About Performing the Daily Audit
You perform the daily accounts receivable audit using the A/R Batch Report you printed and the (PDA) President's A/R screen. The (PDA) screen shows the total accounts receivable for all customers. This screen is updated each time you do any of the following:
Create an invoice or credit memo in the Order Entry window
Post a transaction to a customer's account in the Accounts Receivable Posting window
Age your accounts receivable through the (O) Accounts Receivable Selectors or (OR) Accounts Receivable Reports screen. For more details, see About Aging Accounts Receivable.
Create finance charges in the (O) or (OR) screens.
The purpose of the daily accounts receivable audit is to double-check that system files are updated properly and that the proper general ledger accounts have been chosen. When you perform your first daily accounts receivable audit, establish a notebook to maintain audit information. This book is used each day during the day-end procedures. The figures in this notebook are perpetual, meaning that the last line in the notebook, which is the ending accounts receivable figure for today, is the beginning figure for tomorrow. (Typical headings and entries for this notebook can be seen in An Accounts Receivable Audit Example.)
We recommend you do an accounts receivable audit each day. If there are any discrepancies, it is easier to find the reason using one day's accounts receivable activity than using a weeks or months accounts receivable activity.
To get started:
Be Sure the Total $ Field Matches the Comparison Figure you Calculated In. (An example of this process appears in An Accounts Receivable Audit Example. If the numbers do not match, see About Correcting the Daily Audit.)
Return to:
Understanding Viewing A/R Information in the President's Screens
See also: