Use of no time invoice to correct impact of Invoice that should have been accounted for in the prior year instead of the current year

QUESTION: An invoice should have been dated for December in the prior year but unfortunately was posted January 3rd. We need to cancel the account and repost same for December. Is there a way to do that? Can you change the date of the invoice?

RESPONSE: The historical nature of the reports controls the sequence of invoices for the same time records so the new invoice is equal to or more in the future than the cancellation date, and the cancellation date cannot be older than the invoice’s transaction date which is January 3rd.

The below are the steps to capture the fee and the fee allocation in December for the content of the January 3, invoice:

Keep the January 3rd, invoice as is. Create a new no-time invoice with the same fee and disbursement content, as well as member fee allocation for January 3rd, dated December the prior year. Use the details of the January 3rd, invoice to present to the client (Use PDF editor to modify the date to match that of the no time invoice). As the no time invoice must be cancelled using a cancellation date of January 3rd (the date the time and disbursement invoice was accounted for) to reverse the impact of the January 3rd, invoice on the GL and on management reports in January, any receipts must be applied to the January 3rd, invoice on or after January 3rd.

Once the no time invoice is cancelled, update the properties of the January 3rd, invoice, to reflect the steps taken and any cross references for future consideration.  

You can try this first in your AcuminTraning environment if this is the first time the no-time invoice is used to capture the fee and allocated fee billed values in a previous month from the initial accounting date for a posed invoice.

The use of the no time invoice will provide an audit trail and controls to ensure the database is not compromised. It is the most secure option from this perspective.

The historical nature of the reports controls the sequence of invoices for the same time records so the new invoice is equal to or more in the future than the cancellation date, and the cancellation date cannot be older than the invoice’s transaction date which is January 3rd.

The attached are the steps to capture the revenue and the fee allocation in December prior year for the content of the January 3rd, invoice. We consider this a best option as it subject to application internal controls intended to preserve the integrity of the database.

Although it is not possible to update the invoice date as it would risk the integrity of the database in context of the Pid relationships to ensure the database remains in balance, it is possible to engage Dexco for a programmatic solution.

Programmatic Option:

It is difficult to estimate the exact time it would take to write and execute a programmatic solution but based on experience we believe it is a minimum of 1.50 hours but likely less than 3.00.

The time requirements are dependent on the invoice status and any subsequent activity – payments, credit notes, AR write-offs  –  we would need to consider when building  the program. Although it appears as a better solution, there is always a risk for subsequent imbalances as a one-off program cannot capture all internal controls inherent in the application, preventing the cancellation of an invoice on a date older than the cancellation of any subsequent activity.

If instead of the process attached, you would like additional information for a programmatic solution, please contact support@dexco.com to request a statement of work for the out-of-scope work.