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Variance in AR Listings and GL Accounts

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What causes Variance in AR and GL account? how can we correct such discrepancies?

Below Discrepancies with AR and GL Account.

Items marked in RED are as a result of Application generating unexpected Gain/Loss Amounts and Adjustments in Accounts Receivable.

Items marked in GREEN are GL Journals that need to be reversed

Variance Between AR and GL

Customer

Customer Name

AR

GL

Grand Total

 

 

 

 

 

(blank)

(blank)

  

-287,877.69

-287,877.69

AGA001

(blank)

  

-39,399,922.38

-39,399,922.38

LAN001

LANCET LABORATORIES TANZANIA

519,130,795.22

-519,398,673.64

-267,878.42

MIL001

(blank)

  

1,000,000.00

1,000,000.00

Grand Total

 

7,496,567,071.64

-7,535,522,750.12

-38,955,678.48

 

 

 

Best answer by Laura02

Hello,

You have discovered the #1 reason for discrepancies between AR control account and GL:  GL entries to a control account.

You have also identified Gains/Losses posting incorrectly to AR.  From what Module are the Gain/Loss entries, what kind of transactions?  Possibly Gain/Loss on Currency, Gain/Loss on sale of Asset?

Gain/Loss accounts on Assets
Gain/Loss accounts on Currencies

Sometimes a user enters the AR Account on an Invoice or Credit Memo and that too will cause a discrepancy because we see an open Invoice on the Aging and debit/credit to the same AR account in GL.

When you have adjusted the AR account to match the Aging, remember to Un-check “Allow Manual Entry” in the Chart of Accounts.

 

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    Dmitrii Naumov
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    • Dmitrii Naumov
      Dmitrii Naumov
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    Laura02
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    • Laura02
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    • Answer
    • April 13, 2023

    Hello,

    You have discovered the #1 reason for discrepancies between AR control account and GL:  GL entries to a control account.

    You have also identified Gains/Losses posting incorrectly to AR.  From what Module are the Gain/Loss entries, what kind of transactions?  Possibly Gain/Loss on Currency, Gain/Loss on sale of Asset?

    Gain/Loss accounts on Assets
    Gain/Loss accounts on Currencies

    Sometimes a user enters the AR Account on an Invoice or Credit Memo and that too will cause a discrepancy because we see an open Invoice on the Aging and debit/credit to the same AR account in GL.

    When you have adjusted the AR account to match the Aging, remember to Un-check “Allow Manual Entry” in the Chart of Accounts.

     

    Laura ~ Klear Systems, Inc. Irvine, CA. ~ Click my logo to Follow me ~
    Chris Hackett
    1 person likes this
    • Chris Hackett
      Chris Hackett
    Laura02
    Captain II
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    • Laura02
    • Captain II
    • 3132 replies
    • April 18, 2023

    Hello @helpdesk37 ,

    Were you able to identify the source screen of the Gain or Loss and update the accounts to something other than AR?

    Then enter a journal transaction to remove the Gain/Loss from the AR control account.

    At this point, the AR control account should match the AR Aging report.  When the AR Control Account matches the AR Aging report, un-check ‘Allow Manual Entry’ for the AR Account in the GL Chart of Accounts screen.

    Laura

    Laura ~ Klear Systems, Inc. Irvine, CA. ~ Click my logo to Follow me ~
    Chris Hackett
    1 person likes this
    • Chris Hackett
      Chris Hackett

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