Q7 TIPS & TRICKS – KEEPING YOUR BOOKS CLEAN
Posted Aug 19, 2021Tips
Whether you’re a professional accountant, a business owner or an office clerk, Q7 is built with you in mind. It is designed with plenty of reporting options to ensure that your accounting corner is kept tidy and cleared of clutter, such as incorrect postings. This month, let’s go over some tips to save you time by keeping your accounting in order.
System Health Monitor
Use the General Ledger tab on this live reporting tool for up-to-the-minute information about all things accounting. This tab lets you know if there are cobwebs in the corner that could cause issues with bank reconciliation or with the financial reports downstream.
From the Main Menu, select Reports > System Health Monitor. Access to the monitor and each of its tabs is User Permission protected.
NOTE: Q7 has a set of rules for general ledger Control Account postings. Search for System Health Monitor in the Knowledge Base for a detailed definition of the flags that can appear on this tab.
Posting Error Report
Tidy Q7 users run the Posting Error Report on a regular basis. The Posting Error provides detail on any postings or setup errors that can cause discrepancies downstream, similar to the notices that appear in the System Health Monitor. The report also includes hyperlinks to review those postings or setup errors.
From the Main Menu, click the Reports button. Expand General Ledger, and open the Posting Error report.
NOTE: Depending on your data, this report may take longer than usual to run. Start by entering small date ranges.
AR and AP Sub-ledger Checks
It’s best practice to run a balance check on Control Accounts such as Accounts Receivable and Accounts Payable on a regular basis.
In the Reports program, expand Accounts Receivable. Run the Account Balance and the Aged Account reports with the same ending post dates. Confirm they have the same balance. Next, expand General Ledger and run the Account Detail report for just the ACCOUNTS RECEIVABLE Control Account, using the same ending post date. The Control Account balance should match the sub-ledger balances of the other two reports.
You can now repeat these steps for your ACCOUNTS PAYABLE account.
Are your balances out of proof? Search for “Accounts Receivable/Payable out of proof” in the Knowledge Base, or contact us, for tips on finding out why.
Below, we can see that our ACCOUNTS RECEIVABLE Control Account (left) is in proof with our accounts receivable sub-ledger (right).
Clean Accounting = Peace of Mind
Clean accounting is an important part of running a business. Q7 is an accrual accounting system and includes plenty of tools to help you stay on top of any possible errors.