Is it possible to produce aged listings showing accounts that are in credit as well as accounts that are in debit?
Ageing reports relate to “aged” invoices, it wouldn’t show any credits you have sitting on the account. This might help though, you can use this to rank all your clients/suppliers by credit balance:
Thank you for this. I did look at the advanced search but what’s happened here is, I’ve posted monies received from customers against their accounts, now I want to be able to produce a report listing the customers, with their credit balances so I can get invoices chased up from the relevant people (I don’t raise invoices myself, they get sent to me so I can post the figures to the accounts). I have the same problem with suppliers, in that suppliers get paid, but I don’t necessary have the invoice sent to me so with the previous package I was using, I used to produce an aged creditors so I could investigate any with credit balances.
Continuing the discussion from Produce Aged Debtors & Aged Creditors showing any credit balances:
Credit balances? If they have outstanding invoices then presumably their accounts wouldn’t have credit balances, they would be in debit?
If you want to see which invoices are outstanding on a client or supplier side all you need to do is click the red or green boxes on the dashboard, this will reveal all outstanding invoices for you to chase, along with their age.
From the debtor and creditor ageing reports you can also drill down on the numbers to see all invoices of a certain age.
Ah, I haven’t seen the debit balances yet though, this is the problem. We work from different sites (I know, I’m going to be persuading them to start raising invoices on QF, but they’re being raised manually at the moment). So, the invoices are raised at another site and are supposed to be forwarded to me, so I can post them to the accounts. Problem is, I very often start doing the bank reconciliation, only to find all of the paperwork hasn’t been handed over. So, for example, I see on the bank statement that I have received payments from customers A, B and C but there are no invoices outstanding for these customers. What I would have done before, was to post the customer payments onto the accounts, then go back to the people responsible for raising invoices, to ask them for copies, which I can then post onto the customers accounts, and voila, I’m now able to allocate the payment received against the invoice(s).
If you upload the bank statement you could actually just tag any customer payments from the bank as a ‘Payment from a customer’, this option creates an invoice for you and binds it to the bank transaction. Later on you could then adjust the invoice or attach the one created from the other system as a PDF.
The other way if you didn’t want to create invoices in QF is to create a holding bank account and just transfer all the sales income from there. You could then add the invoices later and pay them into that holding account to balance things out.
There’s actually a number of different ways you can handle this, it’s just a case of experimenting with the system.
Yes, I’m aware of both of these options but the first option cancels the credit balance, making it difficult to spot for follow up and the second means having to transfer the balance from the holding account into the relevant bank account later on, in order to complete the bank reconconciliation.
Is there any intention of including credit balances on the aged debtor & creditor reports in future? I thought it was the norm for these reports to reflect the balance of the customer or supplier account, whether that be a credit or debit balance?
In the meantime, thank you so much for your suggestions. The prompt replies were greatly appreciated and they have prompted me to think on. It’s obviously worth me trying to better educate the people raising the invoices in the hope I’ll receive them in a timely manner (wish me luck!).
There’s no intention of including credit balances in the ageing report, it’s called an ageing report as it tracks aged invoices…there’s a definition here. Also there’s already a way you can see all your clients with credit balances alongside debtor balances by going into the client list, popping open the advanced search and ticking the following boxes.
You can then sort by amount invoiced, received, and credits held on account.
This is not the case as all you would do is upload your bank statement, find all the customer payments pending receipt of an invoice and tag them as a transfer to the holding account. When the invoice is received you would add it on QF and pay it into the holding account, this will NET the balance in the holding account back to zero. Also as you’ve uploaded your statement from a CSV there’s absolutely no bank reconciliation as it’s already matching your bank, you just need to tag everything.
Thank you for the definition of an aging report, it doesn’t really help though, as I seem to remember learning that an aged debtors doesn’t specifically relate to invoices only. The Chartered Institute of Management Accountants’ state that ‘The accounts receivable ageing schedule (or aged debtors analysis) is a listing of the customers making up your total accounts receivable balance’. What does help though, is you pointing me in the direction of the advanced search. Being able to see the credit balances in a list is exactly what I was looking for and of course, I can dump it into Excel. So thanks for this.
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