Use DataSnipper to perform and document accounts receivable cut-off procedures, validating the cut-off assertion for AR balances.
Prerequisites
A sample taken from your accounts receivable listing in Excel
Supporting evidence showing the invoice amount, invoice date, goods or services delivery date, and payment date
Steps
Import all relevant documents into DataSnipper: invoices, goods delivery notes, order proposals, and bank statements.
Click Document Organizer and create folders for each document type.
Click Document Matching and select Start new Document Matching.
Select your sample data. If your sample includes headers, check First row includes headers, then click Next.
Select Use document folders and check the relevant folders. Review the output columns and adjust them to match your procedure.
Click Match all rows. Once complete, review the output by moving through the snipped cells.
Use Text Snips to extract additional information such as delivery dates and payment dates.
Confirm that any order proposals used were signed and countersigned.
Review each set of documents and determine whether the item was correctly included in or excluded from the AR listing.
You can set tolerance thresholds in Document Matching for amounts or dates if you are not certain of an exact match.