Accounts Receivables - Closing AR Periods

GeekInterview.com > Interview Questions > Accounting > Accounts Receivables

Go To First | Previous Question | Next Question

Accounts Receivables | Question 10 of 46

Closing AR Periods

1. How we are going to close AR Periods?2. Where we are going to use Accounting Rules what are the setups for that?3. Know we are having 100 Transactions in AR. Know we want to close 50 Transactions How?

Total Answers and Comments: 3

Last Update: March 12, 2007 Asked by: SATEESH

Sponsored Links

Best Rated Answer

—

No best answer available. Please pick the good answer available or submit your answer.

September 19, 2006 00:34:56

ramamtatta

Member Since: September 2006 Contribution: 1

RE: 1. How we are going to close AR Periods?2. W...

Intially made a thorough check with the sales department to reconcile that all the receipts for the periods has been entered

Check the revenue account(Bank) with the Sales day book

Assume that all receipts for the period has been received

Reconcile with the bank statement with the receipts entered

Adjust the Bank charges or discount given to the customers appropriately.

Run the import journal from AR to the GL

If the report has run successfully then check the transaction at GL posting header.

Once it has been posted you can close the AR for the period.

Is this answer useful? Yes | No

February 21, 2007 11:02:17

rajugoouru

RE: 1. How we are going to close AR Periods?2. W...

1.There is no such period close for AR. AR is submodule of FI. FI period close also applicable to AR.

Rajesh

Is this answer useful? Yes | No

March 12, 2007 07:35:11

anuradha.vijayaraghava

Member Since: March 2007 Contribution: 3

RE: 1. How we are going to close AR Periods?2. W...

1. Review balances and reconcile the AR transactions i.e
•*Reconcile receipts

•*Reconcile journals

•*Reconcile transactions

•*Reconcile customer balances

Reconcile transactions and receipts
Reconcile outstanding customer balances i.e.

Opening balance + Transactions - Receipts Closing balance

Reconcile transaction and receipt accounting flexfield balances

2. Transfer to GL
3. Review transfers results and resolve transfer issues if any
4. Post the journal in GL
5. Close the GL period

Is this answer useful? Yes | No

Go To Top

User Name		Remember Me?
Password

Question Bank