What is it?

Dual date reporting is the ability to print financial statements on a date other than the effective date (i.e., Production date, Service date, Invoice date).

Oil and Gas example: Normal financial statements are printed based on the G/L effective date of the transaction. The Dual Date report feature allows you to print financial statements based on Production month instead of G/L effective date out of the same set of books. Pak Accounting typically records the Production month on all revenue entries created from the Check Stub module. The system also records the Production month on all revenue entries created from the revenue section of the Investor Interface. On the cost side of journal entries, typically created from the Accounts Payable module, the system will report using the Service Date when using the Production-based report option instead of the G/L effective date. The system will look at the invoice date if there is no Service Date.

Who would use Dual Date?

Companies that need to print production-month-based financial reports (e.g., income statements, trend reports, spreadsheets, etc.). For example, separate financial statements for the Tax accountant and Engineer, one by GL effective date and one by production date.

How do I set it up?

Once the dual date feature is purchased, implementation is simple.

1. In Account Maintenance [F11], set up a Revenue Receivable account (this account must be new and have no transactions; it will be used to record the offset of any out-of-balance entries using the production date). NOTE: The account will be changed to inactive after setting up the company master so that no entries can be made to it other than by the system.
2. In the Revenue BIlling  > Company Master > Revenue/Billing Options > Accounts tab, enter the account number of the Dual Date—Revenue Receivable account set up in Step #1.
3. Resummarize the Posted detail in Utilities > Resummarize > G/L Posted Detail Fixes > Resum Posted Detail.
4. The Dual Date feature is now set up. The View/Trend summary screen and Financial reporting will now have the option to print by either the Effective date or the Production Date (invoice date). In addition, the Trend Report, Spreadsheet Trend, Spreadsheet Report, and Budget Report can be run using the dual date.
5.  Accounts Payable > Master File Maintenance > Company A/P Options > A/P Entry tab—in the Separate Service/Draw Date field, use the drop-down to select Service Date. This will open up an additional field in the Enter Invoices Screen so that you can add a Service Date (production date) different from the Effective Date. (The Dual Date—Revenue Receivable account must be entered in the Revenue Billing module).

Correcting Dual Date Out of Balance

1. When the Dual Date account is out of balance, the first step is to rebuild the GLPOST and PSMF files.
2. Resummarize the posted detail in Utilities > Resummarize > G/L Posted Detail Fixes > Resum Posted Detail. This will usually resolve the out-of-balance issue. If it does not, call your Customer Success Team.