The Accounts Receivable (A/R) interface offers a streamlined setup, making it easy to track one asset or multiple assets when ongoing payments are being collected. This feature also creates vouchers and calculates amortization to properly track and respond to A/R payments. Other features include a payoff calculator, the ability to schedule interest payments and enhanced ledger payment support, including the ability to split payments and apply multiple and partial payments. Trustee Suite also provides enhanced security measures to ensure that your data remains confidential.
Setting up Accounts Receivable
The A/R Account Maintenance screen is used to set up, track and provide related reports for the A/R account. From this screen, you can access the details necessary to manage your A/R.
Follow the steps below to set up an A/R.
1. Go to the Assets screen via the ‘Assets’ tab from the Form Selection toolbar on the far left side of the screen.
2. Select the ‘A/R’ link from the Assets sub-menu beneath the tabs on the far left side of the screen.
3. Select ‘Yes’ to the message, “There are no A/R Accounts for this asset. Do you want to add a new A/R Account?”
4. Begin entering A/R details in the A/R Account Maintenance screen (shown below).
Account Maintenance Grid
The Account Maintenance grid (shown below) displays the account name and details specific to the current status of the A/R.
Tip – The grid initially shows all A/R accounts for the selected Asset, but you may change it to show all accounts for the selected Case by clicking on the ‘View’ link at the top far right of the screen.
How to use the A/R Account Maintenance screen:
1. New – Select this link to add a blank record to the grid. When selected, the ‘Account Detail’ tab becomes enabled and a record for the highlighted asset on the Asset screen is added into the ‘Related Assets’ tab.
2. Delete – Select this link to delete the highlighted account.
3. View – Select this link to change the records displayed in the grid by either Asset or Case.
• A/R Accounts for Asset: shows all accounts tied to the current asset.
• A/R Accounts for Case: shows all accounts tied to the current case. To see the Case view, toggle from Asset to Case via the ‘View’ link as mentioned in the tip above.
Tip – If you want to see accounts for a different asset, close the screen and select another asset from the grid in the Asset screen and then re-open A/R.
4. Grid Columns – Use the details in the grid to review information about the account.
“Account Detail” Tab
Use the ‘Account Detail’ tab to set up an A/R account.
Populate the following fields (as shown numbered above) to set up the A/R account:
1. Account Name – Each A/R must have an account name, up to 40 characters long. The name must be unique to all other account names within Trustee Suite.
2. Account Number – Each A/R must have an account number. Users can start with #1 or any system that works for the office. This field can be 20 characters long.
3. Email – This field is optional and can be used for any communication regarding this A/R.
4. Phone – This optional field stores a contact phone number.
5. Address – This optional field tracks the payer address.
6. Paid in Full On – This reflects the date the account was paid in full.
7. FA – This checkbox allows users to Fully Administer the asset from this screen.
8. Notes – The notes field provides a place to document any information pertaining to the A/R.
“Related Assets” Tab
Use the ‘Related Assets’ tab to add one or more assets to the A/R account.
Tip – The grid initially lists the highlighted asset from the Asset screen, but you can select the ‘Add’ button to create a multi-asset option for tracking receivables.
1. Add – The grid displays available assets to associate to this A/R. Check the box to include the asset.
2. Remove – This option enables you to remove assets associated to the A/R.
3. Grid – The grid contains the following columns:
• Checkbox – Used for selecting assets to link/unlink.
• Asset # – Asset number appearing on the Asset screen.
• Description – Asset description from the Asset screen.
• Current Trustee Value – Current trustee value from the Asset screen.
• Sale/Received – Sales total from the Asset screen.
• Remain. Value – Net Remaining Value from the Asset screen.
• FA – Fully administered checkbox from the Asset screen.
Note: The Related Assets grid is fixed and cannot be sorted or resized.
“Scheduled Payments” Tab
Use the ‘Scheduled Payments’ tab to create payment schedules for the A/R. The screen offers enhanced control and flexibility when designing the payment plan, setting payment amounts and adding or removing additional payments.
1. Required – This column includes required fields needed to complete setup of an A/R.
• Principal – Enter the total amount to be collected. This will default to the trustee value.
