How To Print A Statement In Reckon Accounts (QuickBooks Asia)
A statement is beneficial for businesses offering credit. It helps reconcile outstanding invoices and payments, catch missed invoices, or spot overlooked payments.
It is similar to the Bank Statement, where the bank informs you of the amount of funding you have received and paid out, as well as the balances as of the statement date.
How To Generate A Statement
Below, I will use Reckon Accounts (also known as QuickBooks Asia or Reckon QuickBooks formerly) to illustrate.
Let’s say Sarah has a trading company, and as of 6 March, she has issued three invoices to AMSTRAD Builders. She printed an ageing report from her Reckon Accounts, and she saw the outstanding invoices as of 6 March:
- 6 January: $25,163.60
- 6 February: $2,565.20
- 6 March: $12,232.00
However, as of 11 March, AMSTRAD Builders made a payment of $25,163.60 for the January outstanding invoice. Sarah recorded the payment and cleared the January invoice of $25,163.60
Statement: All Open Transactions
Sarah wants to print a Statement for AMSTRAD Builders as of 29 February, to allow her client to reconcile their invoices.
Sarah opens Reckon Accounts, clicks on the Statement icon, selects 29 February as the statement date, and chooses “All open transactions as of statement date.”
“All open transactions”, as the option stated, should print all the yet-to-pay invoices as of 29 February, which includes the two invoices: January, $25,163.60, and February, $2,565.20. But to her surprise, it prints only one invoice — for February, $2,565.20.
But that’s not right—Sarah needs the statement to show both outstanding invoices as of February.
The issue is timing: the payment was recorded before the statement was printed.
Statement: Statement Period
Why does the statement look wrong?
Her client, AMSTRAD Builders, had actually made a payment of $25,163.60 on 11 March, which Sarah had already recorded in her account. And she prints the statement after recording the payment received.
Therefore, when printing the statement with “All open transactions”, the system excludes closed transactions. That is the January invoice, which was already cleared (closed) when Sarah printed the statement.
To resolve the issue, Sarah needs to print a statement that includes transactions within the ‘Statement Period’. That is, select the ‘Statement Period’ option, and the date range (e.g., from 1 January to 29 February). Since the statement date is 29 February, we set the ‘to date’ to 29 February as well, serving as the cut-off date for transactions included in the statement. And the statement shows two invoices:
- 6 January: $25,163.60
- 6 February: $2,565.20
However, if you change the date range to ‘From 1 January to 31 March’, then the statement will include the March invoices and payments. That is:
- 6 January: $25,163.60
- 6 February: $2,565.20
- 6 March: $12,232.00
- 11 March: -$25,163.60
Summary
Statement options:
| Option | What it Shows | When to Use |
|---|---|---|
| All Open Transactions | Only the unpaid transactions as of today | To show the current outstanding balance |
| Statement Period | All transactions (paid + unpaid) in the date range | To show history for reconciliation |
Conclusion
Both methods work. The choice between ‘All open transactions’ and ‘Statement Period’ depends on what you want to show your customer.
A statement is a document (sort of like a report) pulling the data that you have already recorded in the accounting system. Changing the presentation, that is, changing from printing with ‘All open transactions’ to by ‘Statement Period’, WILL NOT affect the records in Reckon Accounts.