My Accounts Receivable or Accounts Payable Aging Reports does not match my GL account Balance for the same account. What caused this and how can I correct it?
The Aged Receivables and Aged Payables Reports should always agree with their corresponding General Ledger Accounts. Below are the most common reasons for discrepancies between the aging reports and their corresponding accounts. In all cases where Accounts Receivable is referred to, the same would apply for Accounts Payable.
- If the Beginning Account Balance for the AR Account and the Customer Beginning Balances (i.e. the outstanding invoices from before you started using Peachtree) were not equal, then the aging report and the account will not match. For more information on Beginning Balances.
- If any entries were posted to the AR account that did not originate in either Sales Journal (SJ) or Cash Receipts (CRJ) Journal, then the aging report and the account will not match.
Note: The Accounts Payable corresponding report would be Purchase Journal (PJ) or Cash Disbursements Journal (CDJ).
- If any Sales Invoices or Cash Receipts were posted to an account other than the AR account, then the report and the account will not match.
To check scenario 1, you can simply ask the question, did the Aging Report ever match the AR account? If they matched last month, focus on scenarios #2 and #3 above. You can Preview or Print the General Ledger for the account and look at the Journal (Jrnl) column to find entries that are not SJ (Sales Journal) or CRJ (Cash Receipts Journal). You can also view the Sales Journal and Cash Receipts Journal and look for entries that do not include the AR account.
If they never matched, focus on scenario #1 and either put in the Customer Beginning Balances that are missing or adjust the AR account so that it matches the total of the Customer Beginning Balances (i.e. Outstanding Invoices). A good source for this would be an Aging Report for the period immediately proceeding your start date in Peachtree.