My Company is trying to decide whether to have our accounts receivable book keeping separate from the rest of the book keeping.
Then just enter the bulk amounts of debits and credits monthly.
Is this possible to do? If so, is it a good idea?
My Company is trying to decide whether to have our accounts receivable book keeping separate from the rest of the book keeping.
Then just enter the bulk amounts of debits and credits monthly.
Is this possible to do? If so, is it a good idea?
Hi,
If you are planning to keep separate books (company database), then it is not a good idea.
But you can assign a person just to do that function, on the same set of books.
Please let me know if you have some restrictions like accessing the computer software/hardware,
and/or want to do off-site. Or what you want to achieve specifically.
If you keep all information together that would facilitate in assessing the company financial position,
and good control over financial transactions and activities.
Thanks,
Akhtar Rawasia
Business Innovation Technologies Inc.
www.businnovatech.com
www.swagsys.com
www.bithelp.ca
(905) 944-8900
LinkedIn ca.linkedin.com/.../businnovatech
YouTube www.youtube.com/.../BITTube3000
Our company is pretty small. I am doing both the book keeping & the accounts receivable books. The person before me made a mess of things. That is why the company was thinking of having them on separate books. To keep the main books in order.
I started the new fiscal year in this program and have been keeping track of A/R in a separate "company" on Sage. Should I link these two "companies"? Or should I just import the A/R into the main books?
Hi,
Technically and legally this is one company, so you should not treat them two.
i would suggest you keep your A/R in the same books, as it would help in the long run
for decision making based on your analysis you need complete picture of A/R, A/P, Inventory, if any,
Payroll, if any.
You can get A/R aged reports, showing the total in G/L control account, similarly A/P.
When you generate your Financial Statement - Income Statement, Balance Sheet it would reflect
what you have recorded thru A/R and A/P - for Revenue and Expenses.
Thanks,
Akhtar
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