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!