• The WIP Reconciliation Report
• Amounts shown on the WIP reconciliation report
• The Receivable Reconciliation Report
• Amounts shown on the receivable reconciliation report

Using the Receivable Reconciliation Report

The Receivable reconciliation report provides the opening and closing receivable balances for the beginning and end of the period. The total amount of A/R transactions processed for a specific period of time, including billing from WIP invoices, miscellaneous invoices, credit notes and cash receipts are also included.

To calculate the closing balance, Time uses the opening balance from the previous period or 0.00 if this is the first period of the file. Since invoices increase accounts receivable, the total WIP billings and miscellaneous billings for all clients during the period is added to the receivable opening balance. Since cash receipts and credit notes decrease accounts receivable, the total cash receipts (applied to the Accounts Receivable general ledger account number) and credit notes entered during the period is subtracted from the receivable opening balance.

Each of these calculations contributes the closing balance or the balance as at the end of the period.

To reconcile accounts receivable, use this document and compare it with the Accounts Receivable Trial Balance document for the same period. Verify that the total amount from the Trial balance detail report agrees to the end of period balance in the Receivables reconciliation report.

While viewing the Reconciliation report, you can drill-down from it to the details for each item in the reconciliation.

Related Topics

Amounts shown on the Receivable Reconciliation document

Reconciling the accounts receivable

Viewing the Receivable Reconciliation document