Reconciling Receivables
Periodically, Receivables requires that you internally reconcile the transactions in your accounts receivable system. Receivables provides a comprehensive set of reports to reconcile your outstanding customer balances, transactions, receipts, and account balances. These reports let you research transactions and receipts for a given period and the different accounts that they affect.
Outstanding customer balances at the beginning of any period can be reconciled with the ending balances for that period by generating various reports to show customer activity during the period. See: Reconcile Outstanding Customer Balances.
Transactions can be reconciled using the Transaction Register and the Sales Journal by Customer report. Receipts can be reconciled using the Receipt Register and the Receipt Journal. Reconcile the account balances for transactions and receipts using the Journal Entries report and the Sales and Receipt Journals. See: Reconcile Transactions.
Reconcile Internally and Externally
Receivables provides the tools to reconcile your sub-ledger before you post to your general ledger. Internal reconciliation involves reconciling your customer accounts, transactions, and receipts. You can then post to your general ledger to extract details from your Receivables system and create journal entries in your General Ledger. Once you have posted to the general ledger, you can reconcile your sub-ledger with your general ledger by verifying that all the correct journal entries were made.
Multi-Company Capability
All of the Receivables reconciliation reports have a multi-company capability which lets you run them for all companies or a specific company. Receivables also provides reports that you can use to track transactions between companies.
Agings
Receivables provides agings by account, amount, collector, customer, transaction, and salesperson so you have access to the most clear and accurate gauge of your customers' account balances. The agings are four and seven buckets.
Reporting Options
You can retrieve the reconciliation information you require by specifying a range of report parameters, ordering, and grouping options, and summary and detail report layouts when you submit your report.
See Also
Reconcile Outstanding Customer Balances
Reconcile Transactions
Reconcile Receipts
Reconcile Account Balances
