Dating for debtors
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So, in our example, we ould run the Debtors Reconciliation report as of 1 October Is the Out of Balance Amount zero? If not, then the cause of the out of balance has arrived from a previous financial year.
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For more information on this, please refer to the final section below. If the cause of the Out of Balance is in the current year, finding the reason for it is simply a matter of finding the day the out of balance occurred.
This can be achieved by continually customising the Debtors Reconciliation Summary report as of a sequence of dates that allows you to systematically hone in on the problematic day. A popular method is to run the report 'backwards' from the current date, quarter by quarter, month by month, week by week, and eventually day by day until the exact date is known. Once the date is known, each transaction posted to the debtors control account for that day can be examined and checked by using the Account tab in the Find Transactions window, or the Nominal tab of the Transaction Journal window.
Do any of the transactions match the scenarios talked about in the earlier sections of this support note? If the out of balance is present on the first day of the current financial year, then the cause of the imbalance was already present from an earlier financial year. If the transaction in question was from a previous financial year, it may not be practical to identify and resolve the problem from that year. An alternative may be to enter an adjusting general journal.
If you wish to record a journal to correct your imbalance, go to the Accounts menu and select Record Journal Entry. Date the journal at the first day of the current financial year. Every journal must have a debit and a credit and therefore will affect two accounts. Obviously, in this case, one account will be the Trade Debtors account. The question is, which account should the other side of the transaction be posted to?
After putting debtors on Stop Supply a new list will display on the Stop Supply Report tab, showing all debtors processed. Step 4 — Narrow down date range in which the out of balance originated If the cause of the Out of Balance is in the current year, finding the reason for it is simply a matter of finding the day the out of balance occurred. To listen by phone or online: The conference line offers international call-in numbers for many countries. Similarly, if the Trade Debtors amount in this window did not agree to the same value as value of Historical Sales entered as of your Conversion Date, then an imbalance would always have been present.
You should consult with your accountant or accounting professional prior to performing any such adjustment. The transaction may affect a VAT return from a previous period. It will also affect other reports including your profit and loss. If you are unable to consult with your accounting professional at the time, the use of a 'Debtors Adjustment' account may be the best option.
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This way, the amount can be journaled out of the suspense account at a later time. In all cases, it is important to enter a meaningful explanation in the memo field of the correcting journal so that the purpose of the transaction can be clearly understood in the future. This information is of a generic nature. For specific advice regarding your particular circumstances please seek assistance from your accountant, HMRC, or your IT administrator as appropriate. Introduction It is important you check from time to time that your debtors and creditors totals are in balance with the value on your Balance Sheet.
Run the report several times as of earlier and earlier dates until you are able to identify the date the out of balance occurred. Common causes of Out of Balance amounts When you record sales invoices or a customer payments through the Sales command centre, the value of open invoices should balance to the equivalent total on the balance sheet the Trade Debtors value.
End Dating a Debtor
However, the following scenarios will cause the Trade Debtors control account and the Customer Card values to appear as being out of balance: Transactions such as General Journals from the Accounts command centre , Receive Money entries from the Banking command centre , or Sales Invoices from the Sales command centre have been allocated directly to the Trade Debtors account. A 'false' out of balance is being reported.
This happens if a payment applied to an invoice is dated prior to the invoice itself. This will also happen if a credit note is 'applied' on a date prior to the date of an invoice or the credit note itself.
Finding the cause of your out of balance
If there was not previously an out of balance amount, then a change may have been made to the opening balance figure of the Trade Debtors account. Similarly, if the Trade Debtors has always been out of balance, then the opening balances of the Trade Debtors and Historical Sales as of the company file's Conversion Date may not have been entered correctly or completely. The linked account for tracking Debtors has been changed.
A partially deleted Finance Charge transaction remains in the company file. We will now look at each of the above scenarios in more detail: An example of such a transaction is shown below: False Out of Balances can occur when: The payment applied to an invoice is dated prior to the invoice itself. If the settlement of a credit note is dated prior to either: The example below illustrates five steps that shows the effect of settling a credit note at a different date than it was recorded: An example of the report can be found below: If you receive a ' Nothing to Print ' message, take the following steps: Step 3 - Is the out of balance from a previous financial year?
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- Trading Terms = % off order OR % off invoice (or both)!
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