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Difference between accounts payables ledger and vendor aging

Posted on by 557

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? 

  • André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 287,696 Super User on at
    RE: Difference between accounts payables ledger and vendor aging

    HI Vijay,

    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.

  • oldman.logan Profile Picture
    oldman.logan 557 on at
    RE: Difference between accounts payables ledger and vendor aging

    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?

  • oldman.logan Profile Picture
    oldman.logan 557 on at
    RE: Difference between accounts payables ledger and vendor aging

    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.

  • oldman.logan Profile Picture
    oldman.logan 557 on at
    RE: Difference between accounts payables ledger and vendor aging

    Thanks Ramit. We don't seem to be having any direct ledger account postings. There's no suspense account either.

  • Suggested answer
    André Arnaud de Calavon Profile Picture
    André Arnaud de Cal... 287,696 Super User on at
    RE: Difference between accounts payables ledger and vendor aging

    Hi Vijay,

    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.

  • Ludwig Reinhard Profile Picture
    Ludwig Reinhard Microsoft Employee on at
    RE: Difference between accounts payables ledger and vendor aging

    Hi,

    Have you already checked the vendor-GL reconciliation report that you can find in the GL reports area under the reconciliation node?

    Best regards,

    Ludwig

  • Suggested answer
    Ramit Paul Profile Picture
    Ramit Paul 18,383 Super User on at
    RE: Difference between accounts payables ledger and vendor aging

    HI,

    There are many reasons, see below.

    1. If you pay AP ledger account directly, then vendor balance wont e replicated.
    2. If there is any suspense account in between ( for invoice register and invoice approval process) then AP ledger account and vendor balance wont be matched.

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