Open Forum

GL Account Reconciliations

  • 1.  GL Account Reconciliations

    Posted May 07, 2020 10:39 AM
    Does anyone have a custom screen they have developed, or a 3rd party product that they use to perform GL Account Reconciliations?

    Our business units have GL Balance Sheet accounts that they are reconciling each month, and need to be able to "clear" the matching offsetting entries.  Also want to be able to print period sensitive reports for these balance sheet accounts based on the period that the transactions are cleared.

    Looked at using Cash Manager for this purpose, but looking for a tool that would work a little smoother.

    We are considering developing our own, but want to see what might be out there before going to far.

    Tia!



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    Gina McAdoo
    SL Administrator
    OnPoint Group
    Perrysburg OH
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: GL Account Reconciliations

    TOP CONTRIBUTOR
    Posted May 07, 2020 01:22 PM
    Hi Gina,

    I guess I don't understand what you are trying to do....

    Are you treating each GL account like a bank account and actually clear transactions in order to create a reconciliation?

    If so, I have never heard of this before except for cash.  I reconcile my balance sheet accounts monthly.  Here are some examples:
    • Cash - use Cash Manger bank reconciliation
    • AR - print period sensitive AR Aging
    • AP - print period sensitive AP Aging
    • Inventory - print Inventory Trial Balance
    • Fixed Assets - use Plumbline fixed asset
    • Prepaids - use Plumbline Prepaid 
    • WIP - Project to GL report
    •  Various other accounts I use BI360
    If an account doesn't tie to the report, then I look for bad transactions or timing differences and reclass accordingly.  In all cases though, I am not ticking off any transactions like they have cleared.

    I clearly don't understand your business practice....with a little more detail, might be able to help....  :)

    Thanks,
    Michael

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    Michael O'Neill
    Director of Finance
    Eastex Telephone Cooperative
    Henderson TX
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: GL Account Reconciliations

    Posted May 07, 2020 01:59 PM
    Hi Michael,

    Thanks for the response.

    We are looking for a tool to be used for accounts that are not cash, and are not control accounts for a sub-ledger or a separate module.

    This would be for GL Accounts that are "clearing" accounts, where transactions are put into the account to hold there, and then are relieved/removed at a later date.

    A common example would be the unvouchered PO account, where PO Receipts/Returns are posting, then the amounts are removed by vouchering them through AP.

    We have several GL Accounts that are simply clearing accounts, and due to the high volume of transactions, would like a way to clear both sides of the entries for reconciliation purposes.

    Hope that helps!

    ------------------------------
    Gina McAdoo
    SL Administrator
    Material Handling Services
    Perrysburg OH
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 4.  RE: GL Account Reconciliations

    TOP CONTRIBUTOR
    Posted May 07, 2020 02:11 PM
    Hi Gina,

    In your example, in PO there is an Unvouchered PO report that will (should) tie to the GL.  It probably won't tie for several reasons.

    If you would like to have a GTM, I can show you how the report work and how to get it to tie to GL.  We can also go thru your other "clearing" accounts as I might have a solution for you....

    Let me know what works and I can send a GTM request.

    Thanks,
    Michael

    ------------------------------
    Michael O'Neill
    Director of Finance
    Eastex Telephone Cooperative
    Henderson TX
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 5.  RE: GL Account Reconciliations

    Posted May 07, 2020 02:37 PM
    I was using the Unvouchered POs as an example for clarity.  This is not the account that we are looking at reconciling.

    These are accounts that are not tied to any subledger or module.

    ------------------------------
    Gina McAdoo
    SL Administrator
    Material Handling Services
    Perrysburg OH
    ------------------------------

    Academy - Online Interactive Learning from Experts