I was wondering if anyone has a work around for reconciling Balance Sheet accounts? Our accountant likes us to reconcile all of our Balance Sheet accounts. When we were using QuickBooks, this wasn’t an issue. However, using Acumatica, this doesn’t seem possible.
Any suggestions?
Best answer by pranavkhare34
Hey @meckland
Here are couple of steps you can follow to reconcile the non-cash accounts.
Look for control accounts for particular reconciliation of balance sheet. You can find control accounts on “Chart of Accounts” form.
If the accounts that you wish to run reconciliation on are control accounts then these accounts have their connected subledgers which are linked to general ledger. In this case follow steps:
Step 1 - Run report of the account you wish to reconcile for e.g. AR aging (AR631000) (this can work only if the customers involved are assigned to a statement cycle configured for Financial Period aging).
Step 2 - Account details form (GL404000) Select the account and check if the ending balances are matching.
You can select different accounts on aging report form and reconcile them with the GL balance for that particular period.
For non-control accounts there is no connected subledger in this case you can compare the GL Ending Balance to any schedule, report, or supporting data your team uses.
Also make sure under account preferences “Automatically post on release” check box is selected, this will automatically update GL whenever a transaction is released in a particular account.
Hope this helps.
Hi Meckland,
What do you mean by reconciling Balance Sheet Accounts? Are you referring to Accrual, prepayment and suspense accounts ?
James
I am referring to accounts like long term liability accounts (vehicle loans), payroll liability accounts, basically non-cash accounts.
+4
Are you referring to reconciling your General Ledger Account vs. the Subsidiary accounts?
Hi
Hey @meckland
Here are couple of steps you can follow to reconcile the non-cash accounts.
Look for control accounts for particular reconciliation of balance sheet. You can find control accounts on “Chart of Accounts” form.
If the accounts that you wish to run reconciliation on are control accounts then these accounts have their connected subledgers which are linked to general ledger. In this case follow steps:
Step 1 - Run report of the account you wish to reconcile for e.g. AR aging (AR631000) (this can work only if the customers involved are assigned to a statement cycle configured for Financial Period aging).
Step 2 - Account details form (GL404000) Select the account and check if the ending balances are matching.
You can select different accounts on aging report form and reconcile them with the GL balance for that particular period.
For non-control accounts there is no connected subledger in this case you can compare the GL Ending Balance to any schedule, report, or supporting data your team uses.
Also make sure under account preferences “Automatically post on release” check box is selected, this will automatically update GL whenever a transaction is released in a particular account.
Hope this helps.
Hi Meckland, yes this is standard accounting procedure.
In saying this I assume that what the auditors are referring to is a list of transactions that substantiate the balances on accounts like accruals, suspense, provisions, rebilling etc.
The other accounts that represent bank accounts, AP, AR, deferrals and fixed assets are all agreed to the balances shown on the reports ; ...Account balance by GL account, in the respected modules.
Getting back to the reconciliation of the accrual accounts. This is essentially matching debit entries to credit entries so as to arrive at a list of unmatched transactions, the total of which agrees to the account balance.
This has been a request from our clients right from the start, also for those moving from QuickBooks that have this feature. After not finding any viable solution we ended up developing our own application. If you are interested in this for your client then let me know.
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