Recording Statements
To record a statement, you must first create the statement header. After you create the header, you can add and attach the PO lines that are included on the vendor statement.
Effects
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For title invoices, Horizon records the items as being invoiced, credited, or refunded (depending on the line type). Specifically, Horizon records the date each item was invoiced, credited, or refunded in the PO Line Item Detail window and adds an “Invoice,” “Credit,” or “Refund” activity for each item in the PO Line Item History window. |
Note: A “Refund” activity is also generated when you cancel a PO line if funds have already been expended for the line. You can determine how a refund activity was generated, based on the existence or absence of a statement number on the activity line. If there is no statement number, the activity was generated through a cancellation; if there is a statement number, the activity was generated by the creation of a refund statement.
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For lines you invoice, Horizon does not unencumber and expend the funds on the PO line. This is because you must approve the statement to do this. (For more information, see Approving Statements.) |
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For lines you record a credit or refund for, Horizon puts the funds back into appropriate budgets on the PO lines upon statement approval. |
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For credits, Horizon updates the outstanding credit amount you have with the vendor, which you can then apply to other statements. This amount is shown in the “Credit Avail.” column in the List Vendor window. |
If you receive items as you invoice them, Horizon also:
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Records the items as being received. Specifically, Horizon records the date each item was received in the PO Line Item Detail window and adds a “Received” activity for each item in the PO Line Item History window. |
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Stops claiming on the items you receive. |
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Expends funds only if the items are invoiced and the statement is approved. |
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Creates copy or item records for each item you receive if the Copy/Item Creation field on the PO header is set to “Create Copy at Receipt” or “Create Item at Receipt.” Horizon assigns the item records a status of “Newly Acquired.” |
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Changes the status of items you receive from “On Order” to “Newly Acquired” if item records have already been created. |
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Prompts you to enter a barcode for each item you receive if the Barcode @ Receipt box on the PO header is marked. |
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Prompts you to print a mailing label for the borrower specified on the PO line, if any. This is the borrower for whom the item was ordered. You can use the printed label as a delivery slip to expedite the delivery of the item to the borrower. |
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Notifies you if there are any title or item-specific requests for the line you are receiving. This lets you set the item aside for rush processing. |
Foreign Currency Amounts
If you are recording a statement for a vendor that uses a foreign currency, enter the foreign currency amount (as shown on the vendor statement); Horizon will automatically convert the amount to your accounting agency’s currency to calculate the on-order and spent amounts (based on the exchange rate defined in the vendor’s currency).
Make sure you enter the correct currency on the statement. If the wrong currency is entered, replacing it with the correct currency does not update existing encumbrances or expenditures for the PO lines. (For more information, see Correcting Currency-Related Problems.)
Exchange rates can change daily. You should update the exchange rates of your foreign currencies periodically to encumber and expend funds accurately. (For more information, see “Updating Exchange Rates” in the Acquisitions Setup Guide.)
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