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32 - Part 7 – Accounting
Period Reporting
The final step in the accounting procedure is to print a period ending AR Summary report, which will contain all of
the accounts affected by business in Quantrac 2005. This will enable you to make General Journal entries for each
of the accounts affected. Your General Ledger will then be in perfect agreement with the accounts receivable in
Quantrac 2005.
Note: This eliminates any requirement for entering each invoice, receipt, adjustment, write-off, etc. into you
accounting program. Several companies have reported to us that reconciliation between Quantrac 2005, their
General Ledger, and the bank statements has been “to the penny”!
To run the AR Summary report, click Reports on the toolbar. Select the category, “Accounts Receivable” and
subcategory, “AR Summary, (Accrual Accounting)”
Enter the date range you wish to print or preview. You may print or preview any date range in the past that you
desire. For the purposes of updating your accounting system, select the ‘Accounting’ bullet.
The system will pre-fill the “From” date, based upon the ending date of the last time you ran this report for
accounting update purposes. This eliminates the possibility of overlapping or gaps in accounting reports.
You may preview or print the report. Printing the report updates the system…so that this period cannot be printed
for accounting purposes again.
In order to insure that account activity is reported accurately, the system will prohibit running the AR Summary
report with any deposits incomplete. You must post any deposits in progress before the system will allow you to
run the AR Summary report.
For account reconciliation purposes, we have included an AR Detail report. This report presents every invoice,
receipt, write-off, sales tax invoiced, etc. that is included in the summary report.
You may define an accounting period as any day, collection of days, weeks, or month that you wish. You may run the AR
Summary daily, weekly, or monthly if you wish. Many Quantrac 2005 users run the summary report weekly. This is a good
practice…which keeps your accounting package and GL accounts in sync with Quantrac 2005 on a weekly basis. . We
recommend that you run the summary report for Accounting updates at once per month.
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