Hi all,
I am new to using Business Central. In prior accounting systems that I've used, I have used "accounting schedules" to reconcile the balances on a company's balance sheet accounts, but can't find an equivalent. It seems that "account schedules" in Business Central is a tool to create custom reports using multiple accounts rather than an in depth look into what makes up the balance of 1-5 balance sheet accounts. Here are some examples of what I am trying to accomplish.
As an example, we would accrue commissions for employees by posting a credit to the account by the employee number at month end. Then, when payroll posts at the beginning of the post ahead month, we would post the payroll debits to the same account by employee number to clear the accrued expense. Following the payroll posting, we would run a schedule for that account which would breakdown the outstanding balance with subtotals by employee number. In theory, the account should be zero and all employees should have a zero balance as well. However, that doesn't always happen. We could have small debits and credits on an employee number or two. The accounting schedule helps us identify incorrect payments or write offs.
Another example is credit card receivables. When a cashier's credit card terminal is batched out, we post the debit to credit card receivables by batch number. Then, once the credit card funding comes through the bank, we post the credits to these batch numbers. At any point during the month, we can run the credit card AR schedule to verify that the balance in the account doesn't include any aged receivables. Additionally, some credit card merchants net fees and chargebacks with funding. If we don't use a schedule to monitor the balance, how would you know that you have properly expensed fees and attempted to collect on all chargebacks? (I know that some private companies post credit card receivables directly to cash in bank, but according to US GAAP this should not be recognized unit the funds credit the bank.) Attached is an example of the schedule "dirty" before we match the debits with credits for American Express credit card receivables.
There are several other examples that I could come up with including customer deposits, prepaid expenses, deferred income, etc. Please, help me find a solution.