• Number of Payments – Enter the total number of payments to be collected.
• Payment Interval – Choose from Weekly, Monthly, Quarterly or Annually.
2. Optional – This column provides optional fields for users to apply interest and track down payments.
• Interest Rate – The default is zero, but users can enter any rate they desire.
• Find – Clicking on this link opens a window for entering a “calculate from date”. The default date is the Petition date. Enter a date, click on ‘OK’ and Trustee Suite will pull the T-bill rate available on that date and use this for calculation.
• Down Payment – If a down payment or earnest money is collected, it can be recorded in the Down Payment field. If left to zero, the amount of the first payment will be applied.
3. Calculated – This column shows the calculated payments, or allows users to enter a fixed payment and lock that payment into the schedule.
• Each Payment – This field is recalculated each time there are changes to Principal, Number of Payments, Payment Interval, First Payment Due, Down Payment or Interest Rate. This can be overridden to allow users to specify the amount of each payment (including interest).
• Lock Each Payment – This checkbox keeps the current value and will not be recalculated as other fields change. This allows for the creation of balloon payments by fixing the Each Payment at a lower amount than it would otherwise be calculated. Locking in a payment will create a balloon payment at the end of the scheduled payments.
4. Recalculate – This link creates an amortization schedule based on field selection and displays results within the grid.
5. New – This link adds a new blank record that can be edited to reflect any changes made to the account.
6. Delete – This link deletes all selected records.
Note: Trustee Suite does not allow deletion of scheduled payments that have been linked to a bank transaction.
Reports
Accessing Reports:
Trustee Suite provides a number of reporting options for A/Rs. To access these reports, there are two options:
1. From the Form Selection toolbar on the far left side of the screen, select the ‘Assets’ tab and then ‘A/R’ from the Assets sub-menu below the tabs on the far left side of the screen. Reporting options are displayed as links at the bottom of the A/R Account Maintenance screen shown two screenshots below.
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2. From the top Main Menu toolbar (File Menu), select ‘Reports’ > ‘Print Reports’, which opens the Print Reports screen. Select the ‘Other’ tab from the Print Reports screen. You will see the A/R Report options at the top of the screen.
Report Types:
1. Invoices – Clicking on this link generates a report that allows you to create a book of invoices for all scheduled payments.
2. Aging Detail – This report launches the Aging Detail report, which is similar to the Summary report, and includes a breakdown
displayed in 30-, 60- and 90-day increments.
3. Aging Summary – This option launches the Aging Summary report.
4. Status – This option launches the Status report, which displays the payment schedule in detail, and allows for additional sorting options to filter accounts.
Payoff Calculator
The Payoff Calculator is a tool that enables you to forecast and project payments without impacting the existing account. The screen (shown below) looks exactly like the A/R Account Maintenance screen to enable you to create “What IF” scenarios without changing the original status of the account.
When clicking on the ‘Payoff Calculator’, the following message appears: “Start with the payment parameters for this account?” Choosing ‘Yes’ populates the screen with the details from the current A/R. Choosing ‘No’ opens a blank Account Maintenance screen, and the only field populated with data is the ‘Trustee Value’ field.
Entering an A/R in the Ledger
The A/R feature enables you to choose any account associated with that asset. Payments can be linked in full, as partial payments and as over payments. Trustee Suite will adjust for these amounts and display the assignment of the funds.
Tip – When applying funds to a multi-asset account, Trustee Suite automatically distributes the funds evenly.
‘A/R Accounts for Asset:’ grid (top of screen above) column definitions:
• Name – Account Name as specified at setup.
• Account # – Account Number as specified at setup.
• Due – Remaining Value due to the account.
• Paid – Current value of all deposits made to the account.
• Balance – Difference between payments Due and Paid.
• Overdue – Amount that is overdue. This field includes a link that opens a box showing the 20-, 60- and 90-day balances.
• Paid in Full – Date the account was marked as “paid in full”.
• Asset – Link that switches to the ‘Related Assets’ tab. If only one asset is in the account, then the number is displayed; otherwise, the link will show ‘Multi’.
Note: The grid columns can be sorted, and the sort order remains constant between sessions.