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Microsoft Dynamics GP 2010 : Speeding up month-end processing with Reconcile to GL functionality

2/1/2013 6:34:14 PM
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One process that can be extremely time consuming is balancing subledgers to the general ledger to ensure that everything in the system is balanced. An out-of-balance situation can occur if users change the GL account on a subledger transaction. For example, if a user changes the payables account on an AP subledger transaction, the AP subledger no longer matches the AP GL account.

Another common occurrence is that users post general ledger transactions to an AP or AR control account without going through the appropriate subledger. This means that the general ledger is updated but not the subledger, resulting in an out-of-balance situation.

Dynamics GP provides a feature to facilitate reconciling accounts payable and accounts receivable to the general ledger. The Reconcile to GL feature uses Microsoft Excel to provide an analysis of matched and unmatched transactions. In this recipe, we'll look at how to use the Reconcile to GL feature to balance subledger accounts to the general ledger. For our example we'll look at balancing accounts payable.

How to do it...

To use the Reconcile to GL feature:

  1. 1. In Dynamics GP select Financial from the Navigation Pane and select Reconcile to GL in the Routines area.

  2. 2. In the Reconcile to GL window set the Module to Payables Management. Use the lookup button (indicated by a magnifying glass) next to Accounts to select account 000-2100-00. Repeat this process for account 000-2105-00 on the next line. As the sample company tracks discounts, we need both accounts. For the sample company don't change the dates:

  1. 3. Click on Process to start the reconciliation. Microsoft Excel will open up a reconciliation sheet:

  1. 4. Subledger transactions are on the left and General Ledger Transactions on the right. Unmatched Transactions are at the top followed by Potentially Matched Transactions and Matched Transactions. At the bottom is a reconciliation of the differences.

  2. 5. Finally, users would use the unmatched and potentially matched information to make adjusting entries in the GL or subledger to correct out-of-balance transactions.

How it works...

The Reconcile to GL feature for AP and AR fills an important role during month-end close. Balancing subledgers to the general ledger is an important step in ensuring the correctness of financial statements. The Reconcile to GL feature in Dynamics GP makes this easier than ever. The use of Microsoft Excel as the balancing mechanism provides a familiar, easy-to-use interface for users.

There's more...

Some firms do a poor job of monthly balancing and find that they are significantly out of balance at year end. Additionally, the Reconcile to GL feature of Dynamics GP only covers accounts payable and accounts receivable. Many companies also need this functionality for other subledgers.

Balancing the year

Whether through inexperience or a lack of oversight it is not unusual to find firms where the subledger and general ledger have been out of balance for most of the year. The best way to approach this problem is to start with the oldest out-of-balance month and work forward one month at a time. Trying to balance the entire year at once requires an overwhelming amount of data and can actually make balancing more difficult.

When AP and AR aren't enough

Although the Reconcile to GL feature of Dynamics GP works well it doesn't address any subledgers except accounts payable and accounts receivable. There is a third-party option named The Closer from Reporting Central. The Closer offers similar reconciliation functionality for AP and AR as well as Inventory, Cash, Sales Order Processing, Cost of Goods Sold, and Accrued Purchases. For companies that require more than simple AR and AP reconciliation, this is a great option. More information about The Closer is available at http://www.Reporting -Central.com.

 
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