Overview
This article explains how to estimate your Accounts Receivable total for a past date. While your current Accounts Receivable report only shows current balances, these steps will help you calculate a reasonably accurate historical total.
❗Avoid unnecessary calculations by Exporting the Accounts Receivable and Client Credit Reports on the first or last day of every month.
Setup
You will need access to the following reports:
Accounts Receivable Report
Client Credit Report
Payments Report
Sales Report
How to:
Calculate Current Outstanding Debt:
Select
Reports -> Financial Reports -> Accounts Receivable Report.Note the
Total A/R BalanceSelect
Reports -> Financial Reports -> Client Credit Report.Note the
Total Credit AvailableCalculate the current outstanding debt by subtracting the
Total Credit Availablefrom theTotal A/R BalanceTotal A/R Balance-Total Credit Available
Calculate Total Payments Received:
Select
Reports-> Financial Reports -> PaymentsSet the date range from the date needed until the current date
if you are looking for the Accounts Receivable as of 31 Dec 2024, then the start date for the report will be 01 Jan 2025
Calculate the total payments received by subtracting the
Total Refundsfrom theTotal PaymentsTotal Payments-Total Refunds
Calculate Total Sales:
Code: Select
Reports-> Financial Reports -> SalesSet the date range from the date needed until the current date
if you are looking for the Accounts Receivable as of 31 Dec 2024, then the start date for the report will be 01 Jan 2025
Note the
Total Sales
Estimate Past (Historical) Accounts Receivable Total:
Start with the Current Outstanding Debt (#1).
Add the Total Payments Received (#2) since the historical date.
Subtract the Total Sales (#3) since the historical date.
Example
Let's say you want to determine the Accounts Receivable total as of 28 February 2024.
If your Current Outstanding Debt is $10,000.
Total Payments Received since 28 February 2024 are $5,000.
Total Sales since 28 February 2024 are $3,000.
The estimated Accounts Receivable total as of 28 February 2024 would be:
$10,000 (Current Outstanding Debt) + $5,000 (Total Payments Received) - $3,000 (Total Sales) = $12,000
FAQs
Will this method give me the exact historical Accounts Receivable total?
This method provides an estimate. For a more precise calculation, you might need to review individual client accounts and adjust for specific transactions.
What if I don't have access to all the necessary reports?
Contact your system administrator for assistance in obtaining the required reports.