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Important - For the attention of the SIMS FMS6 Operator
Financial Services for SchoolsSIMS FMS6
USER BULLETIN No A32FMS Upgrade 6.174
Spring 2017 Upgrade 6.174
Financial Systems HelplineTel. No.: 01992 555753
Email: [email protected]
Herts for Learning01438 845111
www.hertsforlearning.co.uk
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New Feature – Charge Account
FMS can now be used to create a charge account with one or more charge cards linked.
This enables users to record Accounts Payable transactions (invoices and credit notes) against charge accounts and manage the reconciliation and payment of these transactions.
In order to use this facility, a new Ledger Code will need to be set up:
Tools General Ledger Setup Tab 5 Ledger Codes Click on to add a Ledger Code Select Charge Liability from the drop-down list and click Next
Select the Ledger Group to which the new Ledger Code belongs
Click on Select, then click on Next
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Enter the new code e.g. CL and a description for the Ledger Code, and then click Finish
At the Ledger Code Definition screenenter the Account Name, and Sort Codeand Account Number if required.
Click on the to add a Charge Card
Enter the card details and click on OK
Repeat the above to add any further cards
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Making payments from a Charge Account
Invoices and Credit Notes can be posted as normal. When posting the invoice, select the Charge Account in the ‘Pay From’ field.
Select the Charge Account from the list(example “Training School Charge Card)
Once Authorised, click on the Direct Payment icon on the invoice screen
Click on the ‘Paid From Card No.’ Browser
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Click on the required card
Click Select
Reconciling the Charge Account Statement
Transactions posted to the Charge Account can now be reconciled against the Charge Account statement, in a similar way to completing a Bank Reconciliation
Focus General Ledger Charge Account Reconciliation Click on to add a statement
The system will default to the nextexpected statement number; thiscan be overwritten if necessary.Enter the statement date and clickSave
To select transactions to be reconciled click on the browser
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Unreconciled transactions will appear in the top half of the screen
To reconcile an individual transaction, either highlight the transaction and double click, or click on
To reconcile all the transactions click on
The reconciled transactions will appear in the bottom half of the screen. Once you are happy with your selection click on Save.
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The balance on the physical statement should match the FMS statement balance
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Balances and Reserves
When posting invoices to the Charge Account, the transactions do not appear as unreconciled bank transactions. A credit is made to the Charge Account Ledger Code, and appears on the Balances and Reserves as a Liability.
When the Charge Card payment has been taken from the bank, in order to reconcile the bank a Cashbook Journal needs to be posted, debiting the Charge Account Ledger Code and crediting the bank for the total of the payment. .
This has the effect of reducing the bank balance and the Charge Account Liability on the Balances and Reserves.
If you have reconciled all the transactions in the Charge Account, the Charge Account balance should be zero on the Balances and Reserves
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Charge Account Report
Reports Accounts Payable Payments Charge Account Transactions Report
Click on Charge Account browser to select Charge Account
Click on Status
Select from the list to choosetransactions to view.
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In this example the Balances and Reserves and the Charge Account
have each reduced by £360 after posting the Cashbook
Journal
Select the date range, if required, by clicking on Processed Date fields
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If you wish to save the report click on the icon to choose the format you wish to save in
Or click the Print icon to print.
New Income and Expenditure Source Analysis Report
In this upgrade a new report called Income and Expenditure Source Analysis Report has been created; it is in the Reports CRF area.
It gives a breakdown of Central and Local actual income and expenditure. However, this is not relevant to HCC Maintained Schools as no transactions are processed centrally
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