July Tip of the Month: Get a snapshot of your AR balances on a specific date

Minneapolis, Minn. – July 13, 2015  – Have you ever been asked “What was the balance of our Accounts Receivable at the end of year?”   A report available in Lumens allows your organization to take a snapshot of the AR Account Balances on a specified date. The ‘AR Balance As Of’ report is designed to allow a staff member to view AR balances by either AR Account, Transaction or Accounting Code at a particular point in time. The report itself is fairly simple, but the impact is big.

There are three ways to run the report with varying amounts of detail:

  1. See the balance on individual accounts with one line per account as of the date specified in the filter criteria.
  2. See one line per transaction for all transactions meeting the filter criteria. The report then displays the balance amount for each transaction as of the date specified in the report filter criteria.
  3. The report can break down each transaction and list the balance amount per accounting.

 

The need to pull a report on the last day of the month or fiscal year has been relieved, making end of the month or fiscal year accounts reconciliation more straightforward.  Simply enter the date at which you would like to view the status of your accounts and let Lumens do the rest.

Check out past Tips of the Month.