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Posted: 25-Jun-2008 at 07:25 |
When using Peach General Ledger, all the transactions done on the trading side automatically gets posted into the GL. Therefore every month we need to make sure that the GL is balancing with the trading side. Mainly we need to check 3 major accounts: Customer, Supplier and Stock. If we make sure these 3 accounts balance and do a Bank Reconciliation every month everything else normally falls into place. In order to balance Customer, Supplier and Stock we need to run few reports of the trading side and check the balances against corresponding accounts in the GL.
(a) We need to run the Aged Customer Report Prior Date under Reports and Customer (It might be a good idea to print the last page of this report for future reference). (b) Then in the GL we need to go to the GLedger screen and bring up the GL account for Debtor and check if the Amount Unpaid in the Aged Customer Report matches the closing balance. (c) If it does then Customer balances. (d) If not then we need to go back to the trading side and under Reports and Trading and Post run the report that says GL Posting Analysis Debtor for the month (assuming this is the 1st month). This report gives a consolidated view of Trading side and GL from Customer point of view. It compares the Debtor in GL to the Customer in Trading side and gives us a variance for each day of the month, if there is any. Whenever there is a variance we need to then try and track down what is causing the variance whether it is an Invoice or a Receipt or a Journal. And then basically fix the transaction.
(a) We need to run the Aged Creditor Report Prior Date under Reports and Supplier (Again it might be a good idea to print the last page of this report for future reference). (b) Then in the GL we need to go to the GLedger screen and bring up the GL account for Creditor and check if the Amount Unpaid in the Aged Creditor Report matches the closing balance. (c) If it does then Supplier balances. (d) If not then we need to go back to the trading side and under Reports and Trading and Post run the report that says GL Posting Analysis Creditor for the month (assuming this is the 1st month). This report gives a consolidated view of Trading side and GL from Creditor point of view. It compares the Creditor in GL to the Supplier in Trading side and gives us a variance for each day of the month, if there is any. Again whenever there is a variance we need to then try and track down what is causing the variance whether it is a Goods In or a Batch Creditor Invoice or a Payment. And then fix the transaction that is causing the variance.
(a) We need to run the Stocktake Report Prior Date under Reports and Product (Again you might to print the last page of this report for future reference). (b) Then in the GL we need to go to the GLedger screen and bring up the GL account for Stock On Hand and check if the Adjusted Stock ($ Value) in the Stocktake Report matches the closing balance. (c) If it does then Stock balances. (d) If not then we need to go back to the trading side and under Reports and Trading and Post run the report that says GL Posting Analysis Stock for the month (assuming this is the 1st month). This report gives a consolidated view of Trading side and GL from Stock point of view. It compares the Stock in GL to the Stock in Trading side and gives us a variance for each day of the month, if there is any. Again whenever there is a variance we need to then try and track down what is causing the variance whether it is COGS or a Goods In or a Stocktake. Once we figured out what the problem is we need to fix the transaction. Sometime it might not be feasible to go back and reverse all the transaction and process it again properly. In that case, we need to fix the GL through Journals but take note of what caused the variance at the first place and make sure that doesnt happen again in future.
(a) First thing to make sure is the Bank Statement is for the same date that we are balancing the GL (in this case 31/03/2008). (b) Go in to the BankRec screen. At the top put the Statement Balance. Then basically go through each transaction in the printed Statement and present the corresponding transaction in the BankRec screen. (c) The goal is to come to a 0 variance. If all the transactions in the Statement has a corresponding transaction on the screen. And the opening balance at the start of the month matches. Then it should come to a 0 variance. Once we reach that point we need to save the view and click on Report at the top right hand side to print the BankRec report. We need to keep this report for future references. At this point the GL is fully balance for the month. We recommend that the GL is locked after it has been balanced through GL Date screen at the top right hand side. So that it stops us from putting any prior dated transaction in the system which would upset the balances. Edited by Susmita - 25-Feb-2011 at 02:38 |
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