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Reconciling GL transactions

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Posted on by CU29040657-0 11
Hi,
 
We have started using Business Central, migrating from another accounting system. In the previous system, we could be able to reconcile GL transactions with each other when their total value is 0, such as when prepayments are totally phased out, then I was able to connect them all together and reconcile them - hence each time that I open up the account I could view only the open transactions. Is there a possibility of such within Business Central? Have not come across such possibility while using the system.
 
Thank You!
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Financial Management
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  • CU29040657-0 Profile Picture
    CU29040657-0 11 on at
    Reconciling GL transactions
    Hi Jun Wang, 
     
    No, it was not for customers, vendors, etc, but rather for General Ledger Accounts, such as Accruals, whereby I prefer to keep the Accounts clean by reconciling transactions, as in the case for example when posting an Accrual and then it is reversed in the next posting month.  I found out the resolution to this by the 'Review Transactions' whereby transactions and reviewed and matched and thus when one desires to see the open transactions, then one only needs to filter.
  • Suggested answer
    Jun Wang Profile Picture
    Jun Wang 3,879 Super User on at
    Reconciling GL transactions
    I guess you want to find out open transactions for customers, vendors etc. If yes, you could go to a customer card as an example. Then find customer ledger entries
    there is information on remaining amount etc. If the open field has a yes flag on. It means the invoice hasn't been closed yet. 
     
     
    to view open ledger entries for all customers, you could use the below page and filter. 
     
    Jun Wang
     
     
  • CU29040657-0 Profile Picture
    CU29040657-0 11 on at
    Reconciling GL transactions
    Thank you for your reply.  However, if for example I want to see the accrual account with only the list of open accruals - how do I go about it?  If I do not reconcile items with each other and mark them as 'Closed', after a year or two, if I open the account, there would be too many transactions and not easy to see 'Open' transactions.  
  • Suggested answer
    KasparsSemjonovs Profile Picture
    KasparsSemjonovs 3,099 Super User on at
    Reconciling GL transactions
    If You post the transactions linked to customers/vendors, then it should be easy to view prepayments/invoices/payments for this Customer/Vendor in the Customer/Vendor ledger entries. Each transaction has to be applied to the opposite, to make them "Closed". To view only the open ones for specific customer or vendor, it is enough to press on the Balance amount when viewing customer or vendor list.
     
    If You are posting transactions just by using GL accounts, then most likely You would need to create Financial Reports (formerly known as Account Schedules).
  • BillurSamdancioglu Profile Picture
    BillurSamdancioglu 13,199 Super User on at
    Reconciling GL transactions
    Changed to BC Forum

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