Acumatica ERP – Reconciling Vendor Balances with GL Accounts
Posted on: June 26, 2017 | By: Jim Bertler | Acumatica
To perform reconciliation, for each AP account used in Accounts Payable documents, a user must compare the total balance of open documents with the balance of the general ledger account according to the transactions posted to the account. These balances must be equal.
In this step, a user will compare the total balance of open Accounts Payable documents with the balance
of the 200000 (Accounts Payable) account for 01-2014. Before the balances are reconciled, a user must review the unreleased Accounts Payable documents and release the needed ones and delete or edit the other ones, if there are any, because the 01-2014 period will be closed. The period cannot be closed in the Accounts Payable module if there are unreleased documents that need to be posted to the period. Do the following:
Review the unreleased Accounts Payable documents for 01-2014 and release any documents that need to be released, as described below:
On the AP Edit report form (AP610700; Finance – Accounts Payable – Reports – Audit), specify the following report parameters and click Run Report:
- From Period: 01-2014
- To Period: 01-2014
- Include Transactions on Hold: Selected
For the specified period, the report shows Accounts Payable documents that haven't yet been released—that is, documents that have the On Hold or Balanced status. Suppose that a user had forgotten to release a document before, and now the user must release it.
b. To view a bill, click the reference number of the bill in the report.
c. On the Bills and Adjustments form (AP301000), which opens for the bill, clear the Hold check box and click Release to release the document if the document in question is on hold. Now all Accounts Payable documents are released.
2. Reconcile the total of open Accounts Payable documents with the balance of the 200000 AP account as follows:
On the AP Balance by GL Account report form (AP632000; Finance – Accounts Payable – Reports – Balance), specify the following report parameters and click Run Report:
- Report Format: Account Summary
- Financial Period: 01-2014
- Include Applications: Cleared
For the specified period, the report shows the balance of AP accounts used in Accounts Payable documents by the end of the period.
b. Get the trial balance for 01-2014 by using the Trial Balance Summary report (GL632000; Finance – General Ledger – Reports – Balance). In the trial balance, the balance of an AP account is the total amount of the transactions posted to this account in the General Ledger module by the end of the specified period.
c. Compare the balance of the 200000 (Accounts Payable) account according to the AP Balance by GL Account (AP632000) and Trial Balance Summary (GL632000) reports.
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