How to reconcile and manage my Debtors

Owned by Karen McDonald
Last updated: Feb 05, 2024 by Gemma Heidemann
1 min read

It is important to manage your Debtors betweeen Wise Owl and your chosen Accounting product to ensure accurate representation in both systems.

All debtors processing must initiate within Wise Owl Legal and be allowed to post through to your accounting product. This includes:

  • Invoicing

  • Receipting

  • Adjustment Notes (and application of these to invoices)

  • Write offs

 

The debtors in Wise Owl Legal should be balanced with the debtors in your accounting program on a regular basis to ensure they are identical.   

We recommend monthly, but this should be done at least quarterly.

It is recommended that you use the Wise Owl Legal report called Unpaid Invoices At Nominated Date which is found under the Reports at Finance > Billing > Unpaid Invoices At Nominated Date

The links below will show you how to reconcile your Debtors between Wise Owl Legal and QuickBooks Online. Please note that if there are any variances, these need to be fixed so that both systems balances match.

Click this link to be taken to the Youtube Video

To download the Reconciliation spreadsheet - Right click this link and Open in New Tab 

 

Additional Resources for Debtors Management:

How to Invoice - see main page and subpages - Invoice - Register

How to receipt into General - Receipts - New Receipt

How to create an Adjustment Note and apply it - Adjustment Notes / Discounts

How do I delete a Discount / Adjustment Note

Deleting Finance Entries