In Ardex Premier, when funds are received which relate to an owner whose account receivable balance is less than the amount received, for example in the case where race prize money is received, or proceeds from a horse sale, then the funds are placed in a Debtors Loan Account for future distribution, or to be applied against invoices issued.
The Transfer Loan Accounts screen in the month end wizard allows for debtors loan amounts to be applied automatically to owner invoices generated.
For example, if an owner received $10,000 in prize money, then we generated $4,000 in invoices to the owner through the month end process, then the transfer loan account process will apply $4,000 against outstanding invoices so the owners’ account receivable balance goes to zero, and $6,000 will remain in the debtors loan account to be distributed to the owner by EFT transfer on request.
Tick any owners you wish to skip from the transfer loan account process, then click Process at the bottom left to apply debtors loan balances against unpaid invoices. It is advisable to skip any owners where you have used the Reverse Charges function in the month end wizard to reverse invoices issued. Funds will be applied against oldest invoices first until either all invoices are closed, or funds are used up.
Once debtor loan balances have been applied, click the Next button to move on to checking banking and adjustments.
Another way of creating loan account transfer is by going to Finance > Adjustments. On the Adjustments window, select the client, enter the amount, reason and then select the appropriate debit and credit code. Click Auto to automatically break down the amount to all invoices present. Finally, click Add.