To balance the Aged Receivables report to the GL Status of Accounts or Balance Sheet reports, you must run the two reports back to back with no one in the system.
|Report Mode||Balance to Last Month-End|
|Age Date||03/31/08(Will vary. It MUST be the system date)|
|Mailmerge Data||Exclude Mailmerge Data|
|Client Type||All Clients w/o Direct Bill|
|Customer Service Reps||All CSRs|
|Prebill Option||Items in or after: APR08 (MUST select Items in Future Acctg month)|
|Customer Codes||All Customer Codes|
|Output Option||Complete Report|
|Sort Option||Customer (Using some other sorts will not balance back to the GL)|
|Include PDCs?||No (Canadian TAM Only)|
Immediately after running the Accounts Receivables report but before anyone logs in and does work, run a Status of Accounts report for Aged Receivables and for the month you are balancing (i.e., the first unposted month. Click Yes when prompted to Regenerate Month-End journal entries.
Balance the year-to-date by subtracting the Prebill figure on the last page of the Aged Receivables report from the Total figure on the Status of Accounts report. This should match the account balance for Accounts Receivable on the Status of Accounts report.
You cannot run this report and get it to balance back to a previous month. You can only run it as of right now to get it to match. You cannot run these reports on June 15 and try and match back to May 31. If you want the report to balance as of May 31, run the reports on that day.
You cannot run the Aged Receivables accurately for previous months. Therefore, it is impossible to run an Aged Receivables report today and have it match the figure on a Balance Sheet or Status of Accounts for a previous month.
Check all parameters on the Aged Receivables report closely. They must not differ from the parameters above. For example, you might run the Aged Accounts Receivable report just for personal lines, because your agency does not write commercial line business. However, a transaction might not have picked up a personal lines flag, so your Aged Receivables report would not include it, but Status of Accounts or Balance Sheet would.
This parameter looks at the month filed on the transaction – not the transaction date, effective date, or due date. An item could be transacted on 10/01/08 but placed in a SEP08 accounting month.
Since you balance the receivable and not the income account, use the Customer sort. Other sort options could skew figures.
If you set up multiple agencies, branches, or departments, the Aged Accounts Receivable and Status of Accounts reports for a single agency/branch/dept should balance. If they do not balance, run both reports for all agencies, branches, and departments. You could have a transaction filing unassigned to an agency/branch/dept.
If trying the Aged Receivables and Balance Sheet reports do not balance, try matching the Aged Receivables report to the Status of Accounts instead. The Balance Sheet and Status of Accounts should always be the same, but the Balance Sheet is calculated differently, and the Status of Accounts is always accurate.
Last Revised: September 16, 2010 02:25 PM