A/R Ageing Detail Report has outstanding small CREDIT balances from many years ago

Cathy_7327712
Cathy_7327712 Member Posts: 31 ✭
edited April 2020 in Reckon Accounts (Desktop)
How do I clean out old (from years ago) small CREDIT  balances from A/R Ageing  Detail Report 

Comments

  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
    Hi Cathy

    you can create an invoice for each customer that has  a credit balance, depending on the amount if it goes to an income account or just a rounding adjustment of a few cents.... then simply apply the credit to the created invoice.

    Or, you can do a jnl entry, again depending on the amount, if it goes to income or rounding .... Accounts receivable (customer name) / income.. then again apply the credit balance to the debit the jnl entry will create.
  • Babi
    Babi Alumni Posts: 75 ✭
    edited June 2016
    Hi Cathy,

    Thank You for your post! Yes, I would also advise the same as Kim has mentioned.

     Just to let you know that these small balances are as a part of negative amounts you may have entered in invoices.You may want to check them in future,

    http://kb.reckon.com.au//issue_view.asp?ID=3752

    Any  issues, please feel free to let us know.

    Regards,

    Babi




  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
    Cathy

    It pays to set up an expense account called rounding, this helps with all those annoying 1c 2c differences from  your invoices to the payments the client makes.

    this rounding account can be used for + or - discrepancies for invoices, bill payments, even when entering BAS with the .82c or so difference.
  • Cathy_7327712
    Cathy_7327712 Member Posts: 31 ✭
    edited November 2016
    In the journal entry, I made Customer Invoices the debit account, I have made Petty Cash the credit account (because I could not see any other account to use). Is this correct? I was able to remove the credit from the A/R Aging Detail report but should I have set up a seperate account? No money changed hands, it was just a write off of a small old customer credit that will never be used.
  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited December 2016
    Accounts Receivable - $$$   (Customer name)
                               Rounding adj. exp. acct              $$$$$  
             or              Income Account

    If you use Petty cash you have moved the problem the amount will stay in Petty cash and want come back to zero or will never balance to the $$ in the tin.                   
    If the jnl is done right to the Accts Receivable you should be able to go into Receive payments and apply the credit to the now debit amount you just jnl.

Categories