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Reconcillation

  • 1.  Reconcillation

    Posted 21 days ago
    Hello,
    Just curious if anyone- has used the GL reconciliation  (Financial - Routines- GL Reconciliation)  to reconcile AP or AR. I need help with understanding how to update the un-matched transaction to match. Is this something I can do within the report, or do I need to update outside the report and rerun? Thanks
    Report


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    Debra
    Manager-Accounts Payable
    The HoneyBaked Ham Company
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Reconcillation

    TOP CONTRIBUTOR
    Posted 21 days ago
    Edited by Ryan Galang 21 days ago
    Hi Debra,

    Corrections / adjustments need to done in GP, then re-run the report to see the effect of the action taken...

    Please check out the 'Commonly "Asked Questions" section of the KB article below:
    • Q3: What should I do if distributions are missing on the GL side?
    • Q4: What should I do if distributions are missing on the RM or PM side?

    For additional information, please see this KB article:


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    Ryan Galang
    BTP Technologies LLC
    CHANTILLY VA
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Reconcillation

    TOP CONTRIBUTOR
    Posted 18 days ago
    @Debra T

    In ​addition to Ryan's suggestions on HOW to make the corrections you should also give some thought as to WHY there are reconciling items and put some safeguards in place to prevent them in the future. The following 2 items seem to be the most common, in my experience, and are included in the KB article 866570 that Ryan mentions.

    One of the most common reconciling items is when you have transactions in the sub-ledger that are not in the GL. This typically results from unposted batches. One simple way to prevent this from occurring is in the Posting setups. Make sure to set your transactions to Post Through instead of just Post To. Unless there are issues with the distribution in the sub-ledger, this ensures that you need not go to the Financial Transactions to touch that batch again, that the preset control accounts are not altered and (horrors) that the batch is not deleted before posting.

    From the standpoint of the GL you would need to look for entries in there that are from something other than the originating module and then do your best to stop that from happening going forward. It is my recommendation that all control accounts (AP, AR and those representing your checkbooks) have the box "Allow Account Entry" unchecked on the Account Card. This prevents users from selecting these accounts for use in any transactions. The system will allow the account to be used only in AP/AR transactions where the default is automatically populated with this account number. ***You should wait until all of the reconciliations are done and all correcting entries have been posted before un-checking these boxes. Doing so now will prevent you from using them in your correcting entries. Once these boxes are unchecked you should instruct your employees to check with you if they get an error message that says "this account does not allow posting". If they get this message they are most likely doing a transaction improperly and you will get the opportunity to instruct them on the proper method.

    Checking that all of your sub-ledgers match the GL as part of your month-end close is highly recommended. That way, when something does go out of balance you know you only have 1 fiscal period to search in to determine the issue at hand.


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    Barbara Gavron
    Atlantic Beach / Jacksonville FL
    904-536-0129
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: Reconcillation

    TOP CONTRIBUTOR
    Posted 17 days ago

    My blog has many blogs on balancing AP/AR/CM/POP to the GL:

    https://dynamicsgptipsandtraps.wordpress.com/



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    Bruce Strom
    Programmer Analyst
    Paradise GP Consulting, Inc.
    Sunrise FL
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    Academy - Online Interactive Learning from Experts


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