Report: Company Statement
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The company statement is a balance forward statement showing the amount due to a company or group of companies for Agency Bill invoices within a given date range.
You can view the report in a single line or in a detailed mode to see the specifics of the balance. The balance due is compiled from invoices, cash, checks, and journals.
Contents
Balance Forward vs. Open-Item Accounting
Newton by Agency Systems can handle both balance forward and open-item accounting.
In a balance forward accounting system, all payments and invoices are applied against the total balance owing on the account. In balance forward accounting, you make no attempt to specifically pay the individual invoices. The payments simply reduce the total balance owed by the amount paid.
In an open-item accounting system, all payments are recorded against specific invoices. Reconcile Company Payables will only show invoices still due to the company. Reconcile Company Payables can be used to pay the trust amount, or only a portion of the total amount due, based on the receivable balance. All payments are applied directly to invoices, allowing the agency more specific reporting, and control.
Access and Window Options
The Company Statement can be opened by selecting A/P -> Company Statement. (The company statement is also available as one of the automatic monthly reports.)
Access to the Company Statement is controlled through the security system A/P -> Company Statement -> View setting.
- Start Date and End Date: All items prior to the start date will be represented by the starting Balance Forward amount.
- Company: Enter a Company Code to limit the statement to a single company. If no code is included, all companies will be included.
- Detail...: Determines if only totals for the date range, or sub-totals with payment details are included per company. See Report Examples below for more information.
Report Examples
The primary difference between reports is determined by the Detail Level. A summary will produce a short report, with only totals for each matching company. A detailed report includes monthly invoice sub-totals per matching company code, and payment transaction detail.
Detail Level -> Summary
The Company Statement Summary lists the amount due to each company for all policies invoiced with billing dates within the selected date range and previous balances remaining from past months.
Detail Level -> Detail
The Company Statement Detail lists the items and the amounts due to each company for each policy invoiced with billing dates in the selected date range, and totals the amount due with the previous balance from past months.
