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Hi,
Could someone please tell me if there is a way to print the Balance Sheet in the current month for last month’s, and the AR an AP balances on the Balance Sheet match the AR and AP reports for the same ending period?
For example, if I am printing a report today for period ending March, the AR and AP balances on the balance sheet should match the AR and AP report balances for the same period, ending March.
Howeve, they don’t match, due to payments have been received for AR or cheuqes have been issued for AP for items before April and reconciled.
As a result, the numbers changed, even you want to print the AR and AP reports now for period ending March.
The way to make the numbers matched is not to reconcile any payments received and cheques issued.
Please help and/or advise.
Thanks
They should match unless you are Back Dating entries, assuming you are printing the AR and AP from zero to the end of March, Type A. (to match the Balance Sheet).
Payments received and cheques written would affect both the BS, AR & AP reports the same way (based on the date of the entries. Reconciling items will have no affect on the balances (only Open items).
Only other item is if you entered items from a Journal and entered two different dates of entries affecting the BSARAP
Thanks for the comments.
Yes, the balance sheet, AR, and AP figures match when the same period is chosen and type “A”.
Correction:
I meant to say the “aged” AR and AP, Oops!
Here is another example:
Say there is a $5000 invoice on a receivable account outstanding as of the end of March. The payment is received in April and reconciled in April.
When I print the aged AR report dated the end of March, in April, choosing “O” for open item, this $5000 disappears.
It’s correct that the report will only shows the outstanding items because “O” is chosen.
But I am printing the report for the period end of March, logically, this $5000 should still be included as open item in March cause the payment is not received until the following month, in April.
If I print the aged reporting choosing “L”, the balance is correct. But it is a waste of paper to print the report including all the history data.
Wonder if there is an alternative to printing the report to get the correct aged numbers without printing all the histories…
That the nature of the beast. Clearly once you’ve completed March any transaction to the ARAP (reconciliations) will change the Aged report.
You should not expect to be able to go back and see the March Balances since ARAP are ongoing items and will change with each entry.
Option: Make a backup at the end of each month which can be accessed later.
Will this help?
Print to a file and then reference this file in Word when needed
or print to notes view and keep for easy reference
G Kolia – South AfricaI have found it useful to make column 6 a paid column. That is, column 1 is the actual column for the reporting period and I use type “A- actual”. Columns 2 to 5 are dated appropriately with column 5 being over 90 days and are all type “O-open”. Column 6 is dated the same as column 1 but the type is “X-closed”.
This report structure is even more useful than the conventional aged report because the amounts that are still outstanding show in the aged columns 2 to 5 and the amounts that have been paid since the period end to the date the report is run show in column 6. For example, if you run the March report on April 23, the report will show the amounts that are still outstanding in the appropriately aged columns 2 to 5 and the amounts that have been paid from April 1 to 23 in column 6.
Post Edited (07-12-04 12:44)
EPump:
If one is reconciling the Ap & Ar than column 6 would only show zero’s. We use the Zero to YE with an X to verify if there are any accounts not reconciled correctly.
It is important that column 6 be dated the same as column 1, ie if column 1 is dated “0” to “March 31, 2005” and the type “A” then column 6 should be dated “0” to “March 31, 2005” and the type would be “X”.
The amounts shown in column 6 are not just zeros, the amounts shown in column 6 are those amounts by which the account reconciliation are out of balance to March 31, 2005. In other words, if an account has $5,000 owing as of March 31 and it is paid in April and reconciled. Then and aged report for March 31, 2005 run after the payment is reconciled would be as follows :
Column 1 – March 31, 2005 , type “A” – $5,000
Columns 2-5 would all be 0 because nothing is outstanding
Column 6 – March 31, 2005, type “X” – $5,000This format ensures that columns 2 to 6 cross add to column 1, which is the total amount owing at the month end.
This format allows you to run an aged report any number of months later, but the open columns (2-5) will only show what is outstanding as of todays date.Yes, I also use “X” to find accounts that are out of balance, but you have to use a date that is after your last reconcile date.
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