When I am checking the historical debtor and creditor lists, where a payment is made in a month prior to the invoice date, this creates a difference. I spent a few hours yesterday trying to work out which payments were allocated against future invoices and ended up with a difference at 31 May 2013. This could be addressed, either by having the ‘over-payment’ on the historical report against the supplier, or you could add a search facility to find these type of entries. I think I favour the former, as I have never really come across a system whereby the aged listing does not agree to the balance sheet. Thank you.
I think the problem arises because quite a few other systems don’t have the ability to lodge pre-payments (i.e. payments on account). Instead everything is strictly bound to an invoice. We allocate the opposing entry for pre-payments to the debtor or creditor control account. Any attempt to compare the historic invoice report with the debtor control account will be tricky if there are any sort of pre-payments involved. We see the historic invoice report and the balances sheet as two different reports, the former relating to invoices only the later to all ledger activity e.g. invoices, pre-payments and journals.
I see that some users have struggled to marry the two, and it would be better if we could embellish the historic invoice report with more info on pre-payments and journals etc. We will certainly look at this again in the future.
Hi Glen - I think this would be a great enhancement - certainly I have recommended you guys, but I do at present put some reservations, this being one, but your program is good though.