system cant place transactions in a closed period, it assigns it as an adjustment to the next open period

  • Closing TransactionsWhen you close 201104, both the payments will be included in the Credits Adjustments total on the Closing reports

  • Closing TransactionsScenario 3 Credit AdjustmentOriginal payment posted on 1/19/2011, deleted on 7/15/2011 and reposted with the same deposit dateEven though the payment was posted with the same deposit date, the original period cant be re-assigned. The reversal and new payment is assigned an Adj period. The net for the new period is $0

  • Closing TransactionsIf you run a report for the credit adjustment period (-201104) ,you wont see the transactions, the net affect is $0.00.

  • Closing TransactionsTo keep the integrity of original payments posted intact is not recommended that you delete payments. However, there are times when you need to reverse the payment so you can bill another carrier.

    The following is recommended;

  • Closing TransactionsCreate a credit called Payment ReversalMake sure the Type and Credit As show as a RefundPost 1 Payment Reversal for the full amount of the payment (base rate + mileage) and post a total (-) amount in the coinsurance

  • Closing Transactions

    The refund will put the $298.47 balance back on the accountChange the primary payor and bill the insuranceDelete the Payment Reversal

    ** Run a credit report at the end of the month for all Payment Reversals, amount should be 0.00

  • Mystery of Closer

    Steps to Closing

  • Mystery of Closer

    Following these steps will help you balance reports in the future and make the numbers meaningful

  • Steps to ClosingAll trips must be completed or cancelled

    This screen will appear when closing if there are unresolved Open trips

  • Steps to ClosingIf you dont have charges default, make sure that all trips have charges assignedIf you have multiple Companies and have Profit Centers defined, make sure all trips have the correct Company and Profit CenterAll payments with the current months deposit date are entered with the corresponding dateIt is recommended that you close when no one is actively working accounts

  • Mystery of Closer

    How to check this..

  • Steps to ClosingSet up a workflowStatus=exclude all cancelled

  • Steps to ClosingRun the workflow, only include the current months trip dates i.e. if closing Jun 2011, set trip dates 06/01/2011 to 06/30/2011Make sure the columns are visible; Profit Center, Company, Charges, and Status

  • Steps to ClosingIf the monthly trips will exceed 1,000 check this box so you get all of the trips for a month

  • Steps to Closing

  • Steps to ClosingSort the workflow by Company identify all trips that have a Company of

    Sort the workflow by Profit Center identify all trips that have a Profit Center of \

    Sort the workflow by Status identify all trips that have a dispatch status other than cancelled, i.e. Open, Assigned, Net transit, etc.

    Sort the workflow by Charges identify all trips that have $0 charges

  • Steps to ClosingPaymentsPost payments to balance to your bank statementPost Payments with the corresponding bank deposit dateEither account for all payments i.e. interest, collection payments, etc. in the system and/or on a separate spreadsheetInsurance Take backs need to be represented as a Refund not a (-) payment. RescueNet forms and ecms dont respect (-) payments.If you use the Payment Reversal, run a credit report and make sure you dont have any trips that you forgot to delete the credit.

  • Steps to ClosingBankRN

  • Mystery of ClosingIm Ready to Close

  • ClosingGo to Administration>Advanced>Run Process

  • ClosingSelect Close Account Period

  • ClosingShows Last Period ClosedShows Next Period to Close

  • Steps to Closing

    If you have never closed, you have to start with the first period for each company and close You dont have to print the reports. Unselect the checkboxesIf you have a PDF printer installed, select it as the default and the reports can be saved to PDFYou can close multiple companies at onceClick the Select All buttonClick on the Ctrl key and with your mouse, select the trips you want to closeHighlight the first company, click on the Shift key and select the last company which will highlight all companies in between

  • ClosingOnce companies and reports are selected, Click on Close Period

  • ClosingA confirmation box will appear, select OK

  • ClosingDepending upon the amount of data, the closing process can take anywhere from 5 minutes to over an hour

  • Mystery of Closer

    Closing Reports

  • Review of ReportsThis report shows the changes in your financial situation since the last closed period. Heres the formula:

    Previous Balance (AR). The previous Closings Balance Forward.+ Charges in Period. Charges that are posted to trips with a trip date in the accounting period you are closing. Credits in Period. Credits posted with a deposit date in the accounting period you are closing.+ Charge Adjustments. Charges posted to trips during this accounting perio