Reviewing Accounting Entries and Correcting Errors

After you run the Receivables Update process, you need to review the direct debit accounting entries and correct any errors that the system found on the error correction pages. The system edits for ChartField combination errors if you enabled ChartField combination editing on the Receivables Options - General 2 page for the business unit. You cannot post the direct debit until you fix the error if you selected Recycle in the ChartField Editing group box. If the system found ChartField combination errors perform these steps:

1. Delete the entries using the error correction pages.

2. Modify the combination edit rules so the combination is valid or modify the ChartField combination on the External Account page for the bank account if the error is on the Cash or Cash Control line.

3. Rerun the Receivables Update process.

The date that the cash account is debited depends on your PeopleSoft Receivables installation options and your bank account setup.

If you do not use cash control accounting, the process debits the Cash account when you remit the direct debit.

If you do use cash control accounting and you have identified the bank account as a cash-clearing account, the date that the cash will be recognized depends on whether you specified Due Date or Bank Reconciliation for the cash-clearing method. The Receivables Update process debits the Cash Control account when you remit the direct debit. Then it credits the Cash Control account and debits the Cash account based on your clearing method.