The accounts receivable information can be broken down into fees, expenses, advances, finance charge, fee sales tax, expense sales tax and advance sales tax and entered into the respective fields on the A/R & Fund Balances tab in the Client file. Or, it can be entered as a cumulative amount into the Fees Due field. For clients that have an outstanding balance, enter the client's Last Statement Date for aging purposes. The Last Statement Date field is also used if you are assessing a finance charge on past due accounts. All of the remaining fields (dates, payment information, last statement number) are optional and are only printed on reports to provide statistics about the client.

When first starting to use Tabs3, if desired, you can enter the information for each client excluding the accounts receivable information. Then, you can come back later and enter the accounts receivable information. This strategy has the advantage of giving you some flexibility in determining the exact transition date for your accounts receivable. However, once a client has had a final statement printed and updated, you cannot edit the accounts receivable information on the A/R & Fund Balances tab in the Client file.

Note: When you enter balances on the A/R & Fund Balances tab in the Client file, a client ledger record is created but no corresponding information is added to the archive file. As a result, you will not be able to undo the initial statement record that is created. If you attempt to undo this statement, a message will be displayed indicating that the process is not allowed.

See also:   All About Accounts Receivable