How to solve the issue of figure in the debtor/creditor account does not tally with customer/supplier aging?
Here are the eight checklists to find out the root cause of the issue:
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Check whether different customer/supplier has linked with different debtor/creditor account.
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Check whether the opening balance of the debtor/creditor account tally with the total of customer/supplier historical invoices.
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Check whether have journal entry is created against the debtor/creditor account (at account register).
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Check whether have a cash receipt/cash payment is created against the debtor/creditor account.
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Check whether have customer/supplier credit note charged wrongly into debtor/creditor account.
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Check whether have customers/suppliers bad debt relief.
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Check whether have customer/supplier has done extra payment, where this customer/supplier does not owe any money.
- Check whether have received/made payment but not yet apply them to the invoice.
*Note: Please ensure your total amount (in MYR) from all historical invoices same as the opening balance of TRADE DEBTOR. The same thing goes for TRADE CREDITOR.
*Note: Check whether your invoice is not applied with payment even though payment has been received.
*Note: Please generate customer aging with "Include Details" is ticked, then look for all those errors "** This customer has payment or credit which yet applied to any invoice or debit note, thus the summary and details amount is not tally. **".
*Note: Make sure all outstanding payment, a credit note is fully applied. The same thing goes for supplier aging.
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