Accounts Reconciliation Services
Cleaning up Aged Trial Balance accounts
Here are a few suggestions on cleaning up your Aged Trial Balance before the year-end rush gets in full swing:
1. If Sales Tax was not paid on an invoice, issue a credit memo for the original taxable invoice, then re-issue the invoice as non-taxable. Use the same invoice number for all.
2. If a client has paid only a portion of an invoice and will not be paying the balance, issue a credit memo for the amount they will not be paying, using the same invoice number.
3. If a Client Deposit has remained entered and not applied yet to the proper invoice EITHER (a) either use Split/Reapply found in Open Invoices – OR – (b) enter a negative and a positive cash receipt to back out of the deposit and apply it to the invoice.
4. Purge Paid Invoices right at year end for all paid invoices through the year end will assistance in January when you are trying to tie the subsidiary file back to the General Ledger.
5. Run the Open Order report and remove any old/open Sales Orders that will not be satisfied.
6. Eliminate any outdated quotes that will never turn into an order
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