There’s nothing worse than balancing your checkbook and finding a large discrepancy for no apparent reason. That feeling gets even worse when you’re balancing the books of your company. You need to make sure your finances are in check at all times or you run the risk of an IRS audit, unwanted fees, and wasted time searching for the mistake that’s causing the mismatch. When the general ledger doesn’t match up with your accounts and vice versa, it’s a red flag. Someone then has to pick through each and every transaction to see where the mismatch took place. This is sometimes a manual process and could take weeks, months or even years depending on how many transactions your company pushes through.
So how does it work exactly? The Closer creates a Crystal Report showing the GL #s and the differences between GL and your various accounts. The Closer automatically picks up the mismatches and brings it to your attention in less than 5 minutes. You can print the report, view it on screen, or you can export to excel where it’s sortable and searchable. The Closer doesn’t make corrections for you, but it gives you the data you need to see exactly what action is needed.
What you don’t know CAN hurt you and Microsoft Dynamics GP together with The Closer ensures that you know as much as possible. Here are some items that can slip through the cracks if companies don’t have The Closer to help…
- Simple rounding errors as little as pennies can cause mismatches, but The Closer can catch these.
- Sales that occured last month, but you don’t get the credit until next month can throw your numbers way off. The Closer figures out what journal entries were made and/or deleted and reconciles with the data you have in your General Ledger.
- Payments and/or transactions can be posted in the wrong period, throwing things out of whack. The Closer automatically checks invoices to see if they were booked in the correct period by reconciling the information with your General Ledger.
- Transactions that match but are unbalanced.
Making sure your numbers add up is part of running a successful business and ultimately vital if you’re looking to grow and become more profitable. At the TM Group, we’ve helped many clients improve their reconciliation processes with The Closer and Microsoft Dynamics GP. Feel free to contact me with any questions at [email protected] or call 888.482.2864.