Lets have something informative for some important reports to reconcile Accounts Payable sub ledger to the General Ledger.
1. Accounts Payable Trial Balance
(Normally this report is run at the end of this period and the prior period. This represents your opening and closing AP Trial Balance)
The closing value per AP control account in this trial Balance should agree to the corresponding Account in the General Ledger Trial Balance.
If it does not, you will need to investigate why.
Run the following reports to assist you in the process:
o Posted Invoices report
o Posted Payments report
The Opening Account Payable Trail Balance (AP TB)
+ The Posted Invoice
- The Posted payments
= The Closing AP TB
The above formula is a key formula in attempting to identify the source of potential problems.
Note that in above:
The Aging Invoice Report Total should equal
The AP Trial Balance Total +
The Total of Swept (Unposted Transactions)
You may wish to perform this reconciliation as a further month end reconciliation check.
2.Invoice Aging Report
This is yet another important report which shows you a complete list of all unpaid invoices on the system irrespective of whether they are due for payment or not, whether they are on hold or not. This report groups invoices by how many days they are over due. The grouping of invoices by age past due is dependent on the Aging bucket selected for the report.
Running the Invoice Aging report is like running any other report. The key points to note are that
1. The report name to choose is "Invoice Aging Report"
2. It is recommended that you use the Standard Aging bucket.
Accounts Payable Trial Balance
The Accounts Payable Trial Balance shows you a complete list of all unpaid invoices on the system that has been transferred to the General Ledger, irrespective of whether they are due for payment or not. This report will assist with the month end reconciliation process.
Apart of the above, these are the additional reports which helps in completing account payable month end close procedure.
a) Invoice on Hold Report
b) This report normally run to identify the invoices with Holds that need releasing.
c) Payables Accounting Entries Report
d) Invoice validation report
Normally to approve multiple invoices run the "Invoice Validation" request.once this report request runs the payables approval process and produces a report detailing the types and number of holds placed on invoices as a result of this run.
e) Unaccounted Transactions Report
f) Final Payment Register
g) Reconciliation Reports