General ledger for accounts receivable
Post Entries and verify setup: Check your posting journals and verify there are no rejections. If there are rejections, fix the rejections before you continue with the following steps. Print this article so you can use it during the reconciliation process. Write down the following accounts and information: From the Reports menu, select Aging, Detail by Customer. Select the Current AR transaction file. Enter the Aging As Of Date for the month you are reconciling. For general ledger for accounts receivable Aging Basisselect Accounting date.
Select the Include Retainage Column check box if necessary. If your accounts receivable and customer cash receipt account are the same General Ledger accounts, click Start to print the report. If your accounts receivable and customer cash receipt account are not the same General Ledger accounts: General ledger for accounts receivable Start to print the report.
Select the Modify date range check box. Enter the Start date as the beginning date for the month you are reconciling, which should be the same month previously entered in step A3. Enter the End date as the ending date for the month you are reconciling.
You only want to reconcile one month at a time. Click Conditions Add a condition for base account equal to your accounts receivable account that you noted from your Accounts Receivable settings. If not using Prefixes: Range on the accounts receivable account that you noted from your Accounts Receivable settings. If your accounts receivable and retainage receivable accounts are the same: Compare the ending balance for all accounts of the Year-to-Date Ledger to the Amount column Report total plus the General ledger for accounts receivable column total do not pay attention to the negative sign on the Aging Detail by Customer report.
If your Accounts receivable and General ledger for accounts receivable receivable accounts are different: Repeat steps B1 through B7only change the Accounts Receivable account to the Retainage receivable account. The retainage amount on the Aging detail by Customer will show a negative amount; ignore the negative sign it just means on the report that the retainage is still held, not general ledger for accounts receivable.
If this month is not in balance, print the reports for the previous month and verify that you are still in balance. Repeat the steps above until you find the last month that is out of balance. At that point, you would follow the link below to troubleshoot and Common Reasons why Accounts Receivable is out of balance with General Ledger.
Debit and credit amounts for invoices, cash receipts and adjustments may appear differently as a positive or a negative in General Ledger reports including the Batch Reconciliation from GL report in Accounts Receivable based on the type of transaction entered. Refer to the attachment below for steps and considerations on how reports general ledger for accounts receivable inquiries general ledger for accounts receivable debit and credit amounts in General Ledger.
AR and GL don't match. My AR is out of balance with my GL. My AR numbers aren't right. Sage Customer Support does not provide assistance for issues related to third party products or enhancements, hardware, report customizations, state or federal tax-related questions, or specific accounting questions.
Please contact your Sage business partner, network administrator, or accountant for assistance. Please review this document for additional information on the scope of Sage Customer Support Services. How do debits and credits appear on different reports and inquiries?
Accounting cycle revolves around identifying transactions, making relevant journal entries, posting those journal entries to ledgers and preparing trial balances and financial statements from those ledgers.
A general ledger is the set of all accounts where journal entries general ledger for accounts receivable posted. It is the main database of accounting transactions and provides input for preparation of a trial balance and eventually a complete set of financial statements. While the general journal records debit and credit effects of accounting transactions, the general ledger presents the cumulative view of those journal entries on the balance in each account.
Since general ledger hold all the historical journal entries, some key general ledger accounts become so complex that a separate ledger is needed to keep track of its transactions.
In such a situation, it is necessary to create a subsidiary ledger to hold each customer account and include the grand total of that ledger in the general ledger. Mr C defaulted on his payments. At the end of the month, when cash is received and Mr.
C defaults, following journal entries are posted to general ledger accounts:. Accounts receivable account included in the general ledger above is a control account, i. A subsidiary ledger is needed for general ledger for accounts receivable receivable control account because there are potentially thousands of accounts receivable transactions in a period and the subsidiary ledger makes it easier to keep track of those transactions.
Below is an except from accounts receivable subsidiary ledger showing entries made on 24 September At the end of the month when payment is received and Mr. C defaults, following entries are made in the subsidiary ledger:.
Following are opening balances of relevant accounts: C defaults, following journal entries are posted to general ledger accounts: C defaults, following entries are made in the subsidiary ledger: