While the weather is starting to heat up, the fiscal year is starting to cool down. So, now is the time for you to get ahead of the year-end process by using the Ledger02 – Receivables and Liabilities Activities report. Sounds cool, huh? Well it is. This report is really easy to run with a ton of options (which I could explain in detail, acting like a technical writer, boring you to tears, but I won’t). Instead, I will let my officemate, Terri Hammond, be the expert and tell you the exact criteria you need to make this report an essential part of your year-end process.
To get organized quickly and clear all prior year payables and receivables, Terri says you should run the report twice: once for AR and once for AP. Both times, though, you should enter 2009 (yes, she said 2009!) in the Closing Year field and NO in the Cleared Items field. Here is a screen capture so you can see what she means:
The report is very comprehensive, showing the effective date, reference number, account, JE number, object codes, setup, paid, cleared, remaining balance.
Take the cool advice of my officemate and start running this report (Finance-Reports-Ledger-Ledger02). That way the only thing that gets you hot under the collar this fiscal year end is the weather!