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Part 7 – Accounting - 33 -
Questions and Answers
When can I do the A/R summary report for accounting system update? Can this procedure be performed weekly, or
does it have to be done at the end of the month? I guess my concern is that if I do it weekly, what happens if I
have a check or invoice turned in late which is for that previous period which has already been recorded to my
accounting software. Will your system include that invoice with the earlier date when I run my next a/r summary
report?
You can do the AR Summary report for any date range that you wish - even daily if you desire, but not more than
once per day. Most companies summarize and update their accounting package once per week.
The "Accounting" report will not run if any invoice dated within the specified date range is NOT marked
"complete". Marking an invoice complete tells the computer that you are finished with it and it may be "exported".
This ensures that all invoices are finalized and no longer will be edited.
If you try to run the AR Summary Accounting report with incomplete invoices within the report date range, you
will be given a list of all offending invoices which you must either mark them complete or change the invoice date
to one AFTER the date range.
Invoices may NOT be created for a date on or prior to the most recent ending date of the report. You are then not
allowed to edit an invoice after it has been included in an AR Summary Accounting report. This helps us to ensure
the integrity of your "exported" data.
In compliance with GAAP and the Accrual basis of accounting, it makes absolutely no difference when payments
are recorded. Therefore, postings to the AR and Cash Deposit accounts are made in your next run of the AR
Summary report.
How do I handle year-end closing?
Accounts receivable is an on-going scenario, which does not close at year-end. It is, however, advantageous to do
certain tasks at the end of your accounting year to make reconciliation simpler in your accounting system.
Before creating your last AR Summary report of the year
1. Write-off any “bad debt” or uncollectable invoices in Quantrac 2005 from the past year.
2.
Create any invoices for the past year
3.
Make your final bank deposit for the year
4.
Create Finance Charges for the current month
When printing your final AR Summary report, make sure that the “To” date is the last day of your accounting year.
Why does my Accounts Receivable account in the AR Summary show credit balances
sometimes and debit balances other times I run the summary report?
The Accounts Receivable adjustment, as reported by Quantrac 2005 AR Summary, can be either a
credit balance adjustment or a debit balance adjustment to you accounting system General Ledger
depending upon your business activity. For instance, if your cash receipts exceed billing for any given
reporting period, the AR Summary Accounts Receivable adjustment will show a “Credit” adjustment (a
reduction in receivables). If your billing exceeds receipts, the reported adjustment will show a “Debit”
adjustment (an increase in receivables).
Editor’s note: Questions and answers posted here are actual questions received by our Tech Support
personnel. They are published for your convenience.
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