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Dear sir,
Our GL balance and vendor aging reports are not matching and there are huge value under ''Accounts Payable Pre-payment''. I have audit and unable to complete due to this huge difference and could not able to understand, how system entries are doing background. I have following questions:
1) What is reason of these difference ? and how to reconcile and identify by PO wise or supplier ?
2) What is impact if there are settlement are pending ?
3) We are unable to understand that either GL is correct OR Aging report ? we need to know what is exact Vendor balance to pay from the system ?
Would you please respond me urgently.
Regards
Sanjay B
Hello Sanjay B,
Some remarks below:
For No 1:
Reason for the difference?
That's what you have to find out. The community can only try to point you to common reasons that often result in those differences
For No 1:
How to reconcile to identify by PO wise or supplier?
If you have your PO as a financial dimension included in your account structure then you can simply run a trial balance report and filter by the transactions where a PO is missing. The same applies for the vendor.
In case you don't have the vendor or PO as financial dimensions, you have to analyze the underlying transactoins.
For No 2:
Pending settlements should not give raise to a GL-AP difference
For No 3:
What you can do is the following:
- run the GL vendor reconciliation report to identify the vouchers that cause the difference between GL and AP
- do a detailed investigation of the vouchers listed in the reconciliation report to find the underlying reason of the variance.
Best regards,
Ludwig
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