Balances

How do I determine my beginning balance for Accounts Receivable?

You could use the ending balance from your prior fiscal year. If you have data from last year in Procare you may run a report to find this information. The correct report to print depends on whether you have Agency Accounting or just Family Accounting. See Full Article.

How does a credit balance affect Accounts Receivable?

When a family (or agency) has paid in advance or overpaid, their ledger card will have credit balance (negative balance). This reduces your accounts receivable. For example, if ten families owed you a total of 1,000 and one family had a credit of 200, your accounts receivable would be 800.

How can I tell if my beginning balances were changed?

If the current beginning balance was calculated by Procare, the top right corner of the Beginning Balances Editor will say “Automatic”.

If the current beginning balance was manually entered or edited, the display would say “Manual”.

How do I check my bank balance?

To check your current bank balance you’ll need to have set up your Beginning Balances and regularly close Deposit Reports each time you deposit money to the account. Then run the following report to see your current balance:

1. Go to Reports > Expenses and Ledger > General Ledger Reports – Regional > Balance Sheet.
2. Enter the Date Range, usually the current month and click Run Report.
3. The Ending Balance column shows the current amount in each bank account. You may dbl-click an account name (or number) to drill down for more detail.

Note: You may also want to Reconcile Bank Account transactions in Procare against your actual bank statement.

How do I close the year?

There is nothing that needs to be officially closed in Procare. However, if you have the Expenses & Ledger module, you will want to Calculate Beginning Balances for a New Year , and create new General Ledger Dates.

How do I calculate beginning balances for the New Year?

To calculate beginning balances for the Expenses & Ledger module see: Calculate Balances for New Year.