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

 

 

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.

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