Reconciling your Accounts

Below is a breakdown of how you can reconcile your Sales Ledger, Purchase Ledger, Purchase Ledgers GANI, Parts Stock and Work in Progress.

How do you reconcile the Sales Ledger?

Answer:

 1. To reconcile the Sales Ledger Control account, run a schedule for nominal code 0.0.60.1 and schedule by Sales Ledger Account No for a            date in the future.

 2. In the Sales Ledger, run a Debtors list for the same future date.  

 3. The two reports should compare, both by way of totals and on a line by line basis.

 4. Any differences should be identified and journals processed to correct.

How do you reconcile the Purchase Ledger?

Answer:

 1. To reconcile the Purchase Ledger Control account, run a schedule for nominal code 0.0.70.2, scheduled by Purchase Ledger Account No,               for a date in the future.

 2. In the Purchase Ledger, run a Creditors list for the same future date.  

 3. The two reports should compare, both by way of totals and on a line by line basis.

 4. Any differences should be identified and journals processed to correct.

How do you reconcile the Purchase Ledger GANI?

Answer:

 1. To reconcile the Purchase Ledger GANI account, run a schedule for nominal code 0.0.70.8 scheduled by Purchase Ledger Account No, for a             date in the future.

 2. In the Purchase Ledger, run a GANI list for the same future date.  

 3. The two reports should compare, both by way of totals and on a line by line basis.

 4. Any differences should be identified and journals processed to correct.

How do you reconcile the Parts Stock?

Answer:

It is not possible to produce a nominal schedule for the Parts Stock account in the nominal ledger.   It is normal for small differences to arise between the nominal balance and the parts stock.

 1.To reconcile the nominal, take the Parts stock figure from nominal account 1.10.60.80 (repeat for the stock account in each branch) and           compare to the Parts Stock List reported in the Parts Managers toolkit - do not enter any dates for the Sales from/to or Purchased from/to           fields.

 2. The Total Parts Stock Value from the very right hand side of the report should be used for the reconciliation.

How do you reconcile Work In Progress?

Answer:

 1. To reconcile the Work in Progress account in the nominal ledger, run a nominal schedule for account 1.20.60.90 (repeat this process for            other branches) and schedule by Job No for a future date.

 2. In the Workshop Managers toolkit, run the Work In Progress Report - make sure that the tick box to "Exclude Invoiced Jobs" .  

 3. Reconcile the total of the Parts Cost Value and the Sub contract cost on the WIP report against the nominal schedule.