We use the Bank Reconciliation module to do our bank recs. Essentially we can never get the adjusted book balance to tie to the GL. This has been an ongoing problem for sometime. For the past 18 months or so I have been comparing the trial balance for our cash account to the checkbook balance inquiry....checking every single transaction! Sometimes I can figure out what transaction is causing the problem. Sometimes I can't. Sometimes both reports match and there is still a difference! This month I was able to check off EVERY transaction on both reports and the adj book balance was still off by $40.17!
Any thoughts? B/c this is driving me insane! Not to mention the auditors who are none to pleased with this bank rec system. I know some of the ways that can cause this issue, but, thought some of you could enlighten me. Or, should I be happy that we're off by such small amounts? I'm hoping its not the latter b/c that doesn't create warm fuzzies for this accountant!!!
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In your case, The Closer will look at the control account in the GL and compare it to the Checkbook ID. Any transaction that are not matched to the penny, will be displayed and grouped by error code. Fix them and run the process again to have "proof" that your books balance to the penny!
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You shouldn't be happy being out by one cent. It should tie in exactly. There are however valid reasons why this might nt be the case. Are any non bank transactions hitting your GL Bank Account? Any transaction that does no go through the Bank...but hits the GL Bank Account will obviously cause and issue. Smartlist all of the transactions in your GL Bank Account and include the Transaction Type info...if you see a SOP, POP, IVTRX etc...then these are clearly not bank related and shouldn't be here. Also make sure that all of the GL Journas are posted. If you are getting issues every month and sorting them...then you should be ale to put in controls to stop these issues repeating. Also look for undeposited receipts that will have updated your GL...but not your bank module. There is also the possibility that someone has inadvertently deleted a GL journal that resulted froom a posted bnk receipt / payment.
Thanks for your help Ian!
I totally agree that I shouldn't be happy being off by one cent!
I do know for certain that no "non bank transactions" are hitting the GL. When I get through my audit I will go and try your Smartlist suggestions. I'm pretty much fed up with the bank recon module. I'm not impressed right now. I will probably do manual bank recs alongside the GP one for the next fiscal year.
My question is Why wait or Spend so much time on it? The Closer can solve this in seconds. The Cash Module can be purchased for $1,500.00 with a 30 Day money back guarantee! We can solve this tomorrow!
It looks like you received some great responses from the community. Please post back if you have further questions.
We have done Bank Reconcilation and after bank Reconciliation we noticed that there is difference in Adjusted Bank Balance and Adjusted Book Balance to Actual GL Account Balance. My GL Account Balance is 2233140.20 but my Adjusted Bank Balance and Adjusted Book Balance is 2935544.17. I dont know how to adjust this 702403.97. If I add any deposit or payment again I have to made an adjustment entry for same amount as my Difference is Zero. We have to close our books and I cant get a proper solution for the same. Please help on it.
I thought this was taken care of in GP2013, the same way you can do a reconciliation on AP and AR by adding the accounts, there is supposed to be a reconcile for the Cash Accounts. Tools>>Routines>>Financial>>Reconcile to GL.
Anyone want to chime in,
Sanjay - our add-on for Dynamics GP, The Closer, will reconcile your GL and your Cash Sub-Ledger. It was designed to specifically for finding the difference after you have done your Bank Recs...please visit www.reporting-central.com - this is one of our most popular modules and it will find the errors in less 30 seconds so that you do not have to spend any more time looking for them...