This article highlights recommended items to review for month end. You may have other month end processes however, the purpose of this article is to ensure transactions totals in the sub-ledgers roll up to the General Ledger. Within the REALedger system, the sub-ledgers are: Agent Charge Aging (30,60,90,120) report, AP Aging (30,60,90,120) report, Trust Audit report, and the Bank Reconciliation.
Complete all Bank Reconciliations making certain you are balanced to the bank and balanced to the General Ledger.
To be certain, check the last page of the Preview Worksheet to ensure there is $0.00 balance for both ‘Difference’ and ‘Bank Recon to GL Balance Difference’ fields.
Refer to the Trial Balance report via General Ledger > Reports > Trial Balance
Verify the totals on the last page for Debit and Credit columns are the same value.
Refer to the Agent Charge Aging (30,60,90,120) report via Agents > Reports > Agent Charge Aging (30,60,90,120)
Verify the total at the end of the report matches the Agent’s Accounts Receivable balance on the Trial Balance report.
Refer to the AP Aging (30,60,90,120) report via Accounts Payable > Reports > AP Aging (30,60,90,120). Remember to change Aging Basis to the Invoice Date:
Verify the total at the end of the report matches the Accounts Payable balance on the Trial Balance report
Refer to the Trust Audit Report via Sales > Reports > Trust Audit
Leave the default for Open and Closed Trust selected and leave Starting Date blank
Enter the last day of the month you are reconciling in the Ending Date field
Verify that the total at the end of the report matches both the Trust Asset and the Trust Liability balance on the Trial Balance
After completing the above items, navigate to General Ledger > Processing > Post the General Ledger
Enter the Ending Date and leave all other defaults intact; select Show Exceptions:
If you have exceptions, they will be noted in the Exceptions grid. All exceptions must be fixed before the system will allow you to to post. To fix exceptions, select the Reset button– this will cancel posting process
Once exceptions are fixed you will be able to post.
It is not necessary to post the General Ledger at the end of each month: this can be done end of a Quarter or fiscale year end (FYE) as preferred.
For assistance with reconciliations please contact us online or call 888-661-6600