2017 Review of Thomson Reuters Accounting CS – Accounts Receivable Functions

Accountants must enable the Accounts Receivable option in Accounting CS in order to process invoices and apply future payments. Once this is completed, users can simply access the setup option to begin to enter customer information. Customer information includes contact information as well as email and web addresses. Beginning balances can be entered at this time for customers, and users must indicate that the customer can be invoiced and accept payments. Customer data can also be edited during the payment application process, if necessary. Both payment terms and discount information is entered in the setup option as well, though users can enter this information on the fly if necessary.

In order to enable the automatic discount feature, users must check the Offer payment discount option when setting up the discount information. Users can also set up the payment terms option as well, with the ability to choose from a fixed discount amount or a percentage, specifying the number of days that the discount would apply.   Using the Assess Finance Charges option, users can ensure that finance charges are applied to the customers specified, with users able to choose all customers or choose the ones where a finance charge is appropriate. Sales tax information can also be entered during setup.

The Apply Customer Payments screen allows users to apply payments two ways; the Apply Customer Payments screen allows users to quickly enter multiple payment transactions for multiple clients. Users can opt to post the default amount for each customer if that is what was paid, or enter a paid amount. Once all transactions have been selected, simply click the enter option to apply the payments. The Manage Payments screen allows users to apply a payment for a specific customer, choosing the invoice(s) that have been paid.

Users can simply access the customer screen to review customer detail, such as payment history, and credit memos can be easily processed from the manage customer payments screen.

Accounting CS users can access the Print Accounts Receivable Forms option to print any invoices or customer statements.

Accounting CS offers a solid selection of accounts receivable reporting options including an aging schedule which can be condensed or detailed, a customer activity report, a customer list, invoice and payment list, and invoice item list. The product does not currently handle multi-currency and mobile access is limited to users of NetClient CS.

Accounting CS is designed for professional accountants and CPA’s that are interested in expanding their service menu to include accounting and bookkeeping services for their clients. This can be done solely by the accounting firm, or clients can be provided access to the AR function through the client portal feature.

Accounting CS seamlessly integrates with other Thomson Reuters applications such as Ultra Tax CS and File Cabinet CS. System data can also be exported to Lacerte, ProSystem fx, ProSeries, or as an Excel spreadsheet as well. The A/R option in Accounting CS is optional, with pricing available from Thomson Reuters upon request.

2017 Overall Rating – 4.5 Stars