AR & AP test in VERIFYiQ

VERIFYiQ saves you time because its algorithm catches up to 80% of the most common accounting errors.  This tab identifies the most common errors that can appear on Accounts Receivable & Accounts Payable Sub-ledgers

What test does VERIFYiQ run?

VERIFYiQ’s algorithm goes through your AR & AP sub-ledgers and performs the following tests:

  • If overdue by 90 days – mark as error

  • If overdue by 60 days – mark as warning

  • If negative items – mark as warning 

How can I correct this error?

The adjustment really depends on the error VERIFYiQ is detecting.  Nevertheless, we recommend the following steps:

  • Click on the warning or error sign.  VERIFYiQ will not only tell you why it thinks there might be an error, it will also explain how to fix the error. 

  • If appropriate, go into your accounting file and adjust the underlying entries.

If you believe that VERIFYiQ is showing you a false negative, then simply change the warning or error icon to a check mark.

As usual, if you have any questions or feedback, please reach out via in-app chat!

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