Even though there’s tricks to help avoid problems, it’s possible for the general ledger and different sub-ledgers to get out of balance. When that happens it’s not always easy to track down the culprit. Microsoft Dynamics GP has a few tricks to make things easier.
The above window can be located via Microsoft Dynamics GP > Tools > Routines > Financial > Reconcile to GL. The following sub-ledgers are available for reconcile:
- Bank Reconciliation
Simple pick the module you want to reconcile, enter the account numbers related to that module, off you go. An Excel file will be created showing the findings.
The above example shows numbers off by a lot, which can happen. The Excel report has a few sections.
- Matched Transactions – These are transactions that are in the sub-ledger and general ledger and all looks good.
- Potentially Matched Transactions – These are transactions that might mostly match but not exactly. The dates for a transaction might be in the same period, for example, but are off by a day. So these are broken out for additional scrutiny.
- Unmatched Transactions – These are transactions that are either in the sub-ledger but not the general ledger, or the reverse. If you are out of balance, look at these closely.
That’s it! Doing this sort of review as part of the month-end close is usually very fast and makes sure all accounting functions are moving along.