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Agenda
Presentation assumptions and objectives Why and how should we reconcile Setup issues Close procedures for each module, reconciliation results & two way drill down Additional Tips Conclusion Questions and Answers
Objectives
This presentation emphasizes the importance of on a regular basis so as to ensure improved control over financial information To discuss different setup issues and that may impact your ability to reconcile. To outline the month end close process for each module and give practical examples of expected reconciliation results.
Objectives
Payroll &Human Resources
Manufacturing subledgers
Financial subledgers
Objectives
ACCOUNTS RECEIVABLE Transactions - Invoices / Memos - Receipts Master Data - Customers -
FIXED ASSETS Transactions - Additions / Disposals - Depreciation Master Data - Asset Categories -
GENERAL LEDGER Transactions - Journals - Interfaces Master Data - Chart of Accounts! - Sources & Categories - Document Sequencing-
CASH MANAGEMENT Transactions - Reconciled Payments - Reconciled Receipts - Miscellaneous Transactions Master Data - Bank Accounts -
Establish your out of system procedures Ensure that all the standard functionality provided by the system is understood and used Make use of additional tools if necessary
Verification Reports
Sales Journal by GL Account* Receipt Journal Report* Journal Entries Report* Transaction Register* Adjustment Register Receipt Register Report* Aged Trial Balance* Invoice Exceptions Report Applied Receipts Register Unapplied Receipts Register
Close Periods
Beginning AR Trial Balance + Transaction Register - Receipt Register +/- Adjustment Reqister - Prepayments Remittance Report* Ending AR Balance
26,763,035.64 Extracted from Trial Balance -42,887,671.89 Extracted from Trial Balance -16,124,636.25 x -3,656.73
Reconciliation Problems
If AR does not reconcile to the general ledger
Check that the reports have been run for the correct date/period Run GL Interface Make sure all Journals are posted in the General Ledger Re-Run both Trial Balance Reports Check for journal entries in the AR Control accounts in GL, not generated by AR. Check for Invoices raised against the AR Control account
Close Periods
Description (Previous Month) Accounts Payable Trial Balance + (Current Month) Posted Invoice Register - (Current Month) Posted Payment Register (Current Month) Accounts Payable Trial Balance
Reconciliation Problems
If AP does not reconcile to GL
Check that the reports have been run for the correct date/period. Run GL Post in Accounts Payable. Post all payables generated batches in the General Ledger Re-Run both Trial Balance reports Check for Journal Entries in the AP control account, not generated by Accounts Payable. Check for Payments/Invoice Distributions made against the AP control account.
Verification Reports
Cost Detail Report* CIP Detail Report Asset Addition Report Cost Adjustment Report Asset Retirements Report Asset Reclassification Reconciliation Report Asset Transfer Reconciliation Report CIP Capitalization Report CIP Assets Report Unposted Mass Additions Report
Close Periods
96,630,049.23
Alternative reconciliation using FOR0674 Tutor Business Form Printing of Reconciliation Report
Close Periods
Conclusion
Reconciliations are important in order to identify problem areas and rectify them on a timely basis. Procedures should be put in place to facilitate reconciliation as well as ensure that the organisation is making use of all possible tools. Setups as well as inquiry and reporting tools have a significant impact on the ease of reconciliation.
Please come and see my next presentation: Take the pain out of Public Sector Budgeting implementation Setups Thursday January 29th, 2004 at 03:30 PM in room 20D.
Speaker Information
Name : e-mail : Richard Byrom richard@rpcdata.com richard@richardbyrom.com Company : RPC Data Ltd Web Site : http://www.rpcdata.com http://www.richardbyrom.com