Download - Mystery of Closer Donna Magnuson A/R Consultant. Agenda Why should I close? Closing Transactions Pre-closing Process Closing Review of the Reports

Mystery of Closer

Donna MagnusonA/R Consultant

Agenda

Why should I close?

Closing Transactions

Pre-closing Process

Closing

Review of the Reports

Duplicating the Numbers

Why Should I Close

The moment you click the OK button in Closer, closing looks at your entire database, calculates the totals for the closing reports, and locks transactions into a period (this doesn’t mean you can’t make changes to charges or credits)

The data is written to separate period_close tables in the database that never change

The numbers will make your accountant smile

Why Should I Close

If you don’t close, you are always chasing a moving target

Adjustment periods don’t exist, each period gets updated as the transactions change

You can never go back in time and run a report to match a previously run report. The data always changes

Mystery of Closer



Charges use TRIP DATE

RN assigns Charges to the period of the TRIP DATE unless the period is closed

If the period of the TRIP DATE is closed then RN assigns the charges to the next open period and is reflected as a Charge Adjustment


For example, if you are closing 201104…….

All charges with a trip date of 04/01/2011 through 04/30/2011 will be included as a Charge in Period

All charges that have been added or deleted for trips prior to 04/01/2011 will be included as a Charge Adjustment

Mystery of Closer

Let’s look at some Charge examples


The Last Period Closed and the next period To Close is shown in the Closing Companies screen within closer

201104 is the current open period

Closing TransactionsScenario 1 – Mileage Charge was modified 3 months

after the trip date

Post Date = 7/15/2011, Trip = 4/8/2011, Open period = 201104

Period assigned 201104


Even though the mileage was modified on 7/15/2011, because the 201104 period was still open, the period assigned is 201104


When you close 201104, both the base rate and mileage will be included in the Charges in Period on the Closing reports

Closing TransactionsScenario 2 – Charges were added to a trip 4 months

after, but the trip period was already closed


The system can’t apply these charges to the period 201103 because it is already closed, therefore the Adjustment period of 201104 gets assigned


When you close 201104, both the base rate and mileage will be included in the Charge Adjustments on the Closing reports

Closing TransactionsScenario 3 – Charge AdjustmentA0427 applied when the period 201103 was open,

A0427 was deleted and A0433 was added after 201103 was closed


Both the reversal of A0427 and the

new charge A0433 are

assigned the adjustment

period of 201104

Both the reversal of A0427 and the

new charge A0433 are

assigned the adjustment

period of 201104


When you close 201104…..• A negative -700.00 will be included as Charge Adjustment• A positive $500.00 will be included as a Charge Adjustment

The net amount of -200.00 will be reflected in the Charge

Adjustment total and account receivable


Credits use DEPOSIT DATE

RN assigns Credits to the period of the DEPOSIT DATE unless the period is closed

If the period of the DEPOSIT DATE is closed then RN assigns the credits to the next open period and is reflected as a Credit Adjustment


For example, if you are closing 201104……. All credits with a deposit date of 04/01/2011

through 04/30/2011 will be included as a Credit in Period

All credits that have been added or deleted for deposit dates prior to 04/01/2011 will be included as a Credit Adjustment

Closing TransactionsScenario 1 – payments were added with a deposit

date within the current open period

Post Date = 7/15/2011, Deposit Date= 4/28/2011, Open period = 201104

Period assigned 201104

Check Date does not matter, only for reference


When you close 201104, both the payments will be included in the Credits in Period on the Closing reports

Closing TransactionsScenario 2 – credits were added with a deposit date

of a closer period

Post Date = 7/15/2011, Deposit Date= 3/15/2011, Open period = 201104

Period assigned Adj 201104201103 is closed, since the

system can’t place transactions in a closed period, it assigns it as an adjustment to the next

open period

201103 is closed, since the system can’t place transactions in a closed period, it assigns it as an adjustment to the next

open period


When you close 201104, both the payments will be included in the Credits Adjustments total on the Closing reports

Closing TransactionsScenario 3 – Credit AdjustmentOriginal payment posted on 1/19/2011, deleted on 7/15/2011 and

reposted with the same deposit date

Even though the payment was posted with the same deposit date, the original period can’t be re-assigned. The reversal and new payment is assigned an Adj period. The net for the new period is $0

Closing TransactionsIf you run a report for the credit adjustment period (-201104) ,

you won’t see the transactions, the net affect is $0.00.

