This section covers how to manage an expense/disbursement account in DebtCol.
Accounting > Disbursements
DebtCol can track business expenses that relate to the recovery process. Such expenses are also referred to as Disbursements.
Invoices of such items must first be recorded against a related client charge from within the case manager.
See section Record a Creditors Invoice for details on how to input such disbursements.
The Disbursement Registry allows you to view details of entered disbursement invoices.
Click “Locate” on the Action Bar to get a full list of all entered disbursement invoices.
You can filter your selection by creditor, purchase type and further filters.
Filtering by Creditor will allow you to locate only invoices belonging to the selected creditor.
Filtering by Purchase Type will allow you to choose between invoices or payments.
Further filters are available under the “filter” select list.
By choosing the “Paid In Full” filter you will return only invoices that have been fully paid.
By choosing the “With Outstanding Amount” filter you will return only invoices that have not been fully paid.
By choosing the “Specific Case (paid & Outstanding) filter, you will be prompted to enter a case number. Enter the case under then click “Locate” to find all invoice items relating to the specified case.
By Choosing the “All” filter you will see all invoices enter.
Tip: combine your filters to fine tune your list.
Tip: Click the button on any row to drill-down into the invoice record. Here you can make amendments or delete the invoice item
Record creditor payments against entered disbursement invoices.
Select the creditor you are making payment to where indicated.
Enter the date of the payment.
Enter the amount of the payment.
The payment amount will automatically be applied in order of oldest to most recent outstanding invoices. Make your changes in the “Amount to Apply” column on the table.
Choose the payment method where indicated.
Choose the Bank Account the money is being paid from.
Tip: Some payment methods will require additional information. In such cases a new frame will appear labeled “Payment Details” where you can enter the relevant information.
Click “Save” to record your payment.
Disbursement Journal Entry
Record deposits, withdrawals and adjustments to the disbursement
Specify the type of transaction from the select list then enter the related amounts where indicated then click “Save” to record.
Reconcile the DebtCol disbursement account to your Bank Statement.
To ensure the accuracy of your disbursement account records, you should make sure the records of your bank account balances in DebtCol match your bank’s records.
To reconcile your disbursement bank accounts
- In the Bank Code field, select the bank account. The bank account details will be displayed in the “Account Details” frame and the account totals will be displayed in the “Totals” frame.
- In the New Statement Balance field, type the closing balance that appears on the statement your bank sent you.
- In the Statement Date field, type the closing date that appears on your bank statement. Only un-reconciled transactions dated on or before that date will appear.
- Click Locate to find all transactions for the selected bank account that have not yet been reconciled.
- For each entry on your bank statement, select the corresponding transaction in DebtCol by ticking the column labeled “ok”. The amounts in the Calculated Statement Balance and Out of Balance fields are updated.
- IMPORTANT: There may be entries on the bank statement relating to bank charges or bank interest that do not appear among the transactions on the Disbursement Reconciliation window. These will not appear in the list of transactions so you must incorporate them into the New Statement Balance.
- Click Save to reconcile.
- If your account is reconciled, you have the ability to produce a report of transactions reconciled based on bank account and date (recommended). The transactions you selected are considered reconciled and won’t appear in the Disbursement Reconciliation window the next time you display it.
- If your account is out of balance, the window will indicate the amount by which your account is out of balance and the Save button will be disabled. To correct the un-reconciled amount, follow the instructions below.
To correct an un-reconciled amount
- Check the following:
- Did you type the correct figure in the New Statement Balance field? You need to type the closing balance from your bank statement, not the opening balance.
- Did you type the correct date (that of the closing balance from your bank statement) in the Statement Date field? An incorrect date may prevent some transactions from appearing in the list.
- Did you select the transactions that appear on the bank statement? If not, some transactions might not have been accounted for in the reconciled balance.
- Did you select, by mistake, a transaction that didn’t appear on your bank statement? If yes, you need to deselect this transaction.
- Did you incorporate all bank charges and bank interest entries that appear on your bank statement, into the New Statement Balance field? If not, you need to sum them and incorporate them into the New Statement Balance field. Repeat the reconciliation procedure. If your account is still out of balance, then there may be transactions on the bank statement that have not yet been entered into DebtCol.
- If you have transactions on the bank statement that are missing from DebtCol:
- Enter the transaction into DebtCol
- Repeat the reconciliation procedure.