Difference between Customer Card & A/R Balance

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Difference between Customer Card & A/R Balance

I have used MYOB for a number of years, but have never come across this problem, which I am experiencing at a new job (using AccountRight Premier)  

 

When I run statements, I have 3 customers for whom zero balance statements are being sent.  When 'printing/emailing statements' it shows a balance owing, their card file shows this same A/R balance, yet when I run the statements they have a zero balance.  I cannot find any historic transactions relating to these outstanding amounts.  When I run an Aged Receivables report, they do not have balances showing.  The history tab on their card files show that all 3 customers have latest sales recorded in 2008 and 2009.

 

I have looked at other support notes which sound like the same problem as mine, with mention of issues with historical finance charges, however I haven't been able to make sense of them.  Please can someone advise?  

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Re: Difference between Customer Card & A/R Balance

Hi @MareeB

 

Normally you would see a situation that you are describing with a historical balance on statements but no actual card value if finance charges have been dealt with incorrectly.

Basically a finance charge is a charge that can be added to a payment, generally for late payment. In AccountRight v19, when you added a finance charge it would create 2 transactions for that, a banking transaction to record the payment amount and a sale transaction to record the actual finance charge. People would generally just delete the one finance charge transaction which in turn would led to a similar situation in which you were describing.

I would recommend taking  a look at Support Note: Finding and deleting or reversing a finance charge. This will go through the process of searching for the finance charge amount and then deleting or reversing the partial deleted finance charge.

Do let us know how you get on and if you require further assistance in regards to the customer balance.

Kind regards,
Steven

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Re: Difference between Customer Card & A/R Balance

I have followed the support notes and cannot find any transactions at all that relate?   Any further suggestions?

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Re: Difference between Customer Card & A/R Balance

Hi @MareeB

 

What version of the program are you using? This can be checked via Help>>About AccountRight.

If you are on AccountRight version 19 or earlier can go to File>>Verify company file and File>>Optimise company file. This will check the company file for any errors and try to repair those errors. If you do get any error messages during the process we would love to hear what they are as they maybe related to this enquiry.

Along with that if you go to Cards>>Cards Lists>>Find the card in the list, does it have a balance listed on that window? If so is it negative or positive?

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Re: Difference between Customer Card & A/R Balance

The version I'm using is AcountRight Premiver v19.8.

 

I have verified and optimised the company file, no error messages during this process.

 

The 3 customers are all showing 'positive' balances when viewed in the cards list window.

 

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Re: Difference between Customer Card & A/R Balance

Hi @MareeB

 

Thank you for confirming that information 

It does sound a partially finance charge, in particular that you have deleted the Cash Disbursement part of the transaction not the sales part of the transaction. Normally this leads to an out of balance on the Reports>>Sales>>Receivables>>Receivables Reconciliation report. I would recommend running that report to see if you have an out of balance amount and if that balance is the same as the amount showing in the cards.

I do have a workaround for you, which involves to recreate the opposite side of that finance charge. However this will impact on that Receivables Reconciliation report, so I do need to know what that out of balance shows before offering it as a workaround.

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Steven

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Re: Difference between Customer Card & A/R Balance

I run this report each month, and it is not showing an out of balance amount?  I have only been in this current job for 4 months, and I have no idea what has been done prior to me starting here?

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Re: Difference between Customer Card & A/R Balance

Hi @MareeB

 

Normally with the situation you would have an out of balance on that report. So if no out of balance is showing now then the at some point a transaction has been done to correct it, therefore bring it in balance.

As mentioned I do have a workaround for you but I strongly recommend speaking to an Accountant in regards to the workaround and the impact it will have on the accounts.

I've got the same situation as yourself a positive balance for the customer but no transaction for them.

Attachments - Copy (2).PNG

 

Go to Sales>>Receive Payments>>Select the Customer>>Enter in the balance in the Amount Received and Finance charge i.e.
Take note of the date, amount, and ID number of the transaction.
Attachments - Copy.PNG

 

You would then go to Sales>>Transaction Journal>>All tab. You will see two transactions. One with Payment and the other with Finance Charge.

Attachments.PNG

 

You need to go into the Finance Charge transaction and select to Edit>>Delete Transaction. This will delete that Finance Charge transaction from the Transaction Journal leaving you the Payment and clearing the Current Balance of the card.
Capture.PNG


Do note that you now have a transaction in the bank account that will appear as part of your next reconciliation. So you might like to speak to an Accountant about doing a journal entry to reverse out that transaction and credit the bank account. You can then offset that transaction with the one in the bank reconciliation to cancel out that correction transaction.

Kind regards,
Steven

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Re: Difference between Customer Card & A/R Balance

Thanks for your help Steven.  While we never identified exactly what had happened to cause this situation, the workaround solved the problem, I ran it by the Accountant before going ahead, and journals at the end ensured the bank and receivables reconciliation were correct with no out of balance amounts.  The balance on the card for these 3 customers is now zero and MYOB isn't printing zero balance statements for them.  

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Re: Difference between Customer Card & A/R Balance

Hi @MareeB

 

Fantastic, that is great to hear that the cards all back in balance and you have got it sorted. Thanks for letting us know.

If you do have any further enquires don't hesitate to post on the MYOB Community Forum again.

Kind regards,
Steven

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