Ar to Gl Reconcilation
2
AR TO GL RECONCILATION AGING-7BUCKETS --closing balance of the previous onth or opening balance of the current onth T!ANSACTI"N#!EGISTE! --I$entif% the Invoices& Cre$it 'eos& (ebit 'eos an$ suppleentar% Invoice (etails A))*IE( !ECEI)T !EGISTE! --to i$entif% the receipts +hich are a$,uste$ against invoices (ebit eos UNA))*IE( !ECEI)T !EGISTE! --to i$entif% the receipts +hich are l%ing unapplie$ to an% invoices (ebit eos A(.UST'ENT !EGISTE! --to i$entif% the sall balance a$,ustents those +ere $one on invoices IN/"ICE#E0CE)TI"N#!E)"!T --to a$,ust the transaction register for an% transactions that are not opens to receivables an$ therefore $o not sho+ up on %our aging AGING-7BUCKETS --report as of the current onths closing for closing balan Arithetic )rocess for reconcile A! "pen aging 1 Transaction register balance 1 - A$,ustent register balance 2-3 Invoice E4ception Balance 2-3 Unapplie$ !eceipts Balance 2-3 Applie$ !eceipts Balance -------------------------------------------------------------------- Arithetic Total shoul$ be e5ual to the closing balance -------------------------------------------------------------------- No+ copare the AGING -7BUCKETS - G* ACC"UNT +ith the T!AI* BA*ANCE to see if the balance in the Sub *e$ger as sho+n b% the aging repor the sae as in the Trail Balance6
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Ar to Gl Reconcilation
Transcript of Ar to Gl Reconcilation
AR TO GL RECONCILATION
AR TO GL RECONCILATION
AGING-7BUCKETS --closing balance of the previous month or opening balance of the current month
TRANSACTION_REGISTER --Identify the Invoices, Credit Memos, Debit Memos and supplementary Invoice Details
APPLIED RECEIPT REGISTER --to identify the receipts which are adjusted against invoices/Debit memos
UNAPPLIED RECEIPT REGISTER --to identify the receipts which are lying unapplied to any invoices/Debit memos
ADJUSTMENT REGISTER --to identify the small balance adjustments those were done on invoices
INVOICE_EXCEPTION_REPORT --to adjust the transaction register for any transactions that are not opens to receivables
and therefore do not show up on your aging
AGING-7BUCKETS --report as of the current months closing for closing balanceArithmetic Process for reconcile AR
Open aging
+ Transaction register balance
+/- Adjustment register balance
(-) Invoice Exception Balance
(-) Unapplied Receipts Balance
(-) Applied Receipts Balance
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Arithmetic Total should be equal to the closing balance
--------------------------------------------------------------------
Now compare the AGING -7BUCKETS - GL ACCOUNT with the TRAIL BALANCE to see if the balance in the Sub Ledger as shown by the aging report is the same as in the Trail Balance.
