As accountants one of the most daunting tasks each month is reconciling your sub ledgers to your general ledger. There are several things you as a controller or manager can do within your Dynamics GP ERP to help with this.
First to help avoid your sub ledger being out of balance on the financial card for your sub ledger control account, make sure the “Allow Account Entry” box is not checked. This will not allow journal entries from the GL to be posted to your sub ledger control account.
Next go into the fiscal calendar and close all prior periods and future periods. This will control the sub ledger transaction from being posted or applied in a wrong period. A wrong period would result in your sub ledger to be out of balance from your General ledger.
If you have taken your precautionary measures, and at the end of the month you find that you are out of balance with your sub ledger, you can reconcile by following the steps below.
- Within Microsoft Great Plains there is a “Reconcile to General Ledger” feature that you can run for each of your sub ledgers.
- To run this go to tools/routines/financial/reconcile to GL
- Select the ledger you want to reconcile to and the GL accounts.
- When you run this the system will produce an excel report that will tell you out of the transactions in your sub ledger and General ledger which ones are a match, possible match and not matched.
You can use the excel list to find any transactions that need to be adjusted so that you are in balance. Please note that even though you have this list you will still need to make any adjustments within your ERP manually.
Have more questions about sub ledgers or general ledgers? Need advice on your ERP system? Contact Collen at sales@ktlsolutions.com or by calling 301.360.0001.
COLLEEN WILLIAMS | Senior Business Software Consultant
Colleen graduated with a Bachelors of Science Degree in Accounting from California State University San Bernardino. She has extensive accounting experience over the past years working as staff accounting and controller. Colleen has over 10 years Great Plains experience which includes many implementations for private companies. She also has extensive experience with Business Intelligence, budgeting and report writing while working on BI360, QuickBooks, Oracle, PeopleSoft, Timberline and Solomon. Colleen has worked in various industries that include: real estate, property management, timeshare sales, publishing and insurance. These various industries have given her the necessary experience to handle large company consolidations and report writing, budgeting and forecasting, project accounting, sales invoice processing, and fixed assets.
