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2.Age Payables & Receivables & Add Finance Charges

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After you have backed up and are ready to close the month, choose step 1 to age the accounts.

 

Note: once you have performed the aging, you must complete the remaining closing steps before entering any more business transactions.

 

Note that you can only age once per month. If you accidently attempt to age the accounts twice in a row or twice within a few days you will be warned.

 

If you have aged the receivables less than twenty-three days ago, Jewelry Shopkeeper will also warn you of this because accidently aging the receivables twice in the same month will cause errors in the customers’ balances. (charging double interest and late penalties as well)

 

 

 ┌────────────────────────────────────────────────────────────────────────────┐

 │This is the first step in closing the period. After you age, you must       │

 │print the accounts receivable end-of-month statements.                      │

 │Then you must reset the period. After you have aged the accounts, you       │

 │may not enter any more transactions until after you have finished           │

 │printing the statements and have reset the period.                          │

 │                                                                            │

 │You MUST have backed up the Jewelry Shopkeeper data to diskettes or to      │

 │tapes before running this aging process.                                    │

 └────────────────────────────────────────────────────────────────────────────┘

 

Type I HAVE BACKED UP to begin aging:                

 

 

Type the words  I HAVE BACKED UP to confirm that you want to run the aging process. and the system will begin aging payables and receivables.

 

If you have not aged periods in the correct sequence, the following message will appear:

 

 

The date the accounts receivable were last aged was PERIOD XX.

 

Type OVERRIDE PERIOD to override this problem:                  

 

 

 

If this message appears, it is recommended that you cancel the aging process and find the problem. However, you can run the aging if desired by entering the words OVERRIDE PERIOD.

 

If you aged receivables and payables a short time ago, another message will appear:

 

 

The date the accounts receivable were last aged was 12/31/99, only 99 days ago.

 

Type OVERRIDE DATE to override this problem:                  

 

 

 

If this message appears, it is recommended that you cancel the aging process and find the problem. However, you can run the aging if desired by entering the words OVERRIDE DATE.

 

If you type the words requested, the system will start aging payables and receivables.