How do you do GL account reconciliation?

How do you do GL account reconciliation?

To complete a general ledger reconciliation, accountants typically follow these steps:

  1. Obtain necessary details of the general ledger account.
  2. Reconcile ending account balances to supporting documentation.
  3. Investigate discrepancies.
  4. Prepare adjusting journal entries, if necessary.
  5. Accuracy.
  6. Prevention.
  7. Adjustments.

How do I reconcile AP subledger to GL?

From the Accounts Payable Reports menu, select GL Reconciliation, Period End Report for AP Accts. In the Period end cut-off date box, enter the period end date for the period that you want to reconcile. Click Ranges, make a note of all the account numbers, and then click Cancel.

What is SL GL reconciliation?

Reconciliation of the general ledger to sub-ledgers is another type we will review. The general ledger also contains all journal entries posted to accounts. In currently computerized world, the ledger is maintained in an electronic form. A sub-ledger is a thorough record of transactions for an individual account.

How do you reconcile inventory to general ledger?

How to reconcile inventory: a 5-step process

  1. Step 1: Check your physical inventory count.
  2. Step 2: Compare physical count with inventory records.
  3. Step 3: Look at inventory deliveries/shipments since the last reconciliation.
  4. Step 4: Double down on discrepancies.
  5. Step 5: Consistently reconcile your inventory.

What is GL journal entries?

The journal consists of raw accounting entries that record business transactions, in sequential order by date. The general ledger is more formalized and tracks five key accounting items: assets, liabilities, owner’s capital, revenues, and expenses.

In which type of accounting system there is need for reconciliation?

Reconciliation of Cost and Financial Accounts – Integral Accounting System (With Journal Entries) Maintaining one set of accounts under an integral accounting system eliminates the necessity of operating cost ledger control account in financial ledger, and general ledger adjustment account in cost ledger.

What is GL and sub GL reconciliation?

Reconciliation of the general ledger to sub-ledgers is another type we will review. The general ledger (or simply “ledger” or “G/L”) is a collection of all balance sheet and income statement accounts. A sub-ledger is a thorough record of transactions for an individual account.

How does a GL account work?

In accounting, a general ledger is used to record all of a company’s transactions. Within a general ledger, transactional data is organized into assets, liabilities, revenues, expenses, and owner’s equity. After each sub-ledger has been closed out, the accountant prepares the trial balance.

How do you do cogs reconciliation?

Manually Running the COGS Process

  1. Navigate from Main Menu > Accounting > General Journal.
  2. At the list view, click Actions > Generate COGS Reconciliation.
  3. If applicable, enter the Limit-To Date (see below for important details), then click Yes.

How do you fix inventory discrepancies?

Resolving inventory discrepancies

  1. Check for computation errors.
  2. Re-count stock.
  3. Check for mixed products.
  4. Check for similar stock on other locations.
  5. Ensure ideal units of measurements.
  6. Verify outstanding orders.
  7. Verify that the SKU or product identification numbers are correct.