3.0 Account Reconciliation
Account Reconciliation
The Account Reconciliation is a new feature available on the Accounting Tab to help users reconcile a specific GL Account.
The option is available if the Account Reconciliation Security is set on the Accounting Tab in the Security Window.
This new screen will allow the user to enter a g/l account and reconciliation date to reconcile the account. If it is the first time that the g/l account has been reconciled we will allow for the entry of a beginning balance.
If the g/l account has been reconciled previously the reconciliation date will be displayed below the reconciliation date.
There can only be one open reconciliation for a specific g/l account.
The user can select to display debits, credits as well as entries after the reconciliation date.
The Display Records button will display all records.
If the user needs to do a journal entry to account for a missing item such as bank fees they can take the Journal Entry button and that will allow them to do the journal entry and then come back and display it in the datagird.
Once the beginning balance plus/minus the debits and credits equals the ending balance the Finalize button will be enabled and that will allow the user to complete the reconciliation process.
Related Articles
3.0 Parts Reconciliation using Accrual Based Accounting
To reconcile inventory, there are a few variables that need to be considered when looking at your physical valuation when comparing it to the GL account balance. First, the costing method being used to value inventory will be either replacement cost ...Parts Inventory Reconciliation (not using WIP)
To reconcile inventory, there are a few variables that need to be considered when looking at your physical valuation when comparing it to the GL account balance. First, the costing method being used to value inventory will be either replacement cost ...3.0 Labor Accounting and payroll setup
Labor accounting and Payroll-- Assign Payroll Expense Account at Department Level 2. Enter Labor Inventory Account in the WIP Account Field on Payroll Expense Liability Account This setup ensures that when labor is added to a work order, a journal ...Release Notes - Build 3.10
Release Notes - Build 3.10 Enhancements Account Reconciliation The Account Reconciliation is a new feature available on the Accounting Tab to help users reconcile a specific GL Account. The option is available if the Account Reconciliation Security ...Why does my account still have a balance when I closed the fiscal year?
While some accounts will close and reset to zero in the process of a fiscal year end, some will retain their balance and carry the balance forward to the next year. The temporary accounts get closed at the end of an accounting year. Temporary ...