Know the Knowledgebase: Comparing Balance Due and Balance Sheet Reports

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The following Knowledgebase article addresses how to compare the Balance Due and Balance Sheet reports. Both of these reports provide the balance of accounts receivables, however, each report also includes transactions from different sources and limits transactions based on their dates. The Balance Due’s balance column and the Balance Sheet’s accounts receivable value will match when the reports run with comparable options and transaction activity is consistent with the guidelines below.

Because the Balance Sheet is a summary of certain general ledgers, if comparing the Balance Due report with the Accounts Receivable General Ledger, the below information also applies.

REPORT OPTIONS

To populate comparable reports, the best report option combination is listed below. Report options not mentioned do not affect comparability:

Balance Due Report Options:

  • Enable (check) same Properties and/or Inactive Properties as the Balance Sheet.

If Owners are selected on the Balance Sheet, select the owner’s Properties on the Balance Due report.

  1. Select the same Date as the Balance Sheet.
  2. Enable (check) Current,Past and Future for the Customers to Include option.

The Balance Sheet automatically includes all customers.

  1. Enable (check)Prospect,Lost and Lost-Rejected for the Prospect Statuses to Include option.

The Balance Sheet automatically includes all prospects.

  1. Select All for the Values to Include option.

The Balance Sheet does not provide an option to discriminate between balances due.

Balance Sheet Report Options:

  1. Enable (check) same Properties and/or Inactive Properties as the Balance Due report.
  2. Select the same Date as the Balance Due report.
  3. Select Accrual for the Accounting Method option.

The Balance Due report automatically populates on an accrual basis.

  1. Disable (uncheck) Show whole dollar only for the Whole Dollars option.

The Balance Due report does not populate with whole dollars.

TRANSACTION ACTIVITY THAT COULD CAUSE INCOMPARABLE REPORTS

If the above report options have been selected and there is a discrepancy between the Balance Due’s Balance column and the Balance Sheet’s Accounts Receivable value, check for:

  1. Customer/Prospect transactions dated prior to the G/L start date
  2. Transactions from sources other than a customer/prospect account

Customer/Prospect transactions dated prior to the G/L Start Date:

The Balance Due report includes customer/prospect transactions dated before the GL start date; however the Balance Sheet does not.

Locate transactions by:

  1. Find the GL start date by going to File > Administration > System Preferences.
  2. Scroll down to the General Ledger group and click Settings.
  3. The GL start date will be listed on the right.
  4. Run/refresh the Balance Due report and select the Date of 1 daypriorto the GL start date.

For example, if your GL start date is 01/01/2011, select the Date 12/31/2010.

  1. To drill down to accounts that have balances prior to the GL start date, click on the customer’s/prospect’s name.

Transactions from sources other than a customer/prospect account:

The Balance Due report includes transactions entered on customer/prospect accounts, but not elsewhere in Rent Manager. The Balance Sheet includes transactions from any source (such as a Journal Entry) where an asset, liability or equity chart account was selected.

Locate transactions by:

  1. From the Balance Sheet, click on the chart account to drill down to the General Ledger.
  2. Look for transactions other than CHARGE or CSTPAY such as: BEGBAL, BILLITM, BNKDEP, CC CHG, CC CRDT, CHKITM, CRDITM, CREDIT or JOURNL.

For more information about GL transaction Types and instructions on how to use the Find form to locate specific transactions, see Knowledgebase ticket 430006.

REQUIREMENTS / PERMISSIONS

Go to File > Administration > Manage Users:

To run reports:

  1. Properties section: Enable (check) the appropriate Properties
  2. Letters / Reports group: Run reports Enabled
  3. Letters / Reports group: Run accounting reports Enabled
  4. Reports tab: Accounts Receivable group: Enable (check)Balance Due
  5. Reports tab: Financial Statements group: Enable (check)Balance Sheet

To access system preferences:

  1. System group: View Administration items

To drill down to customers and prospects:

  1. Customers / Prospects group: View Customers
  2. Customers / Prospects group: View Prospects

To drill down to the General Ledger:

  1. Reports tab: General Ledger group: Enable (check) General Ledger

This article can also be viewed within the Knowledgebase. To find other report comparison articles, go to the Knowledgebase and search the term “compare reports.”