Are you spending hours reconciling AP or AR to the General Ledger? Microsoft Dynamics GP has a feature that cans save time and energy.
Since version 10, Dynamics GP users can access a “Reconcile to General Ledger” utility that comes out of the box with this solution. This tool creates a report that is exported to Microsoft Excel to allow for easy comparison of Accounts Payable and Accounts Receivable ledgers to entries in the GL.
The reconciliation function has the ability to reconcile AP and AR with a range of information based on Date and General Ledger Accounts. This process compares data between the AR/AP sub ledgers and the GL.
Some things to consider when running this utility:
- Transactions are displayed on the report using the functional currency
- Transactions must be posted and either Open/Historic in order to be included in the report
- Transactions must include distributions to the AP or AR account, or Discount Available account
- The final report will display the data but will not change any data for the user
Take the following steps to reconcile to the GL:
- Take the following path: Financial > Routines > Reconcile to GL
- Select either AP or AR
- Enter a range of dates to include transactions for… normally your accounting period (month)
- Enter the accounts to be included in the reconcile process. (ie. If you are reconciling AP, enter your AP general ledger accounts)
- Click “Process” to begin generating the report
Once the report is run, the data will be presented in one of 3 categories:
- Matches – Transaction from AP or AR are matched using the transaction source code, document number, transaction data, and transaction amount.
- Potentially matched – Transactions identified as potentially matched if some, but not all the information matches (ex: the source code matches but the amount is different)
- Unmatched – If a transaction exists in AP or AR but not in the GL, (ex: transaction was posted in AR but not in GL), or in the GL but not in AP or AR (ex: a journal entry was made to the AP account)
Avastone Technologies certified Dynamics GP Consultants are available to assist every step of the way. Keep in mind that this is only ONE cool feature that comes “out of the box” with Microsoft Dynamics GP.
For more information contact [email protected] or call (920) 687-4797.
by Avastone Technologies