IRIS Accounts Office is an open period system that offers the
user the flexibility of choosing when to close financial
periods.
The application also provides the option to
re-open previous accounting periods. The option to post to previous
periods can be password controlled and it is suggested to only
permit access to previous accounting periods under supervised
control.
It is recommended that as part of your regular
accounting procedures the following reports be run periodically to
ensure that correct and meaningful financial information is always
maintained.
In the event of an imbalance, regular
reporting will provide the opportunity for you to identify and act
on any discrepancy and where necessary apply corrective action
promptly.
A full and simplified trial balance should always be run at the
end of each financial period. This ensures that the trial balance
agrees and verifies the values posted to the General Ledger are
correct.
The simplified trial balance report is
compiled from the General Ledger totals and the full trial balance
is compiled from the General Ledger transactions.
Aged Debtors and Creditors Reports
The aged reports should be produced at the end of each financial
period or as part of your normal credit control
procedures.
The content of the aged reports should always
be checked and their totals agreed with the General Ledger
values.
Running these reports regularly will help
identify any transactions that may have been incorrectly allocated.
The use of the Allocation Wizard to match transactions generally
ensures the correct matching information is maintained and gives
greater control of performing allocations over the manual methods.
If an incorrect allocation is found it is a simple process to
correct by identifying the incorrectly allocated transactions from
the reports.
Aged reports can be backdated to report
on previous accounting periods. If you have a multi-currency
system, a backdated report can be affected after running a currency
revaluation.