Closing TransactionsTo keep the integrity of original payments posted intact is not recommended that you delete payments. However, there are times when you need to reverse the payment so you can bill another carrier.

The following is recommended;

Closing Transactions Create a credit called Payment Reversal

Make sure the “Type” and “Credit As” show as a Refund

Post 1 Payment Reversal for the full amount of the payment (base rate + mileage) and post a total (-) amount in the coinsurance


The refund will put the $298.47 balance back on the account

Change the primary payor and bill the insurance

Delete the Payment Reversal

** Run a credit report at the end of the month for all Payment Reversals, amount should be 0.00

Mystery of Closer

Steps to Closing

Mystery of Closer

Following these steps will help you balance reports in the future and make the numbers meaningful

Steps to Closing

All trips must be completed or cancelled

This screen will appear when

closing if there are unresolved

Open trips

Steps to Closing

If you don’t have charges default, make sure that all trips have charges assigned

If you have multiple Companies and have Profit Centers defined, make sure all trips have the correct Company and Profit Center

All payments with the current month’s deposit date are entered with the corresponding date

It is recommended that you close when no one is actively working accounts

Mystery of Closer

How to check this…..

Steps to Closing

Set up a workflow• Status=exclude all cancelled

Steps to Closing

• Run the workflow, only include the current month’s trip dates i.e. if closing Jun 2011, set trip dates 06/01/2011 to 06/30/2011

• Make sure the columns are visible; Profit Center, Company, Charges, and Status

Steps to Closing

If the monthly trips will exceed 1,000 check this box so you get all of the

trips for a month

If the monthly trips will exceed 1,000 check this box so you get all of the

trips for a month

Steps to Closing

Steps to Closing

Sort the workflow by Company – identify all trips that have a Company of <None>

Sort the workflow by Profit Center – identify all trips that have a Profit Center of <None>\

Sort the workflow by Status – identify all trips that have a dispatch status other than cancelled, i.e. Open, Assigned, Net transit, etc.

Sort the workflow by Charges – identify all trips that have $0 charges

Steps to Closing

PaymentsPost payments to balance to your bank statement

Post Payments with the corresponding bank deposit date Either account for all payments i.e. interest, collection

payments, etc. in the system and/or on a separate spreadsheet

Insurance Take backs need to be represented as a Refund not a (-) payment. RescueNet forms and ecm’s don’t respect (-) payments.

If you use the Payment Reversal, run a credit report and make sure you don’t have any trips that you forgot to delete the credit.

Steps to Closing

Bank RN

Mystery of Closing

I’m Ready to Close

Closing

Go to Administration>Advanced>Run Process

Closing

Select Close Account Period

ClosingShows Last Period

ClosedShows Next Period to

Close

Steps to Closing

If you have never closed, you have to start with the first period for each company and close

You don’t have to print the reports. Unselect the checkboxes

If you have a PDF printer installed, select it as the default and the reports can be saved to PDF

You can close multiple companies at once Click the “Select All” button Click on the “Ctrl” key and with your mouse, select the trips

you want to close Highlight the first company, click on the “Shift” key and select

the last company which will highlight all companies in between

ClosingOnce companies and reports are selected, Click on Close Period

Closing

A confirmation box will appear, select OK

Closing

Depending upon the amount of data, the closing process can take anywhere from

5 minutes to over an hour

Mystery of Closer

Closing Reports

Review of Reports

This report shows the changes in your financial situation since the last closed period. Here’s the formula:

• Previous Balance (AR). The previous Closing’s Balance Forward.• + Charges in Period. Charges that are posted to trips with a trip

date in the accounting period you are closing.• – Credits in Period. Credits posted with a deposit date in the

accounting period you are closing.• + Charge Adjustments. Charges posted to trips during this

accounting period belonging to a previously closed accounting period.

