FinancialForce Tips & Tricks – Balancing Aging to the General Ledger
Author: Nancy Hornschuch
On occasion you may find yourself in a position where your FinancialForce AR or AP Aging report doesn’t tie to General Ledger reports. Don’t panic! There are steps to take within the system to find the variances.
Journals were created using the incorrect line type when posting to a control account.
Payable Invoices or Sales Invoices were posted to a period/date AFTER the corresponding cash entry was entered.
The Payable Invoices or Sales Invoices date does not match the corresponding period.
Cash Matching and Undo Matching were performed with incorrect dates and/or periods.
Some variances are generated by user error, while others may be simply a matter of timing and will clear by the end of the following month. Still others may be an intentional mismatch between document date and period and will simply be exceptions listed on your month-end reconciliation. Based on the issues listed above, reports can be created to identify the differences and provide you with the details needed to reconcile your Aging to your General Ledger.
To eliminate the various causes, it is helpful to follow these few tips:
Create a validation rule to prevent users from posting to AR or AP with a journal line type of “General Ledger Account”.
Always perform cash matching as of the LATER of the dates of the documents.
Do not change the Period calculated by the system when entering Sales or Payable Invoices.
Always use the same date and period as the original match when performing Undo Match.
If you find yourself in the position that your Aging reports do not tie out with your General Ledger reports, don’t panic! Foundry52 can help with reconciliation training and also provide the necessary custom reports to quickly zero in on these discrepancies.
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