Do you need to do some invoice cleanup? Did you receive over payment or underpayments for invoices that no longer need any further action? In iMIS 20.3, you can do a mass invoice write-off or clean up the few straggling invoices that will never be paid. Follow our steps below to make accounting clean up easy.
First, you will want to make sure you have a default write-off account set up within iMIS.
You can set this up by going to:
Settings > Finance > Financial Entities and selecting your corresponding entity.
Go to the Default Accounts tab and select a GL Account for the Write-Off/Offset field.
To do write-off of a single invoice:
Go to Finance > Invoices.
Search for your invoice using one of the search criteria shown below, or select an invoice from the defaulted list.
Click ‘Adjust Invoice’.
Select ‘Write off Invoice’ from the Adjustment Type drop down list.
Enter a Date for the write-off. iMIS defaults to today’s date but can be changed to any date after the invoice date and before the present date.
Enter a Reason, if needed.
Click ‘Submit’ and the original invoice will be adjusted to reflect the write-off.
(Optional) To do write-off in mass, you can first set the default write-off amount by going to Settings > Finance > General and enter a default dollar amount in the ‘Default mass invoice amount’ field and ‘Save’. This pre-populates the ‘Max invoice amount’ when selecting which invoices to write-off.
To process the mass write-offs:
Go to Finance > Closing Procedures > Invoice write-offs.
Enter the criteria for the Invoices to be written off. The max invoice amount defaults to the amount set in your settings, but this can be overwritten.
Once you have searched the criteria entered, you will see a list of invoices. Check the box next to any invoice that needs to be written off and click ‘Record Write-offs’.
Once you have recorded the write-offs, post the associated batch.
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