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There are some situations where the previous years are not going to get touched. In this case we must assume that the Aged AR was reconciled at that point. Since we are not going back into the previous year to reconcile it, we need to make an adjustment to bring the previous year end balance in the Accounts Receivable general ledger account inline with the Accounts Receivable listing.
This work has put us in a position to focus on the current year. The one thing this method doesn't ensure for is continuity from last years Aged AR balance. In order to ensure continuity between the two years we need to check to make sure the Aged AR report for the last year end still matches the printout from last year. If not then the best fix would be to reconcile the individual balances and find any offending entries and make sure they are recorded correctly. If for example we had an entry for December 31st that did not show in your last year end the entry must be dated in the next year.
Author: cmackay Editor: arose Last Edited: 6-Sept-2007