Essential Reports for Office Managers – Part 7

Manage Your Practice and Maximise Your Efficiency with the help of Sol-Est Accounts

Part 7: Aged Creditors

Your Sol-Est program, when used correctly and to its full potential, is a very powerful accounting tool.

When the postings and reconciliations are completed properly, your reports & manual reconciliations will provide your accountant with everything they need to quickly and easily prepare your accounts for tax and submit your end of year audit to the Law Society. As an office manager or practitioner, the reporting facility in Sol-Est should be used to maximise the usefulness of the program and ensure the smooth running of the office.

This series of blog posts highlight a selection of the most important reports, which you should make a habit of running regularly.

The aged creditors report summarises how much you owe to your creditors at any given point. The report can be found here:

  • Reports > Account Reports > Purchase A/c > Aged Creditors – Enter dates required (normally only a β€œTo” date is entered), or leave blank to see the balances up to date

If you keep your system up to date, you can easily see what is owed to any supplier at any given date. Your book-keeper should reconcile this report to supplier statements to verify balances. This is an important report to keep an eye on when planning cashflow for the month ahead.

We must stress that the usefulness of the reports is dependent upon the standard of posting to the system. Posting should be kept up to date, and manual reconciliations run each month to verify the accuracy of the data input to Sol-Est. Once your book-keeper has completed the monthly reconciliations, you should review those in conjunction with the reports below in order to keep your practice running efficiently.

If you do not use Sol-Est Accounts, you may be able to generate similar reports from your software. If you cannot, you should consider upgrading to Sol-Est to ensure you have can properly manage your practice and finances within the SAR.

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