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peach
Admin Group THE BOSS Joined: 01-Jan-2006 Status: Offline Points: 1295 |
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Posted: 28-Aug-2008 at 08:55 |
If you have previously done a Bank Rec and it balanced, but now when you set the date back and re look at it it does not, Compare the GL Balance that was on the original one with the new one. If it has changed then transactions have been backdated. We need to establish transactions where the entry date is between the date of the current and the date of the balanced report but dated prior to the balanced report.
It is very important to print out the bank rec whenever you have balanced so you can refer back to it.
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peach
Admin Group THE BOSS Joined: 01-Jan-2006 Status: Offline Points: 1295 |
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Keep all your GL Codes a standard length so that reports work properly and orderly.
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peach
Admin Group THE BOSS Joined: 01-Jan-2006 Status: Offline Points: 1295 |
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When doing a Batch Creditor invoice you should never post it to the Purchases Control Account. The software would increase Stock on Hand if you do this however you have not added stock to the trading side, thus creating an inbalance. You can simply create a child account to the Purchases Control Account called Non Stock Purchases and make this account an add to the Purchases Control account.
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peach
Admin Group THE BOSS Joined: 01-Jan-2006 Status: Offline Points: 1295 |
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peach
Admin Group THE BOSS Joined: 01-Jan-2006 Status: Offline Points: 1295 |
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Hi Susmita
I've just come across an answer to one of my biggest puzzles when working with customer's GL
Balancing Aged Debtor and Creditor reports to GL control accounts
Users and accountants regularly want Aged Debtor and Aged Creditor reports at a certain date - eg June 30 - and then compare them with the GL balance for Debtor & Creditor Control
So you use the Prior Date reports
When they don't match, but your current debtor / creditor balances do match the GL, it's a drama trying to find the source
The GL Posting reports often show no variance, but there is
And the accountants are very unforgiving - they expect them to match exactly
One reason I have know for a while
If a user records a payment to an invoice that is dated in the future, then they run the Prior date report for a date between them, the report picks up only the invoice, not the payment and it is out by that amount
eg invoice on 4/8, payment recorded on 30/7, Prior date report run for 31/7
It will not find the payment and will not match the GL by that amount
Theoretically, you can't make a payment in July to an invoice that didn't exist until August
They make the mistake when they don't backdate the invoice (ie accept today's date) but then are more careful with the payment because they want their bank to reconcile
You can find and fix these by reversing and re-entering the payment at the correct dates
But that doesn't cover all instances- there had to be another source
Just found it
If a creditor invoice number is used more than once, it appears the Prior Date report will only find the first invoice
ie in the case we identified, someone had put in an invoice (Goods In) with a zero amount, then re-entered it with a positive amount
The Prior Date report missed the second invoice and was out by the amount of that invoice
Short answer is to recommend users put an A, B etc on the end of an invoice number when they use it a second time
There is a legitimate case for re-using invoice numbers, when they have to split an invoice between GL codes or between Goods In and Batch Creditor Invoice to divide expenses off from stock
Haven't yet thought of an easy way to search for them, maybe an Access query can find duplicates
Unless Steve can suggest something?
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peach
Admin Group THE BOSS Joined: 01-Jan-2006 Status: Offline Points: 1295 |
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When trying to work out if an entry is a debit or credit account, simply look at the GL setup screen and this lists all the different types of accounts and shows weathr they are a Debit or Credit account. It also shows weather the account displays on the P&L or Balance sheet
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peach
Admin Group THE BOSS Joined: 01-Jan-2006 Status: Offline Points: 1295 |
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discrepency GL posting analysis creditor **should only be run from the date it was started not including the date of the opening balances **payment discrep trading lower then paymnt made in GL Pay GeneraL TO creditor account
need to retrieve the payment and then use pay creditor screen. **gi in trading higher than gl, gi done probably no link to creditor tick on that transaction Discrepency GL posting analysis debtor There should be no transactions other than the journal entry on day of opening journals and (figure) shows reciepts change gl back to 31`jul
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