Define Rec/Pay Events for Prospective Adjustments

In the Define a Rec/Pay Event panel, you can create Rec/Pay events for use with prospective expense and income adjustments. Ledger accounts can have a Rec Pay Category value of Prospective Expense Adjustments or of Prospective Income Adjustments. You can create additional Rec/Pay events if you plan to use prospective expense and income adjustments. You may find this necessary if you need more than one expense or income accrual for a portion of the same period. You can also use this if you require different general ledger account numbers. 

To define a Rec/Pay event for use with prospective expense and income adjustments:

1. In Accounting Center, in the left navigation pane, click Transactions > Ledger > Ledger Entries > Define a Rec/Pay Event. 
   You see the Define a Rec/Pay Event panel.

2. In the Entity Chart of Account Name field, select the entity's chart of accounts associated with the event. 
   You can select a generic value, such as STAR, or a specific chart of accounts.

3. In the Rec Pay Category list, select Prospective Expense Adjustments or Prospective Income Adjustments.
   This category defines the event for all other processing. You can use the generic accounts set up for these categories or you can use customized accounts.

4. In the Rec/Pay Event Name field, specify the name for the event. 

5. Select the general ledger accounts for accruals and cash processing.

6. Complete the remaining options on the Define a Rec/Pay Event panel.

7. Click Submit.