Why doesn’t my AR Aging Report tie to my AR balance on the Balance Sheet? I’m running my Balance Sheet for the period of June 2019 and my Aging report as of 6/30/19. They should match, right?
In the screen shots above, you can see that the two reports do not match. There could be a few reasons why they don’t tie but the most common one is period mismatches. Let’s look at how this could happen.
In NetSuite, financial reports are run by fiscal periods and other reports are run by dates. Balance Sheets, Trial Balances and Income Statements are considered financial reports, but Aging reports are not. In the example above the Balance Sheet is run for the period ending June 2019 and it captures data based on the posting periods. The Aging report is run as of 6/30/19 and it captures data based on the transaction dates. This can be fixed by changing how the reports are run.
There is a setting under Personal Preferences>Analytics where we can change how the reports are run.
You can have the Financials Only were just the financial reports are run by period – this is the setting that was used on the reports above. If this is changed to All Reports, the Aging report will go from as of 6/30/19 to June 2019. This will then capture data by posting periods instead of transaction dates.
The Aging report now matches the Balance Sheet and you can see which customer balance changed. In this case it’s Abbott Inc and the customer balance went from $96,788 to $78,280. Now you can investigate the invoices and see which ones have the period mismatch and make the corrections.
The same holds true for the AP Aging and the AP account on the Balance Sheet.
This setting is on personal preferences so you will only be making the changes on your computer – not system wide and be changed back at any time.