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In the latest release, Acumatica Version 6.0 there are three enhancements I am excited about. These all relate to the Parent/Child relationships.
- Sharing Credit Verification Rules
- Consolidate Dunning Letters
- Consolidated Balances Shown on Balance Reports
Here are some examples and how-to’s.
Credit Verification Rules of the Parent Account can now be shared with the Child Accounts. To do this you go to:
Finance-> Accounts Receivable-> Work Area-> Manage-> Customers (Screen ID AR303000)
I will be using ABC Holdings as the Parent Account and ABC Studios as the Child Account.
As you can see below, ABC Holdings (Parent) has a Credit Limit of $300,000 and ABC Studios (Child) has a Credit Limit of $65,000.
In order for ABC Studios (Child) to share the Credit Limit of ABC Holdings (Parent) you will need to change the setting on ABC Holdings (Parent) to allow the Credit Limit to be shared with ABC Studios (Child). To do this you will go to the Billing Settings Tab and check the box next to Share Credit Policy.
Note: In order for the Share Credit Policy check box to become available, you must have the Consolidate Balance check box checked.
Now if we go to ABC Studios (Child) you will see they have a Credit Limit of $300,000 and the Credit Limit is no longer able to be edited since it is being shared from ABC Holdings (Parent).
You will also see on the Billing Settings Tab the Share Credit Policy check box is automatically checked from when we checked it on the ABC Holdings (Parent) account.
ABC Studios (Child) is now sharing the Credit Policy of ABC Holdings (Parent).
Consolidated Dunning Letters
Since we have shared the Credit Policy to the Child from the Parent, now we can have consolidated Dunning Letters. Just like consolidated Statements, we now have the ability to have consolidated Dunning Letters.
Before we shared the Credit Policy, the Dunning Letters were issued separately. One to ABC Holdings (Parent) and one for ABC Studios (Child) as shown below.
After sharing the Credit Policy, we now have one Dunning Letter which has consolidated both ABC Holdings (Parent) and ABC Studios (Child) into one Dunning Letter.
Below Invoice AR003887 belongs to ABC Holdings (Parent) and Invoices AR004312 and AR00430 belong to ABC Studios (Child).
We now have one Dunning Letter going to ABC Holdings (Parent) which includes invoices from both ABC Holdings (Parent) and ABC Studios (Child).
Accounts Receivable Balance Reports with Consolidated Data
Another enhancement that happens when you have checked the Consolidate Balance check box, is the ability to review the Accounts Receivable Balance Reports with consolidated balances.
The Accounts Receivable Balance Reports are located at:
Finance-> Accounts Receivable-> Reports-> Balance
They are the following reports:
- AR Balance by GL Account (Screen ID AR632000)
- AR Balance by Customer (Screen ID AR632500)
- AR Balance by Customer MC (Screen ID AR633000)
- AR Aged Past Due (Screen ID AR631000)
- AR Aged Past Due MC (Screen ID AR631100)
- AR Aged Outstanding (Screen ID AR631500)
- AR Aged Outstanding MC (Screen ID AR631600)
- AR Aged Period Sensitive (Screen ID AR630500)
I will be using the AR Aged Outstanding Report as an example (Screen ID AR631500).
You now have an option to Group by Parent Account.
If you leave the box unchecked, your report will be as normal. You will see both ABC Holdings (Parent) and ABC Studios (Child) with separate balances as shown below.
If you check the box, you will see the two different balances for ABC Holdings (Parent) and ABC Studios (Child), but you will also see a consolidated balance for both ABC Holdings (Parent) and ABC Studios (Child) as shown below.
I am sure these new enhancements will be beneficial to you and will make consolidating the balances between Parent and Child much easier.
If you have questions or need some assistance, visit our support page for more help.
