Reconcile general ledger before closing the financial period
Before you close the active financial period or when you want to reconcile financial periods, you should check possible differences between the General ledger and certain other workspaces.
You can also check how many outstanding invoices you have, how many incoming payments you have received, and if there are unreleased VAT transactions in the system.
Reconcile Customer ledger and General ledger
- To see the differences between Customer ledger and General ledger, run the Balance sheet specification/Open entries (GL63309S) report to see the difference between the open invoices total and account total values.
- To view how many outstanding invoices you had in the end of a period, run the Customer summary (AR65050S) report to see the beginning balance of the following period. Also check the Aged outstanding (AR631500) report.
- To see how many incoming payments your company has received, run the Process incoming payments (AR305000) report that shows all received payments.
Reconcile Supplier ledger and General ledger
- To see the differences between Supplier ledger and General ledger, run the Balance sheet specification/Open entries (GL63309S) report to see the difference between the open invoices total and account total values.
- To see how many outstanding invoices you had in the end of a period, run the Supplier summary (AP401000). Also check the Aged outstanding (AP631500) report.
- To see the payments you have sent via AutoPay, run the Sent payments (AP61300S) report.
Reconcile VAT and General ledger
- You will get a warning when you are preparing the VAT report and there are unreleased transactions with a VAT ID in the system. You can run the All unreleased transactions report in the Prepare VAT report (TX501000) window to see these transactions.
- You can also run the VAT account control details (TX40400S) inquiry or the VAT specification (TX62050S) report.
Reconcile Cash management and General ledger
- Use the reconciliation statement process, see Reconcile statements.
Reconcile Fixed assets and General ledger
- Print the Balance (FA630000) report, compare the different books manually, and create journal transactions for the differences between the books.