Reconcile balance sheet accounts to prove the balance of the accounts. By marking matching transactions as reconciled, they can be excluded from views to list only transactions that make up the balance of the account. This is normally performed at end of fiscal period. Mark transaction lines which net to a zero balance within a single GL account as reconciled. For balance sheet accounts, we are proving the YTD balance, therefore the transactions should be reconciled for the "life" of the account, rather than just the transactions within the current period.
To reconcile GL account details:
- From the Main Menu, search for and select GL Inquiry. The General Ledger Inquiry page opens.
- Select a GL account to reconcile.
- Right-click and select Tools > GL Reconciliation.
- Select the Journal Entry Detail tab.
- In the search filters, set the beginning Year - Period to 0000-00 and the ending period to the current period.
- Click Search. Journal entry detail records matching the filter criteria are displayed.
- Check the Reconcile check box for entries. You may need to display the Reconcile column if it is does not display by default. If you are using Advanced Journal Entry Reconciliation, when entries do not net to a zero balance, a Reconciliation Entry screen opens so you can create an offsetting journal entry at the time of reconciliation. If the Reconciliation Entry is not immediately posted, you can locate it from the Reconciliation Entries screen on the Main Menu.
- Click OK.
You can also use auto-reconciliation to assist in automatically reconciling entries.
- From the Main Menu, search for and select GL Inquiry. The General Ledger Inquiry page opens.
- Select a GL account to reconcile.
- Right-click and select Tools > GL Reconciliation.
- Click Auto Reconcile at the top of the GL Reconciliation screen. The Auto Reconciliation screen opens.
- In the Period fields, enter the reconciliation periods. For GL accounts such as Accounts Payable, Accounts Receivable and Deferred Revenue, the process runs using the selected periods.
- In the Reconciliation Field, select the field for reconciling the accounts. This is applicable to accounts like Prepaid Expenses. If this field is not available, the system will look at the customer account code and the event ID.
- Click Process. When the reconciliation process is complete, a confirmation message displays.
- Click OK.
After you reconcile all the entries, you can use the Reconciled search filter on the GL Period Detail and GL Transaction Inquiry screens to exclude the reconciled entries.
Comments
7 comments
Can this article please be updated to include details on how to add the Reconciliation ID?
Thanks.
0 upvotes
Hello,
We had a user make a mistake using this module and I used the new unreconcile multiple items. I now have a variance between all unreconciled items in the GL transaction inquiry view and the GL Inquiry view by those amounts.
GL Transaction inquiry - no period filter, filtered on GL account number. When I set the reconciled flag to "Yes" - grand total shows $0, When I set the reconciled flag to "No" or blank (i.e. returning Yes & No), my grand total is different to the balance in the GL inquiry.
Is there something that could be causing this outage?
Thanks!
0 upvotes
Hi Michael,
What version are you on? And if you dont mind can you provide more detail steps, I tried to recreate this on our sample site but i wasnt able to.
Thanks
0 upvotes
Hello, can this article be updated to advise what Momentus is matching during the Auto Reconcile process? For example is it looking only at matching amounts or is is also validating against the customer account or event?
0 upvotes
Stacey Hurley Absolutely! I've got a question out to our product team for the information.
0 upvotes
Stacey Hurley The article has been updated! Per the product team the system will look at the customer account code and the event ID to see where entries net to zero.
0 upvotes
Thank you Linda Moyer
0 upvotes
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