Discrepancy on accounts

noob

Needs help on the following:

The balance sheet for the year reflected a balance of $2 million under receivables for overseas account but my company has stopped its overseas operation 6 months ago and focusing on the local sales.

I have checked the total receivables and it tallies with the customer aging report of all overseas customers. The total was zero. Where I have went wrong and how can I correct the balance?

Thanks.

Deep

Just check whether there is any direct posting in the concerned G/L account.
It is also possible that the local customers must have been assigned a wrong customer posting group erroneously.

AdamRoue

The setting on the customer, when changed, would not affect any open sales orders, so it would carry on posting to the old accounts. Verify any open slaes orders for the current general product posting group. As for correcting simply journal the values across.

ssingla

AdamRoue wrote:

The setting on the customer, when changed, would not affect any open sales orders, so it would carry on posting to the old accounts. Verify any open slaes orders for the current general product posting group. As for correcting simply journal the values across.

The issues in question seems to be receivable account which will be defined by customer posting group and not gen. bussiness posting group.

Run report 33 "Reconcile Cust. and Vend. Accs" and try to figure the difference.