Debtors reconciliation enquiry

Use this to ensure your financial statements are correct. You can use the Debtors Reconciliation Enquiry to help you reconcile your sales ledger accounts with the nominal ledger. The reconciliation enquiry shows any discrepancies between the debtor's control nominal account(s) and the sales ledger.

It shows the following for the selected period:

  • The opening balance of your debtors control nominal account(s).

    These are the debtors control nominal accounts you specified on the Reconciliation Enquiry Settings in the Nominal Ledger.

  • The totals of any transactions posted to the debtors control nominal accounts from the sales ledger.
  • The totals of any currency gains or losses posted to the nominal ledger.
  • The totals of any journals posted directly to the debtors control account(s).
  • The closing balance of your debtors control nominal account(s).
  • Any discrepancy in the opening balance and closing balance of the debtors control nominal account(s), that did not arise from the sales ledger.

If there is a discrepancy, this usually means that the aged debt report in the Sales Ledger will not reconcile with the debtors control nominal account(s) in the Nominal Ledger. However, having no discrepancy does not mean that aged debt reports and the debtors control nominal account(s) will match.

For more information on how to investigate any differences, see Investigate differences between ledgers.

The enquiry only works with open item sales ledger accounts.

Before you can run this enquiry you must have set up the default nominal account for the enquiry in the Nominal Ledger.

You must:

  • Select the debtor and creditor control nominal accounts you want to see in the report in the Reconciliation Enquiry Settings.

To use the debtors reconciliation enquiry

Open: Sales Ledger > Sales Enquiries > Debtors Reconciliation Enquiry.

  1. Select an accounting period and click Display to view the reconciliation information for the period.

    The following information is displayed:

    Debtors Opening Balance

    This shows the closing balance(s) for the debtor's control nominal account(s), from the period immediately before the period you have selected.

    Note: This balance could change if the relevant sales ledger period is not closed. Further sales ledger transactions may have been posted the next time you use the Debtors Reconciliation Enquiry.

    Invoices, Credit Notes, Receipts and Payments

    These show the total of the original base currency value of sales ledger transactions that are posted to the nominal ledger for the selected accounting period.

    Note: This is based on the period the transactions are posted to the nominal ledger, not the transaction date. For example, you enter an invoice on February 4th that is dated January 29th, and the nominal ledger period for January is closed. The transaction is posted to the nominal ledger in February but will appear in the sales ledger balance for January.

    Opening Balances

    This shows the total net value of opening balances dated in the selected period.

    Opening balances do not update the nominal ledger and so do not carry an accounting period. However, opening balances are included on the aged debt reports.

    The incorrect use of opening balances can cause discrepancies, so these details are shown to help you identify possible problems with this.

    Currency Adjustments

    This shows the total value currency adjustment gains and losses that are posted to the nominal ledger for the selected period.

    These are:

    • Any currency gains or losses posted to the debtors control account(s) when outstanding invoices are revalued in the selected period.

      This occurs when you revalue your customer accounts.

    • Any currency gains or losses from the allocation of receipts or payments, posted in the selected period.

      This occurs when the exchange rate on the allocated receipt or payment is different to the exchange rate on the original invoice or credit note.

    Net Change

    This shows any difference between the total sales ledger transactions posted to the debtors control account(s) and the balance on the debtors control account(s) in the nominal ledger.

    Debtors Journals

    This shows the total value of any journals that have been posted directly to the debtors control nominal account(s) from the nominal ledger, for the selected period. These are not present in the sales ledger.

    Note: We recommend that journals are not posted directly to the Debtor Control Account(s).

    Previous Year Adjustments

    This shows the total value of any previous year journals entries that have been posted directly to the debtors control nominal account(s) in the selected period.

    Note: We recommend that journals are not posted directly to the Debtor Control Account(s).

    Debtors Closing Balance

    This shows the balance on the debtor's control nominal account at the end of the selected period.

    Discrepancy

    This is the difference between the opening and closing balances on the debtors control nominal accounts(s) that did not arise from the sales ledger.

    The Discrepancy is calculated in the following way:

    (Debtors Opening Balance + Net Change from Sales Ledger) - Debtors Closing Balance.
  2. To display related transactions in the Drilldown Details section of the window, select a totals item.
  3. When you have finished viewing the details, click Close.
See also

What do you want to do?

Reconciliation enquiry settings

Investigate differences between ledgers

Overview

Reconciling sales and purchase with nominal ledger

Customer workspaces and enquiries

Other tasks

Customer reports

Reference

Default nominal accounts

Enter previous year journals