module:accounting:acctjoonhold:list
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module:accounting:acctjoonhold:list [2018/12/06 17:18] target |
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| - | .System HOLD function is a management and accounting tool for controlling company exposure from past due account or payment term non-compliance. Hold function requires regular client maintenance in order to apply Hold option on client itself or on its client group (chain) to affect their orders. Hold Chain is applied to notify User that one client on the group has past due account and could ripple, while Hold Client is applied to notify User that the specific client has a tendency to default and is prevented to create new PI in the system. On top of Hold Client and Hold Chain, system Hold Delivery have automatic hold function to prevent deliveries with unmet down payment requirement. Orders of erring Client that is put on hold must follow activation process to proceed serving its order, see F&A MEMO 18-001 along with other guidelines. | + | .System HOLD function is a management and accounting tool for controlling company exposure from past due account or payment term non-compliance. Hold function requires regular client maintenance in order to apply Hold option on client itself or on its client group (chain) to affect their orders. Hold Chain is applied to notify User that one client on the group has past due account and could ripple, while Hold Client is applied to notify User that the specific client has a tendency to default and is prevented to create new PI in the system. On top of Hold Client and Hold Chain, system Hold Delivery have automatic hold function to prevent deliveries with unmet down payment requirement. Orders of erring Client that is put on hold must follow activation process to proceed serving its order, see F&A MEMO 18-001 along with other guidelines. |
| + | |||
| + | As of 12/2/2019, On Hold JO module will also include orders with PO concerns. Hold reason can be differentiated under Remarks column of the list. Do follow approval policy accordingly. | ||
| **Function of Project Manager in using System HOLD ORDER** | **Function of Project Manager in using System HOLD ORDER** | ||
| Line 11: | Line 13: | ||
| * • Coordinate Accounting policies with Client | * • Coordinate Accounting policies with Client | ||
| * • Process activation of on hold orders | * • Process activation of on hold orders | ||
| + | * • Secure signed PO from Client | ||
| ** | ** | ||
| Objective of PM in using the System HOLD ORDER** | Objective of PM in using the System HOLD ORDER** | ||
| - | * • To prevent incurring of past due accounts and limit company exposure from erring client | + | * • To prevent incurring of past due/ |
| * • To follow accounting policies and guidelines on payment terms | * • To follow accounting policies and guidelines on payment terms | ||
| Line 22: | Line 25: | ||
| **Objective of Accounting in using System HOLD ORDER** | **Objective of Accounting in using System HOLD ORDER** | ||
| - | * • To prevent incurring of past due accounts and limit company exposure from erring client | + | * • To prevent incurring of past due/ |
| * • To implement accounting policies on payment terms and condition | * • To implement accounting policies on payment terms and condition | ||
| * | * | ||
| Line 31: | Line 34: | ||
| Use of system Hold Order arises when an account receivable reached the past due limit of 60 and 90 days, for hold chain and hold client respectively. This means that any further delivery or actions that will incur additional cost should be notified and prevented by following Hold-Request-Activation process. | Use of system Hold Order arises when an account receivable reached the past due limit of 60 and 90 days, for hold chain and hold client respectively. This means that any further delivery or actions that will incur additional cost should be notified and prevented by following Hold-Request-Activation process. | ||
| Note: system automatically holds delivery of unmatched down payment requirement | Note: system automatically holds delivery of unmatched down payment requirement | ||
| - | ** | + | |
| - | Process:** | + | **Process: |
| 1. Accounting reviews list of Account Receivable | 1. Accounting reviews list of Account Receivable | ||
| + | |||
| 2. Accounting puts erring client/ | 2. Accounting puts erring client/ | ||
| + | |||
| 3. Accounting emails list of client/ | 3. Accounting emails list of client/ | ||
| + | |||
| Note: Accounting may opt for automatic hold function to client with >60 days past due account | Note: Accounting may opt for automatic hold function to client with >60 days past due account | ||
| **Policies: | **Policies: | ||
| + | |||
| • see F&A MEMO 18-001 along with other guidelines. | • see F&A MEMO 18-001 along with other guidelines. | ||
| - | ** | ||
| - | **B. Hold-Request-Activation Process**** | + | **B. Hold-Request-Activation Process** |
| System notifies user that he/she cannot proceed due to hold control. User requests for activation by obtaining written approval from management and have it as an instruction to allow order to proceed given the circumstances | System notifies user that he/she cannot proceed due to hold control. User requests for activation by obtaining written approval from management and have it as an instruction to allow order to proceed given the circumstances | ||
| - | ** | + | |
| - | Process:** | + | **Process: |
| * 1. PM/User sends request for activation of order; | * 1. PM/User sends request for activation of order; | ||
| * • Orders for activation can be viewed in ON HOLD JO module | * • Orders for activation can be viewed in ON HOLD JO module | ||
| Line 55: | Line 62: | ||
| **Policies: | **Policies: | ||
| + | |||
| • Do not bypass system activation process | • Do not bypass system activation process | ||
| • see F&A MEMO 18-001 along with other guidelines. | • see F&A MEMO 18-001 along with other guidelines. | ||
| + | • No PO no Delivery | ||
| **System Related Reports** | **System Related Reports** | ||
| Line 63: | Line 72: | ||
| * | * | ||
| * 2. Written Approval – a system template for requesting management’s approval to proceed processing of on hold orders | * 2. Written Approval – a system template for requesting management’s approval to proceed processing of on hold orders | ||
| - | * | + | |
| + | Note: To Print Written Approval go to ON HOLD JO module, check record/s you want to include in print out then click “Print On Hold Request” button | ||
| **System related Procedures** | **System related Procedures** | ||
| Line 85: | Line 96: | ||
| * 3.3. Accounting selects record/s to activate | * 3.3. Accounting selects record/s to activate | ||
| * 3.4. Accounting clicks “Activate”, | * 3.4. Accounting clicks “Activate”, | ||
| - | | + | |
| + | ** | ||
| * • Accounting may re-deactivate an order when circumstances such as client failure to comply on agreement, given that JO was not yet processed or on change in management decision. | * • Accounting may re-deactivate an order when circumstances such as client failure to comply on agreement, given that JO was not yet processed or on change in management decision. | ||
| - | * • Accounting may clear list to re-apply hold and request process to all J | + | * • Accounting may clear list to re-apply hold and request process to all JO by using **HOLD Chain/ |
| + | * • As of Dec 2,2019, start implementation of No PO control. this control prevents Delivery of materials without formal PO (signed purchase order) from client. Affected Job orders may undergo HOLD-Request-Activation process following above procedure but vary base on Accounting criteria of PO approval. | ||
module/accounting/acctjoonhold/list.1544087895.txt.gz · Last modified: 2018/12/06 17:18 by target
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