I have a company that stopped its overseas operations 6 months ago and focusing on local sales. But the balance sheet for the year reflected a balance of $3 million under the receivables for overseas account.
The total receivables tally with the customer aging report. But the aging reports for all overseas customers was zero. What causes this and how can I correct the balance?
You need to verify the posting group settings for sales, you then need to see which customers are loaded with these posting groups, you should also check the existing sales orders for the general business posting group, as altering on the customer only alters it on the customer, it does not refresh it on existing sales lines.
The customer aging report will look at the customer record, as it is set now, whilst the posting is taken from the entry on the record at the time it is created - this would cause you a difference.
You can simply journal the values across, but you need to verify your existing data so you do not get continued creep.