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Is there functionality whereby you can perform a reconciliation of a balance sheet to apply debits and credits against transactions within a balance sheet account such as a Suspense Clearing account?
There is a Reconciliation Account checkbox on the chart of accounts but there appears to do very little.
Thank you
Regards
Stephen
Stephen,
If I am following you correctly, you are looking for a feature/functionality that allows a G/L Account to be reconciled, say at month-end, and allocate the dollars to other accounts, like a Suspense Account that is cleared at the end of the month. The checkbox you are talking about, 'Reconciliation Account' activates the Reconciliation Functionality in the Chart of Accounts. Reconciliation option in the General Ledger Account allows you to see the current balance, and the balance that will be after posting the transaction.
When I have been asked this question I have taught User to create Accounts Schedules for the accounts to reconcile. This way they can see the Account and Detail. I have also shown then how to do a Recurring Journal Entry, Method = Balance, which would pull the entire GL Account Balance and they can post to other GL Accounts. Both will assist you in accomplishing your goal.
Thanks and Stay Safe,
Steve
The mentioned field enables users to check from a journal the current balance of an account and what the balance will be after posting the journal. This is applicable to any account which has the setting applied
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