Difference between revisions of "Category:Account/Performing Account Reconciliation"
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| − | + | {{DISPLAYTITLE:Performing an Account Reconciliation}} | |
| − | + | == Introduction == | |
From time to time you may encounter an accounting error, and need to perform a quick reconciliation to get the current balance on the account without necessarily going through every single ledger entry payment. Here is one method you might find useful. | From time to time you may encounter an accounting error, and need to perform a quick reconciliation to get the current balance on the account without necessarily going through every single ledger entry payment. Here is one method you might find useful. | ||
* Go to Finance - > Accounts Receivable > Invoice List. | * Go to Finance - > Accounts Receivable > Invoice List. | ||
| − | * Filter on the Account ID, and "Approved" for the invoiced status. | + | * Filter on the Account ID, and "Approved" & "Approved - Do Not Send" for the invoiced status. |
* Take note of the total of the current charges column. | * Take note of the total of the current charges column. | ||
| − | [[File: | + | [[File:Finance-accrec-invoice-list-approved-updated.png]] |
| + | [[File:Finance-accrec-invoice-list-currentcharges-updated.png]] | ||
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| − | * Now go to the Payments Tab. Filter on all "Successful Payments", | + | * Now go to the Payments Tab. Filter on all "Successful Payments". Note that when there is an invoice with a credit balance, a debit is applied to the invoice, and the invoice is converted into a payment and marked "internal Charge". When you are filtering on this tab, if you want to rule these out because you've accounted for them in the invoice tab, make sure in the filter tab that "Internal Charges" filter is not selected. |
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Latest revision as of 10:08, 15 June 2016
Introduction
From time to time you may encounter an accounting error, and need to perform a quick reconciliation to get the current balance on the account without necessarily going through every single ledger entry payment. Here is one method you might find useful.
- Go to Finance - > Accounts Receivable > Invoice List.
- Filter on the Account ID, and "Approved" & "Approved - Do Not Send" for the invoiced status.
- Take note of the total of the current charges column.
- Now go to the Payments Tab. Filter on all "Successful Payments". Note that when there is an invoice with a credit balance, a debit is applied to the invoice, and the invoice is converted into a payment and marked "internal Charge". When you are filtering on this tab, if you want to rule these out because you've accounted for them in the invoice tab, make sure in the filter tab that "Internal Charges" filter is not selected.
- Now subtract Payments from Current Charges on Invoices, in this case it will be 73999.68 - 71429.97 = 2569.71.
- This figure should match the outstanding balance figure on the account summary screen as pictured.
- It should also additionally match the Ledger Balance on the Transaction tab on the account as pictured.
- If any of the figures don't match between a manual reconciliation, the outstanding balance and the ledger balance, there is likely a problem and you should raise a ticket to Emersion with the details of all three balances.
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