Bank transaction statement does not match end balance

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Posted on by user5555

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Hi,

The balance of the bank 'balance list --. period 1-1-2009 to 31/12/2009 does not match with the Bank --> Bank transactions statement ? I did some correction postings through the general ledger (memorial) on 31/12. But In my opinion that should also be reflected correctly to balance?

I needed the memorial because I did read by accident wrong bank transaction on other bank. So the offsets where incorrect. I corrected for this by posting by document date the summary of the wrong journals from one bank to the other so that both balances are correct again.

I want to check if my financial records are oke for year end closure.

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spot 2,515 on at

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Hi

Go to General ledger module ->reports->Reconciliation->Bank.

There you chank reconciliation between bank and gl .Hope this helps

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user5555 7,437 on at

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Hi,

Thank you. Before pressing any buttons (bad experience last time). How to use this GUI for. Can you point me to some documentation or explain me what it does?

J.

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Hi,

the reconciliation spot mentioned is just a report. No harm can be done here :).

If setup correctly the banktransactions are posted in a subledger. The reconcilation report will show you the differences between the subadministration Bank and the general ledger transaction on the ledgeraccount for bank. If differences are found you will have to correct them via a memorial journal. Common mistakes are the posting of the opening balance and not using a fixed offset account of type Bank in the general journal which is used for posting bank statements.

Kind regards,

Dennis

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user5555 7,437 on at

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Hi Dennis,

I am not an expert. I my words: the subledger is used to get a balance statement (offset) as you see on the receipts of the bank in the right top corner?

The reconcilation report shows in the grand total 0 differences. The differences it reports on the ledger are the differences which I tried to resolve by booking through the memorial from one bank offset (Rabobank) to the other bank offset (Buckaroo; virtual bank). I want to have the balance correct for year end closure (and to find out why the clieop3 is not matching with the bridged vouchers). I also found an amount which did not match my bank receipt, so I corrected for that. However, my corrections are not reflected on the year end balance (also other issue pending since tax reporting is not working).

Any help appreciated.

J.

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Hi,

analysing and understanding your issues in the financial area using this forum as means of communication is quite difficult. AX is not a package you can start using out of the box without having knowledge of how AX works, especially on the finance area. Normally AX is implemented via a MS Partner who would have setup all the correct parameters fitted to your organization. Using the wrong setup/parameters can have serious effects on your financial data. You would probably end up blaming the system for producing the wrong results. With upcoming closing of yearend 2009 now is a good time to review the setup and if necessary make changes and correct data. You do not need to close a contract with a MS partner, there are some freelancers out there who can help you out. You just need to find the right one for your type of organization! I am connected to a group of freelancers in the Netherlands, so if you need advice or just want to find out someone's qualities, just give me a call or email me. If you want I can make an offer for you to review your financial setup and support you with the issues you have.

Kind regards,

Dennis

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user5555 7,437 on at

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Hi Dennis,

I agree that forum discussion is difficult if there are limited means to exchange information.

"AX is not a package you can start using out of the box without having knowledge of how AX works, especially on the finance area."

Interesting statement: I would rather believe that if you can use one package...you should be able to run another package when you know where the buttons are. I asked for a standard rollout with a standard ledger and explained my partner what my business is about. I have chosen AX for next reasons:

It allows variants on an item (item dimensions) which simple packages do not have.

I assumed, but not true, that large to midsize companies use AX since best practices are worked out there already.

I assumed that AX has barcode, shipping agents etc. already out of the box. Large companies get their efficiency from it: not true. I have not found such solutions yet.

I did not like the architecture of NAV if you look at replication of items throughout various companies.

I had the feeling that the architecture of AX is more adult than NAV

I did not choose SAP since it is coded in VB instead of a more know language: C#.

It looked documented, but it is certainly not. Documentation hardly explains processes being implemented, it is more fact based. How can knowledge be shared...but more over improved if you cannot show what we are talking about.

I did certainly not expect to keep on paying and paying for a system that already costed an substantial amount of money. In particular for lazy/ lousy bugs like screens hanging, focus of grid lost if you add a new row, line total not correct on a return order, hanging RMA's not able to post or reject, reports not having even a Page x of 10 indication to keep your papers together if they drop on the floor. ...storing unencrypted Credit card information??? What that *? Since 2009 you can get a very high fine from VISA/ Mastercard if you system is not PCI5 complaint...incredible...or payment of customer through the vendor table (one-time vendor)..and other things you certainly may expect if you want to work in a practical and professional way. Finally somebody of MS gets notice of these substantial bugs (my hit rate on product suggestions is > 98% and I submit substantially issues) and I truly expect somebody does not get his/her bonus this year and somebody at MS gets the signal: swap the team structure developing this evil. Put in good architects and convert asap to a managed code environment like C# so that you can properly run integrated test runs and fire some testers + developers who currently do a very lousy job.

There is something vital wrong within the AX development team structure. I my honest opinion: the type of bugs I see are often introduced by (Asian: no offences) people not overseeing the overall process since they have no notice what kind of work is being done at the other end of the ocean. And I talk here of about 7 years of experience with contracting developers from The Netherlands, India, China, Rumenia and Russia.

That really nobody catches up my input and tries to look what I am talking about gives me the idea that nobody in MS is really taking care proper project and product management. "I am really not a kind of fool selecting a car which does not drive."

I therefor state that most of the AX team is too shy to challenge me and other customers in the problems they currently face and there is no willingness to increase their knowledge to step into the problems which people post on this forum. nor is the team motivated or honored for giving presence. This can be caused by the partner system. Not sure. But as long nobody stands up: I keep on guessing.

If you want to talk to somebody who can give you unsalted feedback and of whom you can certainly learn. I however know that in some culture challenging me is not done: and that is exactly the problem we are facing here?

J.

Note: as former SAP consultant I can tell you that SAP partner system is similar..but SAP in contrast to MS has also own consultant they contract and let run implementations..and their R&D is still in Germany with coding offshore in India.

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user5555 7,437 on at

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hi,

I have reconciled the bank statements. I posted the differences (corrected amounts) to a difference P/L ledger so that the bank is reconcillated.

I see that my memorial postings for the wrong bank are also in a bank vouchers. I did not select them, nor did I select the additional memorial postings to keep all clean. My reconcilated bank account is oke now. However, what do I do with these memorial bookings? I was thinking of selecting them in an additional 'corrected' bank statement on 31/12/09. However, the system takes the last bank statement amount and date and thus does not allow to correct these additional postings. Any idea how to offset/ remove these postings? My bank statement on 31/12/09 and balance statement (end year closing) do not match. I think they should.

J.

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user5555 7,437 on at

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Hi,

I found out that the difference is caused by the Memorial posting to correct for the import of transactions in the wrong bank account. I corrected this way:

Ledger 1010 Bank1 D 371,07 type: bank, offset: Bank1
Ledger 1011 Bank2 C 371,07 type: bank, offset: Bank2

So problem will also occur in the Bank2 reconcilation.

Any help appreciated.

J.

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