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BC-MD
Level 3

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

 
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Best answer May 23, 2020

Best Answers
MaryLurleenM
Moderator

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

I appreciate the additional description, BC-MD.

 

You'll want to run multiple reports to get your desired report content. You can run the Invoices and Received Payments Report and Bills and Applied Payments to see the subsequent transaction information. Note that it pulls up all the transaction from the period you're running the report, so make sure to check the report date.

 

Furthermore, you'll want to open the Aging Detail Report to check off aging transactions from the latter reports.

 

You can export the reports to Excel and combine them manually.

 

Let me know if you have additional questions about reports in QuickBooks Online.

View solution in original post

Teri
Level 9

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

I would just give them both reports dated 12/31/19 and today and they can see invoices are paid and gone.

View solution in original post

5 Comments
Ryan_M
QuickBooks Team

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

Hi @BC-MD,

 

I'll take care of your query about A/R and A/P reports.

 

In QuickBooks Online (QBO), I suggest utilizing the Accounts receivable aging detail and the Accounts payable aging detail report

 

Follow these steps to open these reports:

 

  1. Go to the Reports tab.
  2. On the search box, type in Accounts receivable aging detail or Accounts payable aging detail report.
  3. Edit the Report period drop-down menu to cover your year-end period. 
  4. Tap the Run report button. 

Further customization options on reports can be found in this article: Customize and modify columns on reports. Here you'll find steps on how you can edit the width for each column, as well as the order they appear when you run the report. 

 

Additionally, you can also view this article: Memorize reports in QuickBooks Online. This provides the steps on how you can have QBO memorize a custom report, so you can access it again in the future. 

 

 Feel free to place a comment below if you have other questions in mind. I'll be sure to get back to you. 

BC-MD
Level 3

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

The A/R and A/P Aging Detail Reports are good…. My issue is that I have to take every item listed and provide subsequent transaction info…

 

For example, lets say the detailed Aged A/P showed 10k due to ABC and 5k due XYZ… at the end of the year / audit period.  The auditors want me to provide the Ck# and date each was paid subsequent to the end of the year/ audit period (let’s say 12/31/xx).. so the 10k due to ABC was paid with ck#100 on 2/5/XX and the 5k due XYZ was paid with Ck#120 on 2/10/XX.

 

Then we could look at the Aged A/R detail… say Widget company owed the client 25k and the MNO Company owed 5k.. the auditors want me to give them the ck# and date each payment was received… so let’s say the company rec’d a partial payment of 15k on 1/15/xx from the Widget Company with the balance of 10k paid on 2/28.  MNO Company never paid (Of course the auditor would like us to either write-off the 5k or fully reserve for it)

 

It’s not an issue to look up each item.. if the Detail Aged A/P or A/R is relatively short… but if it is long… say 50+ items on the detailed Aged A/P or A/R it gets a bit time consuming.

 

I was hoping there is a report showing the subsequent activity for the items setting in the detailed Aged A/P or A/R as of a specified period of time (in this case year-end/ audit period).

 

If there is no report.. what would you suggest?

BC-MD
Level 3

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

The A/R and A/P Aging Detail Reports are good…. My issue is that I have to take every item listed and provide subsequent transaction info…

 

For example, lets say the detailed Aged A/P showed 10,000 due to ABC and 5,000 due DEF… at the end of the year / audit period.  The auditors want me to provide the Ck# and date each was paid subsequent to the end of the year/ audit period (let’s say 12/31/xx).. so the 10,000 due to ABC was paid with ck#100 on 2/5/XX and the 5,000 due DEF was paid with Ck#120 on 2/10/XX.

 

Then we could look at the Aged A/R detail… say Widget company owed the client 25,000 and the GHI Company owed 5,000.. the auditors want me to give them the ck# and date each payment was received… so let’s say the company rec’d a partial payment of 15,000 on 1/15/xx from the Widget Company with the balance of 10,000 paid on 2/28.  GHI Company never paid (Of course the auditor would like us to either write-off the 5,000 or fully reserve for it)

 

It’s not an issue to look up each item.. if the Detail Aged A/P or A/R is relatively short… but if it is long… say 50+ items on the detailed Aged A/P or A/R it gets a bit time consuming.

 

I was hoping there is a report showing the subsequent activity for the items setting in the detailed Aged A/P or A/R as of a specified period of time (in this case year-end/ audit period).

 

If there is no report.. what would you suggest?

MaryLurleenM
Moderator

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

I appreciate the additional description, BC-MD.

 

You'll want to run multiple reports to get your desired report content. You can run the Invoices and Received Payments Report and Bills and Applied Payments to see the subsequent transaction information. Note that it pulls up all the transaction from the period you're running the report, so make sure to check the report date.

 

Furthermore, you'll want to open the Aging Detail Report to check off aging transactions from the latter reports.

 

You can export the reports to Excel and combine them manually.

 

Let me know if you have additional questions about reports in QuickBooks Online.

View solution in original post

Teri
Level 9

Working on 2 clients...The auditors are requesting evidence of subsequent activity showing open A/P & A/R at Yr-end was pd (A/P) or cash rec'd (A/R). Is there easy rpts?

I would just give them both reports dated 12/31/19 and today and they can see invoices are paid and gone.

View solution in original post

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