General Ledger Q&A: Reconciliation Report to Balance Sheet

March 2019    Tags: , ,

We’re looking at the reconciliation report current balance and comparing it to the current balance on the balance sheet. It matches this month, but didn’t last month. Why is this?

When printed with outstanding entries, the Reconciliation Report provides a calculation of the current balance for the account being reconciled as of the statement date of the reconciliation. This figure is calculated by subtracting any outstanding withdrawals and adding any outstanding deposits to the ending balance.

This calculation can be compared to the Current Balance on the Balance Sheet if the following are true:

  • The Beginning Balance value in the Reconciliation Settings window matches the beginning balance from your bank statement.
  • The Statement Date of your reconciliation matches the Balance as of date in the Balance Sheet.
  • The correct Ending Statement Balance was specified in the reconciliation.
  • The Difference field in the reconciliation is 0.00.
  • No deposit slips with a date after the Statement Date that contain transactions on or prior to the Statement Date exist.

If all of the above is true and the two numbers still do not match, it may be due to one or more of the following:

  • One or more deposit slips are dated after the Statement Date and contain transactions on or prior to the Statement Date.
  • Reconciled journal entries dated after the Statement Date exist, and the total debits and credits for these entries are not equal.
  • Journal entries dated on or before the Statement Date were added or edited after the reconciliation was finalized.

For more information, including steps to troubleshooting a difference between these two numbers, refer to Knowledge Base Article R11661, “GLS Reconciliation Troubleshooting.”

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