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There are some situations where the previous years are not going to get touched. In this case we must assume that the Aged AR was reconciled at that point. Since we are not going back into the previous year to reconcile it, we need to make an adjustment to bring the previous year end balance in the Accounts Receivable general ledger account inline with the Accounts Receivable listing.
This work has put us in a position to focus on the current year. The one thing this method doesn't ensure for is continuity from last years Aged AR balance.
Author: cmackay Editor: arose Last Edited: 6-Sept-2007