Help:SM1-Update Storage Account File
The window titled Adding a Storage Account is used to add a new Storage Account to the Storage Account File. The window titled Changing a Storage Account is used to change the information for an existing Storage Account in the Storage Account File.
Storage Account: Enter the number by which this Storage Account will be referenced. When editing an existing storage account, this field will be unavailable as you cannot change the number which has already been assigned to an existing Storage Account.
Account Name: Enter the name by which this Storage Account is identified. This could be names like "Civilian Storage", "Military Storage", or the name of the specific Company Branch if you are maintaining multiple branches in the Storage Manager.
Finance Charge Percentage: Enter the monthly finance charge percentage rate which you want to assess on unpaid balances due, if applicable. Each time the storage billing is processed, this rate will be applied to the unpaid balance due on each storage lot which has a check mark in the Finance Charge field in the Storage Master File.
The Monthly Finance Charge Percentage Rate is the Annual Percentage Rate (APR) divided by 12. So, an APR of 18.00% would have a Monthly Percentage Rate of 18.00% / 12 or 1.50%.
Minimum Finance Charge: Enter the Minimum Finance Charge amount, if applicable. This amount will become the finance charge if the calculated finance charge is less than this amount.
Finance Charge G/L #: Enter the general ledger account (revenue or expense, depending on how your company wants to account for these finance charges in their financial statements) to which the finance charge revenue should be posted. The name of the selected account will be displayed to the right of this field. Press the {?} to the right of this field to open a window titled Select an Active and Not Restricted General Ledger Account which displays all of the Active but Not Restricted general ledger accounts.
Deferred Receivable G/L #: Enter the general ledger asset account to which the Behind Accruals will be posted. The name of the selected account will be displayed to the right of this field. There are two possible accrual methods for storage billing ¾ Advance and Behind. Behind Accrual is where the storage charges are accrued and billed at the end of a period. This account will hold the amounts accrued until they are transferred to the Accounts Receivable at the end of the accrual period. Press the {?} to the right of this field to open a window titled Select an Active and Restricted General Ledger Account which displays all of the Active and Restricted general ledger accounts.
Deferred Earnings G/L #: Enter the general ledger liability account to which the Advance Accruals will be posted. The name of the selected account will be displayed to the right of this field. There are two possible accrual methods for storage billing ¾ Advance and Behind. Advance Accrual is where the storage charges are billed at the beginning of a period, but only one month at a time is recorded in revenue. The balance of the revenue is temporarily recorded in a Deferred Earnings Account. This account will hold the amounts accrued until they are transferred to the Revenue account during the non-billing months. Press the {?} to the right of this field to open a window titled Select an Active and Restricted General Ledger Account which displays all of the Active and Restricted general ledger accounts.
Last Date Advance Accrual Storage Was Billed: This is an informational field only ¾ you cannot edit the date in this field. This field is automatically updated each time you Process Storage Billing for Advance Accruals and None. The Storage Manager program uses this date to prevent double billing in any given month.
Last Date Behind Accrual Storage Was Billed: This is an informational field only ¾ you cannot edit the date in this field. This field is automatically updated each time you Process Storage Billing for Behind Accruals. The Storage Manager program uses this date to prevent double billing in any given month.
[ Add ] This button will be available only if you pressed the [Insert] button on the previous window titled Storage Account File Maintenance. Press this button to add this new storage account to the Storage Account File.
[ Save ] This button will be available only if you pressed the [Change] button on the previous window titled Storage Account File Maintenance. Press this button to save any changes made to the information on this window in the Storage Account File.
[ Cancel ] Press this button to ignore any changes made on this window, close this window, and return to the previous window. NOTE: If you make any changes in this window and then press the [Cancel] button to ignore those changes, then another window titled Save Record will open which asks "Do you want to save the changes to this record?". For additional information, please see Save Record.
[ Help ] Press this button (if available) or the F1 key to view the Help text for this window.
