How to regenerate Statements

How to regenerate Statements

Follow the steps in this article if you see that the Statement of owner after generating is incorrect due to any of the following reasons:
  1. Horse Ownership is wrong
  2. Missing Payment
  3. Missing some expenses/credit
  4. Horse Expense/Credit is wrong
  5. Incorrect Owner Discount
The system will allow you to edit these statements if they were created on the latest period. 
If you need statements from previous periods to be edited, please contact support@prism.horse.  

Regenerate Statement If Horse Ownership Is Incorrect

If after running the statement you find that horse ownerships are incorrect, you can correct the statement through the following steps:

1.Firstly you need to update horse ownership before regenerating the statement.
  1. Go to Finance Dashboard > Statement list
  2. Check the statement of any owner of the horse, click Edit icon on the statement

  1. Modify statement popup is shown with all tax invoices in the statement


  1. Select the tax invoice of horse need to update (in case the horse has multiple owners the system will show a message inform to trainer about system will re-generate statement for all owners of horse)
  1. A popup with all expenses of horse in the period is shown

All expenses are auto split by new horse ownership
You can split expense manually if he wants
Approve expense then click ‘Re-generate Statement’ button
Statement of all owners of the horse will be re-generated
You can review statement then re-send statements to owners and re-sync them to Xero


Adjust Daily Charge Expense

If you need to update Horse Locations or Day Rate rules after running your statements, you can update the statements through the following steps:
  1. Update Daily Charge expenses before regenerating statement:
    - Update horse Location if horse location is wrong
    - Update day rate rule if day rate rule is wrong
  2. After that, Go to your Finance Dashboard > Statement list
  3. Check statement of any owner of the horse, click Edit icon on the statement
  4. Modify statement popup is shown with all tax invoices in the statement. You need to select exactly the horse invoice you want to update
  5. A popup with all expenses of horse in the period is shown|
     
  6. Approve expenses then click ‘Re-generate Statement’ button 
  7. Statement of all owners of the horse will be re-generated 
  8. You can review statement then  re-send statements to owners and re-sync them to Xero

Adjust Expenses

if you find incorrect expenses after creating your statements, you can edit the statement with the following steps:
  1. Go to Finance Dashboard > Statement list
  2. Check statement list, click Edit icon on the statement 
  3. Modify statement popup is shown with all tax invoices in the statement. You need to select exactly the invoice you want to update (horse invoice or owner invoice), a pop up is shown
  4. Once you select the invoice, you can add more expenses, manually split expenses, edit expenses, delete expenses on this pop up

  5. Approve expenses then click ‘Re-generate Statement’ button
  6. Statement of all owners of the horse will be re-generated
  7. You can review statement then  re-send statements to owners and re-sync them to Xero

Adjust Credit

Same as the case where expenses on a statement is incorrect, you can edit the statement to correct credits:
  1. Go to Finance Dashboard > Statement list
  2. Check the statement list and click the Edit icon on the relevant statement 
  3. The modify statement popup is shown with all tax invoices in the statement. You need to select the invoice you want to update (horse invoice or owner invoice).  
  4. Once you select the invoice you can add more credits and edit credits in this pop up:

  5. Approve expenses and credits, then click ‘Re-generate Statement’ button 
  6. The statements of all the owners of the horse will be re-generated 
  7. You can review resend the statements to the owners and re-sync them to Xero

Adjust Payment

In some cases, payments might be processed after you’ve run your statements.  In these cases, the payment(s) will not be shown in the Statement PDF.  You can update the statement by adjusting the payments for this statement:
  1. You need to update Payment on Xero before re-generating statement
  2. Go to Finance Dashboard > Statement list
  3. Check statement list, click Edit icon on the statement 
  4. Modify statement popup, you need to select Adjust Payment option, a dialog shows

  1. Select payment record you want to display on statement PDF, then select Regenerate Statement.


Adjust Discount

You can regenerate the statement and adjust the owner discounts:
  1. You need to update Owner Discounts on the owner profile
  2. Go to Finance Dashboard > Statement list
  3. Check statement list, click Edit icon on the statement 
  4. Modify statement popup, you need to select Adjust Discount option, a dialog shows

  1. Edit or delete the discount where necessary, then select Regenerate Statement


NOTE: Reversals, interest, horse notes, statement notes and attachments are kept when re-generating a statement. 

Sync To Xero After Regenerating A Statement Or Editing Single Invoice/Quick Invoice

When the invoices have been synced to Xero, you can still edit them. But, you should remove Payments and/or Credits that have been allocated to them in Xero after editing:
  1. If you remove the allocation of the statement on Xero before re-generating the statement in Prism, the amount of the invoices and credits will be updated but they will be NOT automatically allocated again. You will need to re-allocate them on Xero manually
  2. If you don’t remove the allocation on Xero before regenerating the statement, the invoice on Xero will be not updated, the system will show this message:
You can fix this issue through the following steps
  1. Find invoices which are listed in the message in Xero
    For example:
    On the error message, the first invoice in the list is 00649-1
    -     Go to the Invoice list in Xero
    - Click on the All tab and enter the invoice number 00649-1 to search for it

  2. Remove allocation
    - Open Invoice details, then click on Credit note.
    - Remove credit allocation for this invoice

  3. Repeat step 1 to step 3 for all invoices in the message
  4. On Prism, go to the Finance page then click the Sync to Xero button. 

    The amount of invoices and credit on Xero will be updated but they will not be automatically allocated again. You will need to manually allocate them again.



 

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