Posts tagged Month-End
Using Reconcile to GL for Accounts Payable Reconciliation

When your Accounts Payables GL account does not tie to your sub-ledger payables, you will need to find the discrepancy.  A great tool for this is the Reconcile to GL routine.  Before you use this tool you will want to make sure all transactions have been posted through the GL.

You can find this tool by going to Financial > Routines > Reconcile to GL.

The Reconciliation Date will default as the user date.  Enter the Date range that you need to reconcile between your sub-ledger and GL.  The From date should be the last time you know that these tied.

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Month End Reconciling Process for Accounts Payable

Each month as part of the month end reconciling process you will want to confirm that your GL Accounts Payable account ties to your payables sub-ledger.

First you will want to generate the Historical Aged Trial Balance Report in Purchasing.  To do this go to:  Purchasing > Reports > Trial Balance.  Reports:  Historical Aged Trial Balance. Options:  Month End or default (this will depend on your report options settings).  In the Report Options window you will want to select the date to Print/Age as of, select the last date of the month you are reconciling.  I recommend generating this report In Detail (mark the In Detail box), but you could generate it as a summary report.

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Month End Reconciling Process for Accounts Receivable

Each month as part of the month end reconciling process you will want to confirm that your GL Accounts Receivable account ties to your receivables sub-ledger.

First you will want to generate the Historical Aged Trial Balance Report in Sales. To do this go to:  Sales > Reports > Trial Balance.  Reports:  Historical Aged Trial Balance. Options: Month End or default (this will depend on your report options settings).  In the Report Options window you will want to select the date to Print/Age as of, select the last date of the month you are reconciling. I recommend generating this report In Detail (mark the In Detail box), but you could generate it as a summary report.

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Using Reconcile to GL for Accounts Receivable Reconciliation

When your Accounts Receivable GL account does not tie to your sub-ledger receivables, you will need to find the discrepancy.

A great tool for this is the Reconcile to GL routine.

Before you use this tool you will want to make sure all transactions have been posted through the GL.

You can find this tool by going to Financial > Routines> Reconcile to GL.

Read More