Reconciling sales and purchase with nominal ledger
To help you make sure that your financial statements are correct, we recommend that you reconcile sales and purchase ledgers with the nominal ledger regularly.
Reconciling the sales and nominal ledger is done by making sure that the total balance on your aged debt reports is the same as the balance of your debtors control nominal account(s) on the trial balance.
There may be occasions when the sales ledger balance does not match the balance in the nominal ledger.
To help you to investigate this you can:
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Use the Debtors Reconciliation Enquiry.
This identifies any discrepancies between the balance of the debtors control nominal account(s) for a selected period, and the sales ledger transactions posted to debtors control nominal account(s) in that selected period.
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Use the Closed Period Balances.
Once you have closed an accounting period for the sales ledger, you can view the period end balances for the closed period in Accounting System Manager. The View Closed Period Balances window shows the balance for the sales ledger and the debtors control accounts in the nominal ledger for the same period. You can compare the balances to identify any discrepancies and the periods in which they occurred.
Even if no discrepancies are shown in the Debtors Reconciliation Enquiry or View Closed Balances window, the sales ledger and the nominal ledger may not match.
Reconciling the purchase and nominal ledger is done by making sure that the total balance on your aged credit reports is the same as the balance of your creditors control nominal account(s) on the trial balance.
There may be occasions when the purchase ledger balance does not match the balance in the nominal ledger.
To help you investigate this you can:
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Use the Creditors Reconciliation Enquiry.
This identifies any discrepancies between the balance of the creditors control nominal account(s) for a selected period, and the purchase ledger transactions posted to creditors control nominal account(s) in that selected period.
-
Use the Closed Period Balances.
Once you have closed an accounting period for the purchase ledger, you can view the period end balances for the closed period in Accounting System Manager. The View Closed Period Balances window shows the balance for the purchase ledger and the creditors control accounts in the nominal ledger for the same period. You can compare the balances to identify any discrepancies and the periods in which they occurred.
Even if no discrepancies are shown in the Creditors Reconciliation Enquiry or View Closed Period Balances window, the purchase ledger and the nominal ledger may not match.
If you find that the sales and purchase ledgers do not match with the nominal ledgers, you can investigate the differences.
You must have:
- Produced a trial balance report.
- To reconcile sales ledger to the nominal, produced aged debtors reports to the end of same period as the trial balance.
- To reconcile purchase ledger to the nominal, produced aged creditors reports to the end of the same period as the trial balance.
What do you want to do?
Investigate differences between ledgers
Debtors reconciliation enquiry
Creditors reconciliation enquiry
Overview
Reference