End of Month/Financial Year Helping Hint for Phoenix Financial

We all make mistakes sometimes and the longer it takes to realise there has been a mistake made in our data entry, the more time consuming it can be to fix it. One of the ways to minimise this is

regular reconciling and checking reports.  Particularly as we approach the end of another financial year, we need to ensure that we have no unresolved issues so we can move forward confidently.

For clients using Customer and/or Supplier accounts there is a report which is often overlooked but which can be of great assistance in maintaining correct balances for these accounts.  Each month, once the bank account/s have been reconciled and before the next month has been opened for Customers and/or Suppliers, the Aged Balance report should be generated.  This report is found by opening Customers or Suppliers and selecting Print in the menu bar and Aged Balance from the report list.


The Aged Balance report summarises the balances in each Customer (or Supplier)  Sub-account and can be compared to what is known to be owing at that point in time.  Any anomalies can then be investigated and corrections made easily in the current period.  As seen in the follow example the report shows the total amount due, whether amounts are current or overdue and if any payments have been recorded in the current month.  Once the balances have been confirmed as correct, the next month can be opened.

Don’t forget, if you get stuck trying to make a correction, we are only a call or email away and if you have Signature Service Plan membership the support is part of your subscription.