About Performing the Daily Audit
An Accounts Receivable Audit Example
Typical notebook entries for the daily A/R audit are shown below.
|
Date |
Prior A/R Total + A/R Control = Comparison = Today's Total |
|
5/10 |
37,298.78 + 1568.12 = 38,866.90 = 38,866.90 |
|
5/11 |
38,866.9 + 3315.69 = 42,182.59 = 42,182.59 |
|
5/12 |
42,182.59 + 2300.15 = 44,482.74 = 42,967.59 |
In this example, the last day's total accounts receivable does not match the comparison figure. By looking at the A/R Batch Report, this dealer realized an Age-Only Trial Balance was not performed, so finance charges were not posted to accounts receivable.
After running the Age-Only Trial Balance, the finance charges, $1515.15, were posted to accounts receivable and the day's total accounts receivable is corrected.