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Accounts Receivable & Accounts Payable Statements

Both the Accounts Receivable and Accounts Payable modules can produce statements.

Statements summarise an organisation's activity for a period by showing the balance at the beginning of the period, transactions during the period and balance at the end of the period.

They also show the balance of transactions which are “Current” (within their trading terms) and “Overdue” (beyond their trading terms) at the statement date (the last day of the period chosen). The intention is to show the customer, regardless of the activity during the period, that a certain part of their account is overdue and should be paid immediately. This is much more explicit than the old “30/60/90” style which simply promotes paying on 60 or 90 days as normal behaviour.

Note that “Current” transactions are not simply those that were made in the current statement period. It is quite common for businesses to have, say, 7- or 14-day terms but to issue monthly statements. In this situation, many of the invoices issued during the month would be overdue by the end of the month and would be shown as such on the statement. It also means that an invoice with 30-day terms could be overdue by the last day of the month. However, many businesses with 30-day terms usually mean they want payment by the end of the next month, so it may be more appropriate to use the special End of Next Month terms than literally 30 days.

Traditionally statements are issued monthly (more or less frequently is usually not effective), but Cadzow 2000 can issue statements for any date range. Also, it has been many business' practice to print two copies of the statements, one for the customer and one for the files. However, this is unnecessary as Cadzow 2000 can reproduce a statement for any prior period since transaction information is maintained indefinitely. In any case, if you wish to keep a copy of the statements for archival purposes, export the statements as a Snapshot file instead of printing a second copy.

Accounts Payable statements can be useful documents if you need to provide detail to your suppliers; but in the normal course of events the most efficient way to provide remittance details to a supplier is with a payment summary generated when entering payments.

Printing Statements

Statements are produced as follows:

  1. Choose the Accounts Receivable tab (or Accounts Payable).

  2. Choose Account Balances.

  3. Choose the period, department, profile and organisation(s) you wish to produce statements for and click Next Step (Results).

    A list of organisations and their balances is shown. Each organisation is tagged by default.

  4. Untag any organisations you do not wish to be included in the statements. (It is not necessary to exclude zero or negative balances in this way as the option for this is provided later.)

  5. Choose the Statements tab.

  6. Choose the transactions you wish to include. The choice defaults to Non-zero balances only but if you have a number of organisations with negative balances who do not require statements, choose Positive balances only.

  7. Choose the statement Style you wish to use. Summary Only causes the statements to show basic line item information about each transaction such as Date, Reference, Comment and Amount. However, if you wish the statements to show the details of each invoice/purchase choose Details of Each Transaction. This style is suitable as a replacement for issuing individual invoices for each sale, as it qualifies as a valid Tax Invoice for GST purposes. (This is called the Invoice/Statement method.) So if you typically process a large number of transactions for customers this may be a more suitable way to render their accounts.

    If you wish the invoice details section to also show the totals of each invoice, enable Show Total.

  8. If you wish each statement line item to show the tax component, enable Show Tax Component on Statement.

  9. If you wish transactions for each organisation issued under different departments to appear as a single consolidated statement, disable Give Each Statement Its Own Statement.

  10. Choose Print/Preview Statements and print, preview or export the details as required.

Configuring Statements

The letterhead used for consolidated statements, the default settings for the Style and Tax and messages which appear on the statements may be configured under Miscellaneous Settings.

Troubleshooting Statements

An issue has been observed whereby only the bold fonts and lines will appear. This appears to be related to certain printer drivers. It may be due to a memory leak as rebooting the system resolves it.

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