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You should reconcile your accounts receivables after you have entered all the sales invoices, customer payments and credit notes/adjustments for the period.
The Receivables Reconciliation [Summary] is in the form of an Ageing Analysis. In MYOB the Debtors Reconciliation and Ageing Analysis are carried out at the same time.
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Receivables Reconciliation [Summary] |
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as at 31 October 2007 |
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Name |
Total Due |
0 - 30 |
31 - 60 |
61 - 90 |
90+ |
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A-Z
Stationery Supplies |
$1,334.00 |
$505.75 |
$228.25 |
$600.00 |
$0.00 |
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James
Cameron |
$324.00 |
$0.00 |
$0.00 |
$324.00 |
$0.00 |
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Chelsea Mosset |
($72.50) |
$0.00 |
($17.50) |
($55.00) |
$0.00 |
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Footloose Dance Studio |
$1,243.00 |
$1,243.00 |
$0.00 |
$0.00 |
$0.00 |
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Island Way Motel |
$1,879.25 |
($92.50) |
$2,029.50 |
($57.75) |
$0.00 |
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Leisure Landscape Nursery |
$699.00 |
$301.00 |
$398.00 |
$0.00 |
$0.00 |
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My Town Reality |
$1,849.25 |
$719.00 |
$468.75 |
$175.50 |
$486.00 |
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The Motor Company |
$72,685.35 |
$70,000.00 |
$1,685.35 |
$0.00 |
$1,000.00 |
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Total: |
$79,941.35 |
$72,676.25 |
$4,792.35 |
$986.75 |
$1,486.00 |
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Ageing Percent: |
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$0.91 |
$0.06 |
$0.01 |
$0.02 |
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Receivables Account: |
$79,941.35 |
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Out of Balance Amount: |
$0.00 |
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- From the Reports menu choose Index to Reports
- Select the Sales tab to display the sales reports.
- Select the Reconciliation Summary report so that it is highlighted
- Click the Display buttom. The Report Customisation window appears
- Ensure the Aging Method option is set to Calculate Days Overdue Using Invoice Terms.
- In the Receivables As Of field, type 31/10/07 then click display
- If the total of the customer cards don't agree with Debtors (Receivables) on the Balance Sheet an out of balance amount will be displayed.
- Common errors include:
- Invoicing a cash sale through debtors and paying through receive money in the Banking command centre.
- Using the wrong allocation account for a sale. Entering a transaction directly to Trade Debtors instead of the income account.
- Entering a Journal Entry that is allocated to the linked Receivables Account but does not effect the subsidiary account.
- A customer payment has been dated prior to the customer invoice.
- Incorrect dates on invoices (e.g. dated after the reconciliation date)
- Correct "Out of Balance" amount
- Change the date for the Reconciliation Summary Report until the " out of balance" is zero.
- Highlight the date on the Report and add one day (+ Tab) or deduct one day (- Tab) and redisplay after each change.
- Once you have found the date of the 'out of balance amount' click Close
- Locate the incorrect transaction.
- From the Sales Command Panel , click on Find Transactions and select Account from the drop-down list. The Find Transactions window appears.
- In the Search By field, ensure Account is selected and click on the drop-down arrow in the next field.
- From the drop-down list select 1-1200 Trade Debtors. Click Use Account
- In the Dated From and To fields, type in the date of the incorrect transaction and press TAB.
- A shortcut to find transaction is "Ctrl Y". Search By select Account and select 1-1200 Trade Debtors from the drop-down list. Type in the relevant date and press TAB.
- All transactions posted to the Trade Debtors account on the particular date are displayed. View each transaction until you find the incorrect one. Click the zoom arrow.
- Cash transactions are "yellow" and debtors transactions are "blue".
- From the Edit menu, choose Reverse ... Transaction, record, and then re-enter the transaction correctly.
- Check the Receivables Reconciliation Summary again to make sure the " out of balance" is zero.
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