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Generate Open Balances History

  • 3 August 2023
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M
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Apps 10 UPD16 - I’m looking at using Open Balances History and have done some testing but wondering if anyone could confirm what I think to be true - but have a healthy does of skepticism.

 

If we run it for a balance date in the past today it will act like a DeLorean Time Machine and tell us what the outstanding balances and over-due amounts were at that point in time.

E.G. - we run it on 03/08/23 but put a Balance Date of 30/05/23 we will see invoices that had just been generated as Outstanding but nothing in Overdue. We then run on 03/08/23 putting a Balance Date of 31/07/23 if that customer was on net-30 day terms and had not paid the Balance it would show as overdue. Even if they had made the payment on 01/08/23.

 

Hoping this is true - if it is, it had saved me a lot of custom dev work!

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Best answer by Thomas Peterson 3 August 2023, 16:01

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T
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Hi, 

I believe the following screen is the point of interest. 

If so, then yes, this process works to create a what was the balance as of date X.   Just like the AR open balance report IFs calculates what was value as of a given date.  Both works. I fully understand the skepticism, a good number of clients are surprised they can run an AR open balance report at any time and it’s accurate as of a given date. In many systems these reports must be run right at month end as part of a closing process. 

The only downside of that open balance history is that it does not consider the options (include / exclude) certain records when the process is run. For example, in NA we must exclude open payment documents, the report has an option. The history does not so we must exclude certain records from analysis.  Clearly not a big deal, just filter any records you need to exclude. 

A fair number of clients use this data with a business reporter report to generate the true open AR/ AP type report for month end.  IFS Corporate uses this method as well. 

So, yes it works, and it works very well. It should save significant development effort. 

Best regards, 

Thomas

M
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Thanks for confirming and the detailed response!

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