Recently, I listened in on a call where the customer was having an issue where their book balance didn’t agree with the General Ledger. They noticed this while trying to reconcile their statements in Bank Services.
Here is an example of what that would look like:
This week’s blog post will focus on how you can reconcile the book balance with General Ledger.
But before we do that, let’s take a look at what would cause the book balance and GL to be out of sync:
- A receipt was created with a deposit date that is different from the posting date.
- A bank reconciliation from a prior period was incorrect
- A bank entry was made and was not posted to GL
- A journal entry to the bank account was made directly from GL which only affects the balance in GL.
To make the book balance and GL reconcile, make sure you have posted any unposted bank entries to GL that was created in Bank Services.
When there is a difference between the book balance and GL account balance, it may cause bank reconciliations for future periods to retain the same discrepancy between the book balance and GL account balance.
The issue can be resolved by creating a bank entry to adjust the book balance to reconcile with the amount found in General Ledger. Doing that resolved the issue for the customer.
Here are the steps to follow:
1. Backup the Sage 300 ERP database.
2. Enter a Statement Balance to adjust the Adjusted Statement Balance to equal the Adjusted Book Balance.
3. Create a bank entry, the amount should be the difference between the book balance and the GL amount.
4. Post the bank reconciliation.
5. Delete the GL batch.
You must make sure there are no transaction reconciled or bank entries made prior to performing the steps above. Otherwise the bank entry amount will be different.
Do you have any other tips on making the book balance reconcile with GL? Let us know in the comments.
