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Hi. We are in the 2020 audit finalization process and seem to be having a difference between the Accounts payable ledger account and the vendor ageing report total as on 31-12-20.
We looked through ledger and vendor account statements. There's no journal postings to the ledger account since it was locked in journal. Since vendor is not a dimension under the local payable account, we cannot see the totals by vendor.
From my understanding, vendor settlements do not cause a difference between the vendor and ledger since when a vendor is updated, its group points to the corresponding accounts payables ledger account where it is reflected.
Can you suggest any reason why vendor balances & payables ledger would not match?
There are many reasons, see below.
Have you already checked the vendor-GL reconciliation report that you can find in the GL reports area under the reconciliation node?
I have seen this various times before. I do assume the totals as per current date are correct? In all the cases I had to figure out the difference it was caused by a wrong settlement. During settlement, you can specify a date for settlement. If the payment was posted in the year 2021, but the settlement date is in 2020, you can have this imbalance.
You can check for this type of settlements in your environment.
Thanks Ramit. We don't seem to be having any direct ledger account postings. There's no suspense account either.
Hi Dr. Reinhard. Yes. I have checked and the balances are matching and no difference. But the ledger totals and vendor aging report totals do not match.
Thank you André. I am currently checking this with the finance team. What about the previous years? If there's an imbalance in previous years from such wrong settlements done in previous years, will it affect the current year, even if the balances of the vendors are all settled off?
I don't thinks previous years will cause an issue as the vendor aging will report about open balances as of a given end date.
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