Debtors and Creditors Month ends

Question:

We recently moved over from another accounting system to IQ and we had to perform manual month ends?

How does IQ works and what is the impact on our debtors and creditors balances?

Answer:

The sole purpose of creditors month end is to age transactions and balances. This is all that the creditor

month end does. It does not affect, alter or post any balances or transactions in any other module (i.e.

debtors, stock or ledger).

If the Month End Rollover (Month End) fails to complete, the failed month end will result in all creditor

transactions and balances reflecting a balance age of current and nothing in any of the 30, 60, 90, 120, 150

or 180 day ageing.

This date driven system dictates the age of the transaction and month ends are not required because the

system has an automated month end rollover (month end) procedure.

NOTE: Before the month end rollover takes place, ensure that data backups are made and all required

reports printed.

The month end, will immediately run once the calendar day has been reached, make sure that statements and reports, have

been printed before the End of Month procedure runs.