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Last modified on 12/3/2015 3:23 PM by User.

Tags:
Balancing, G/L, Outside, Source, Balance, Bank, Statement

Balancing G/L with Checking Account - Using an Outside Source to Balance the Bank Statement

 

If you DON’T use Task #20 (Check Account) in the A/P module to balance to your checking account bank statement, this document explains what reports to print to verify the correct amount in the G/L Checking Account number. 

  

Each month, post the P/R, A/R and A/P interfaces into the G/L module.  Then post any recurring and monthly manual journal entries.  The next procedure is to print the G/L Trial Balance.  On this report each G/L account with a balance, will print the ending balance.  The ending balance for the Checking Account G/L account number should match the outside source ending-balance, after balancing to the bank statement.  On the outside source, after balancing to the bank statement, you will need a “Checkbook Balance”.  This is the amount, if EVERYTHING cleared the bank.  This is what the G/L Checking Account should equal.

 

As you are following this document you may find you need to make manual journal entries.  Keep a list of all of the manual journal entries that will be needed and a detailed description of why they are needed.  Then at the end make all the manual journal entries at one time.

 

 For this document, the example for the Checking Account G/L account number is 102-00-01.   We will also say we are balancing August 20xx.  

 

 

STEP 1: the A/R SIDE

 

  • Go into General Ledger (Module 4)
    • ​YTD Master (Task 20)
      • ​Print selected YTD records (Sub-task 4)
        • ​Make selections on printer screen
          • All divisions
          • All transactions #’s
          • All batch #’s
          • Type in A/R for the transaction source
          • Type in I for the transaction type
          • All amounts
          • Print report by 2) G/L Account number / Sub-division / TRX date
          • Starting & ending G/L Account Number, type in the G/L account # of the checking account, per this example 102-00-01
          • Starting & ending TRX date, type in the month being balanced, for this example 08/01/xx – 08/30/xx
          • Suppress detail records? NO

        • The Grand Total: should equal the “Total Amount Received” from the Cash History report, which is printed in the next step.

        • It should also equal the “Total Amount Received” column from the A/R Daily Balancing Spreadsheet

        • This should equal the total of the deposits on the outside source

  • ​Go into the A/R module:

    • Cash/Receipts History (Task 20)

      • ​Print Selected Records (Sub-task 4)

        • Make selections on printer screen

          • All batch #’s

          • All G/L account #’s

          • All Transaction types

          • Print report by 2) customer number / document date – division number

          • All customer #’s

          • Print for just the month being balanced i.e. 08/01/xx – 08/30/xx

          • All division #’s

          • Suppress detail records? YES

          • Go to the last page of the report, to “Total Cash Received”.

        • ​It MUST equal the G/L YTD report printed above

        • It MUST also equal the “Total Amount Received” column from the A/R Daily Balancing Spreadsheet

        • This MUST equal the total of the deposits  on the outside source

  • ​Go into the A/R module:

    • Cash/Receipts History (Task 20) (print another cash history)

      • ​Print Selected Records (Sub-task 4)

        • Make selections on printer screen

          • All batch #’s

          • Starting & ending G/L Account Number, type in the G/L account # of the checking account, using this example: 102-00-01

          • All Transaction types

          • Print report by 2) customer number / document date – division number

          • All customer #’s

          • Print for just the month being balanced, i.e. 08/01/xx – 08/30/xx

          • All division #’s

          • Suppress detail records? NO

        • ​This report should be blank.  If there is anything on this report, it means in A/R Cash/Receipts Entry & Editing (Task 2), someone used the G/L account # for the checking account in field #14 and an amount in field #15.  This should never be done!   Make appropriate manual journal entries in the G/L module to correct.

    • ​Sales distribution (Task 11), Sales Distribution by Account Number, by Invoice Date SDBADI

      • ​​Make selections on printer screen

        • All divisions

        • Starting & ending G/L Account Number, type in the G/L account # of the checking account, for this example 102-00-01

        • Print for just the month being balanced, 08/01/xx – 08/30/xx

        • All invoice #’s

        • Suppress detail records? NO

      • This report should be blank.  If there is anything on this report it means something was posted (invoice, credit memo, debit memo, finance charge), using the G/L account # of the checking account, for this example it would be 102-00-01. This should never be done!  Make appropriate manual journal entries in the G/L module to correct.

 

 

STEP 2: the A/P SIDE

  • Go into General Ledger (Module 4)
    • ​YTD Master (Task 20)
      • ​Print selected YTD records (Sub-task 4)
        • Make selections on printer screen
          • All divisions
          • All transactions #’s
          • All batch #’s
          • Type in A/P for the transaction source
          • Type in I for the transaction type
          • All amounts
          • Print report by 2) G/L Account number / Sub-division / TRX date
          • Starting & ending G/L Account Number, type in the G/L account # of the checking account, for this example 102-00-01
          • Starting & ending TRX date, type in the dates you are balancing, per the example 08/01/xx – 08/30/xx
          • Suppress detail records? NO

        • The “Grand Totals” should equal the “Grand Total” on the Voucher History report (which is printed in the next step).

        • The “Grand Totals” should also equal the A/P Daily Balancing spreadsheet “Check Register” column.

  • ​ Go into the A/P module

    • ​Voucher History (Task 19)

      • ​Print Selected Records (Sub-task 4). 

        • Make selections on printer screen

          • All batch #’s

          • All vendor #’s

          • All vendor types

          • All divisions

          • Starting & ending invoice date, type in the dates you are balancing, per the example 08/01/xx – 08/30/xx

          • All check #’s

          • All voucher #’s

          • Suppress detail records? YES

        • Paid Entries Within Date Range  Paid Total (Net Change To Cash) should equal:

          • ​The G/L YTD report printed above for A/P

          • The total of A/P Daily balancing spreadsheet, “Check Register” column.

    • A/P Expense Distribution (Task 11)

      • ​Make selections on printer screen

        • Starting & ending invoice date, type in the dates being balanced, per the example 08/01/xx – 08/30/xx

        • All vendor #’s

        • Starting & ending G/L Account Number, type in the G/L account # of the checking account, per the example 102-00

        • All dept #’s

        • Print item detail? Y

        • All payor divisions

        • All expense divisions

      • This report should be blank. If there is anything on this report, in means someone used the G/L account # for your checking account on a voucher.  This should not be done.

 

Step 3:

Make the appropriate correcting manual journal entries in the G/L module.