Module: General Ledger, Receivables Management, Payables Management
Dictionary: Core
Why this feature is cool!
This feature can significantly reduce the time spent reconciling sub-ledgers to the General Ledger (GL). The reconcile tool helps identify imbalances between the accounts payable and accounts receivable sub-ledgers and the general ledger.
- Select Individual accounts in GL to reconcile
- Enter a date range for reconciliation
- Transactions are automatically matched
- Discrepancies are identified
- Results are displayed in a Microsoft Excel spreadsheet
What does it look like?
For transactions that fall within the date range, the process will identify the following:
- Transactions that exist in both the sub-ledger and GL (matched correctly)
- Transactions that exist in either the sub-ledger or GL, but not both (exception)
- Example: A cash receipt was posted in Receivables Management but the transaction was never created in GL due to a posting interruption
- Transactions that potentially match, but don’t meet all the matching criteria (exception)
- Example: A $100 transaction is entered in Receivables Management, but was deleted in GL. The mistake was caught and a transaction is manually entered into GL for the $100 transaction. The transaction amounts and GL posting date are the same, but they do not share an audit trail code, customer, or document number
- Example: A $100 check was posted in Payables Management but the distributions were changed to $99 in GL prior to posting
