The Balance Sheet also referred to as Statement of Financial Position, reports the Assets, liabilities and owner’s (stockholder’s) equity at a specific point in time. The Balance Sheet is sometimes described as a “snapshot” of the company’s financial position at a particular point in time. Because a Balance Sheet discloses a company’s Assets along with payables, it is important to potential creditors when evaluating whether or not a company is loan-worthy.
Introduction There are several reasons the A/R Aging not matching the Balance Sheet may occur. Generally, it is a date timing issue. The Balance Sheet strictly looks at the transaction date while the A/R Aging reports look at the transaction debit date, the transaction credit date, and the date the credit was applied to the