• – Credit Adjustments. Credits posted with a deposit date belonging to a previously closed accounting period.

• __________________________________________________

• = New Balance Forward (AR).

Closing Balance Summary

Review of Reports

The Payor Aging report’s Grand Total is the number that everything should balance to. The system balances the Total from the Closing Balance Summary (Charges-Credits+Charge Adj-Credit Adj) to the Closing Payor Aging report’s Grand Total. If there is a discrepancy, a Miscellaneous Adjustment appears on the Closing Balance Summary.

Review of Reports

Review of Reports

If you see a Miscellaneous Adjustment, contact ZOLL Technical Support Department

We have a fix for all miscellaneous adjustments where we can locate the issue.

There is currently a escalation open to evaluate a new misc adjustment issue

Review of Reports

The Credits in Period represents all Credits i.e. payments, contractuals, refunds, write-offs, and revenue adjustment.

The Credits in Period represents all Credits i.e.

payments, contractual allowances, refunds,

write-offs, and revenue adjustments

The Credits in Period represents all Credits i.e.

payments, contractual allowances, refunds,

write-offs, and revenue adjustments

CloserClosing Reports Closing Balance Summary Charge Summary for Period Report Charge Summary Adjustments made within period Credit Summary for Period Report Credit Summary Adjustments made within period Payor Summary for Period Report Payor Summary Adjustments made within period Payor Aging Report Miscellaneous Adjustment Accounting Summary Report Miscellaneous Adjustment Accounting Report


Balancing RescueNet Reports to my Closing Reports?

What do you mean my

reports don’t balance

What do you mean my

reports don’t balance


Known reasons why I can’t balance?

The company on a trip that was originally included in a closed period was changed

• Trips are attached to companies, even though the original transaction was tied to the old company, the database structure prevents the old transactions to appear

The “Credit As” tied to credits doesn’t match the description


Selectors have to be set accordingly

Period selector must be restricted The Show Reversing Charges/Credits selector

must have not restriction Trip Date selector must be restricted: Billing Go

Live (BGL) date to current date – closer only includes trips from the BGL date but the reports do not

The Status selector must have no restrictions


Running a report to match to the Charges

Choose any charge report that has a period selector

If you have multiple companies, make sure only the applicable company is selected

If your companies have multiple profit centers, make sure only the applicable profit center is selected

Choose the (+) period, do not include the negative period


Running a report to match to the Charge Adjustments

Choose any charge report that has a period selectorIf you might have recent transactions prior to go-live, set the trip date from go-live to the last closed period prior to the period you are trying to balance.If you have multiple companies, make sure only the applicable company is selectedIf your companies have multiple profit centers, make sure only the applicable profit center is selectedOnly include the negative period, -200804


Running a report to match to the Payments

Choose any Credit report that has a Period selector and Deposit Date selector

Include the positive Choose the (+) period, do not include the negative

period Select all the payment credits


Picking the correct credit is a key to balancingCloser uses the Credit As that is determined for a credit

If you think the credit is a payment based on the

description but the credit is something else, you

won’t balance

If you think the credit is a payment based on the

description but the credit is something else, you

won’t balance


Start all credit descriptions by the type first so that they are grouped together and it is clear what they are


This is where the confusion begins, when the description is not reflective of the type


Running a report to match to the Credit Adjustments

Choose any credit report that has a period selector

If you have multiple companies, make sure only the applicable company is selected

Only include the negative period, -200308

Select the specific credits; payments, contractuals, etc.


Running a report to match to an Aging

•A change was made to the Aging reports to help determine an aging balance based on an “As of” date.•The reports were made to go back in time to capture the balance and not necessarily to guarantee they would balance to closer.


Running a report to match to an Aging

•You need a report that has the period selector•Don’t use the reports that start with a “*”•The report will need to have the “As of” box pop up


Include all periods from Billing Go-live including the period you are trying to balance. Make sure to exclude all future periods

Questions????????

Download - Mystery of Closer Donna Magnuson A/R Consultant. Agenda Why should I close? Closing Transactions Pre-closing Process Closing Review of the Reports

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