Reconciliation of Balance Sheet Accounts

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. 

​@meckland 

Are you referring to reconciling your General Ledger Account vs. the Subsidiary accounts?

Hi ​@meckland were you able to find a solution? Thank you!

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.