GL Account Reconcile

A useful tool for managing corporate credit card, expense and other accounts that need to be watched closely. Much like the Check Register Reconcile, The GL Reconcile process keeps track of beginning balances, uncleared transactions and reconcile sessions.  (New AV 2017)

1. Activate Register

Any general ledger account may have an associated register. Simply navigate to General Ledger > Chart of Accounts, open the desired record and check the box to activate a register.  

Note: Accounts marked with the Setup Type "A - Checking" will automatically have a register created. Checking accounts are reconciled via the separate Check Register Reconcile,

When marking an Income or Expense account to reconcile, only the top level (xxxxx-000-000) accounts may be selected.

2. Select an Account to Reconcile

To open the reconcile screen, navigate to General Ledger > GL Reconcile. Select the account to reconcile from the pop up list.

3. Reconciliation Window

In the Reconciliation window you will see only unreconciled transactions that affect the selected account.

Note: To see a list of ALL transactions for a selected account, use the General Ledger > GL Transaction View process.

Compare the items from your credit card statement, expense reports, schedules, etc. to the list on your Reconciliation screen.

  1. Before clearing items, you must first enter the Statement Date and Statement Balance. This is the balance that you are reconciling "to".
  2. Select the transactions that have cleared the bank by clicking on them to highlight.
    • Pro tip: Check the Single-Click to Clear box to automatically mark selected items as cleared, then you can skip step 3!
  3. Once you have highlighted items to clear, click the Clear Selected button.
  4. When items are marked as cleared, the total Debits, Credits and Cleared Balance values will be updated.  The Difference value represents the amount needed to reconcile to match your statement.  If Difference is $0.00, then your cleared balance and statement balance agree.

4. Unmark Transactions as Cleared

If you make a mistake in marking transactions as Cleared, you will want to remove the Cleared status prior to reconciling.

  1. Highlight the transaction(s) that need to be Unmarked as Cleared.
  2. Select the Unclear Selected button.
  3. All values for the session will be updated at this point.

5. Saving an In-Process Reconcile Session

Depending on your preferences or workflow, you may wish to mark items as cleared but not yet reconciled.  You can save a reconcile session by clicking the DONE button.  AcctVantage will automatically load an in-process session (Current Session) when you return to the Reconcile screen.  In this manner, you may "clear" items throughout the month, and then reconcile once the statement arrives.

6. Reconcile and Update Statement Balance

When your DIFFERENCE is $0.00 and you wish to update your Last Reconciled Balance (statement balance), simply click on the Reconcile button.  AcctVantage will save the reconcile session, updating the Last Reconciled Date and Balance. The next time you bring up this account, the reconciled items will be removed from the list.

7. Reviewing a Previous Session

If you have a need to review a previous statement or reconcile session, use the pull down menu in the Previous Reconcile Sessions area.  Once selected, AcctVantage will load the items that were marked as cleared during that session.  The Last Rec. Date, Balance, Cleared Balance, etc. will all reflect the data for the chosen session.  (Note: AV will begin recording sessions in version 2017, reconciliations entered prior to this release are not available.)

Reviewing a Previous Session

8. Correcting or Deleting a Reconcile Session

If a mistake has been made while reconciling, you can easily Undo Last Reconcile to make a correction.

In the Previous Reconcile Sessions area, use the pull down menu to select the most recent session (you can only undo the most recent, but you CAN undo several sessions in sequence!). Once selected, AcctVantage will load the details of the session for review. If you wish to roll back that reconciliation, simply click the Undo Last Reconcile button.  AcctVantage will reset the Last Rec. Date and Balance, Cleared Balance and Difference values.  At that point, you can recreate your reconciliation as if it had never happened.

 

Correcting or Deleting a Reconcile Session