FINANCIAL RECONCILIATION At the end of each financial period it is important that a financial reconciliation is completed to ensure that all system balances in the G/L are accurate and match the transactions from which they have been generated. There are weekly reconciliations and period reconciliations. It is strongly recommended to close the week or period when reconciliations are complete. This document describes what tools are available if a reconciliation issue is identified. W E E K L Y R E C O N C I L I A T I O N At the end of each week a reconciliation should be generated by the system using the following method: From the base GlobalBake menu navigate to Week/Months > Week Balances Select a Week to reconcile by double-clicking with mouse or select and press 'Display' button. The reconciliation report can now be run to assess if there are any reconciling errors in the system for the selected Week. Click 'Reconcile' at the right hand side and click 'Print' to run the report. www.globalbake.com PAGE 1
www.globalbake.com PAGE 2
P E R I O D R E C O N C I L I A T I O N At the end of each financial period a reconciliation should be generated by the system using the following method: From the base GlobalBake menu navigate to Week/Months > Period Balances Select a Period to reconcile by double-clicking with mouse or select and press 'Display' button. The reconciliation report can now be run to assess if there are any reconciling errors in the system for the selected Period. Click 'Reconcile' at the right hand side and click 'Print' to run the report. www.globalbake.com PAGE 3
The report output is an analysis of the G/L balances, the Ledger balances and the Control totals. This reconciliation can also be viewed with an optional pivot analysis if you click yes to this prompt question. www.globalbake.com PAGE 4
In the example above all 3 totals match each other and there are no reconciliation anomalies at all in the system. This is quite normal and to be expected as the transactions that are created within the system are posted so the system keeps a separate control total and a G/L balance. All 3 values should remain reconciled. Occasionally, however, a transaction can cause an issue which is identified in total using this report. Typically, a value may be edited directly to resolve a GST or related rounding and this can sometimes generate a minor reconciliation issue. Other issues arising usually involve a direct post to the G/L instead of via the associated Ledger i.e. a journal adjustment to a Bank Account which is not done via the Cashbook. www.globalbake.com PAGE 5
S O L V I N G A R E C O N C I L I A T I O N I S S U E If an issue is identified there are some further utilities for identifying the exact cause of the issue. From the base GlobalBake menu navigate to Ledger > G/L Setup There are 3 functions to be used on the 'Reconciliation Tools' tab: Check A/R (Accounts Receivable or Debtors Ledger) Check A/P (Accounts Payable or Creditors Ledger) Check Stock (Inventory) By Clicking the function required the system will track through each transaction and identify any that appear to be causing a reconciliation issue. Simply double-click any line displayed to go straight to the transaction to resolve the reconciliation issue. Note: As per warning message these tools should not normally be run whilst the system is in use as they may give misleading results and hinder other system users as they are trying to work. www.globalbake.com PAGE 6
Remember to re-run your financial reconciliation report to check that all issues have been resolved. It is recommended practise to then close the Week or Period once you are satisfied that all transactions have been entered and the accounts have been finalised. This prevents transactions from being entered into completed Weeks or Periods. For related information please see online help doc: http://www.globalbake.com/help/downloads/ledger/endofmonthprocedure.pdf www.globalbake.com PAGE 7