In our FAQ series, we consolidate questions that we have face in the accounting through our clients and partners - and we are here to provide steps to diagnose and find the ways to solve your issue!
Case Study:
In this episode, we will talk about aging and balance on creditors and debtors account where the figures shown in the system is not tally. Here's the steps and guides to identify the issue and how to solve it.
Steps to check the figures debtor / creditor account with your aging
- Check whether different customer / supplier is linked with different debtor / creditor account.
- Check whether opening balance of debtor / creditor account tally with total of customer / supplier historical invoice.
- Check whether have journal entry created against debtor / creditor account (at account register).
- Check whether have cash receipt / cash payment created against debtor / creditor account.
- Check whether have customer/supplier credit note charged wrongly into debtor / creditor account.
- Check whether have customer / supplier bad debt relief.
- Check whether have customer / supplier done extra payment, where these customer / supplier not owe any money.
- Check whether have received / made payment but not yet apply them to invoice.
Once you have found out the issue, you can update and amend the information that have been misplaced.
If you have any further inquiries, you can email to us at [email protected].
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