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ReportThe Accounts Receivable Balance shown in the GL does not equal the sum total of the outstanding posted sales invoices. Any suggestions on how to correct this?
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The Accounts Receivable Balance shown in the GL does not equal the sum total of the outstanding posted sales invoices. Any suggestions on how to correct this?
You should have 3 bank accounts and 3 general ledger accounts setup in BC. Print them all on one line for reporting.
Why? You reconcile each bank account in BC to an actual bank account. Transferring money then is one bank account to another bank account.
You should have each bank account linked to a bank posting group which identifies the general ledger account. These general ledger accounts should all have direct posting turned off.
A side question to your recommendation: The banking GL account is 10100. We have three bank accounts and their balance is summed and displayed in that account. If I turn off direct posting for 10100 I can no longer use the payment journal or the GL journal. Do I have something misconfigured?
We use the payment journal to record transfers from one bank account to another. Is there a more "proper" way to do this? I can post this as a separate question if that would be preferred.
I agree with Gavin, look at the Aged AR and the GL for the same date. Find a time that it did balance and work forward from there.
Also, make sure that your Direct Posting for the GL's AR account is set to off. In fact, set direct posting to off for ALL GL accounts with subledgers...Bank, AP, Inventory, Fixed Assets.
Hi,
Does the GL balance match the "Aged Accounts Receivable" report? (this would be my first port of call when reconciling the GL AR balance to the AR sub ledger). If not has this ever balanced with the GL? i.e. You can use the "Aged as of" filter on the Aged Accounts Receivable report to check the balance at a point in time to see if this matches the GL. Once you find a date it did balance you can work forward to find the date they went out of balance and investigate from there.
If you are still struggling you can look at the GL entries to see if there are any manual journals that have been posted in the GL that wouldn't have created an entry in the AR sub ledger?
Finally do you use more than one AR GL account? You can check this by looking how many "Customer Posting Groups" you have and ensuring you are including all the relevant GL codes in your reconciliation.
I hope this helps.
Thanks
Gavin
To reconcile this you have to look at the remaining amount of all open customer ledger entries. You can not simply sum all open invoices.
There can be payments and credit memos that are only partly applied.
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