Reporting
by Date versus by Accounting Month/Year
Why
do we have a choice?
Most e-Quinox reports can be run either by Date or by Accounting Month and Year. This feature is to accommodate the different possible needs within your firm. The By Date option is to be used when the information needed is not dependent on what accounting period it was posted. For example: You want an aging report that shows all outstanding Accounts Receivable as the GL stood as of December 31, 2005 regardless of the cases where an item was posted to December after the month was closed.
The By Accounting Month/Year option is to be used when you want to compare the figures to your General Ledger. For example: You want to compare your Accounts Receivable report with the General Ledger for the accounting period December 2005.
Why are there differences
between the reports, even if they are run on the same day?
In an ideal world you could run the report by date and by accounting month and they would always agree. But reality is that you may have missed entering a time docket or a receipt may not get posted before the month end cut off. The dates don’t change but the period they are posted in does.
Here is an example:
The current
date is ‘January 7, 2005’. Year
end is December
You realize
that you missed entering a 1 hour
time docket for December 31,2004 and would like to have it posted
Accounting has
closed off December, 2004. (Accounting month
12, 2004)
The
docket now gets posted in January, 2005 (accounting month 1, 2005)
To make it very simple this is your only work in progress.
Parameters:
By Date:
December 31, 2001
|
WORK IN PROGRESS FOR J. WORKER As of December 31, 2001 |
|
Client/Matter Client Name Hrs Fees Disbursements
100-1 My client 1.0 300.00 0.00
|
WIP Report # 2:
Parameters:
By Month/Year:
Month: 12
Year
: 2004
|
WORK IN PROGRESS FOR J. WORKER As of December 31, 2004 |
|
Client/Matter Client Name Hrs Fees Disbursements
100-1 My client 0.0 0.00 0.00
|
WIP Report # 3:
Parameters:
By Month/Year:
Month: 1
Year
: 2005
|
WORK IN PROGRESS FOR J. WORKER As of January 1, 2005 |
|
Client/Matter Client Name Hrs Fees Disbursements
100-1 My client 1.0 300.00 0.00
|
General Ledger Report #1
Parameters:
By Month/Year:
Month: 12
Year
: 2004
|
TRIAL BALANCE Accounting Month 12, 2004
|
|
Assets .. .. WIP Fees 0.00 .. ..
|
Parameters:
By Month/Year:
Month: 1
Year
: 2005
|
TRIAL BALANCE Accounting Month 1, 2005
|
|
Assets .. .. WIP Fees 0.00 .. ..
|
Because the WIP didn’t get posted until month 1/2005:WIP Report #1 agrees with WIP Report #3
Because they are run for equivalent accounting periods:
WIP Report #2 balances to G/L Report #1
WIP Report #3 balances to G/L Report #2
