WHAT IT DOES
System used the "As Of" date as the cut-off for detailed and summary trial balances as well as control check and statements.
Reporting will ignore any future invoices, payments, Dr. or Cr. Adjustments, or unapplied payments that have a transaction date past the "As Of" date.
Invoices paid next month will show as outstanding this month.
Can continue posting the subsequent months accounts receivable transactions prior to completing the month end reporting.
No longer required to keep multiple days' worth of cash receipts on hold until month end is completed.
Allows for more accurate "real time" credit checks on customers' accounts.