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The Reconcile is used to show you which nominal and ledger accounts are out of balance.
To access the Schedule go into the Nominal Ledger, select the Reports tab and click the Reconcile button at the top of the window.
The window displayed will look similar to the below:
It is important for accounting purposes to ensure that certain nominal ledger balance sheet accounts reconcile to the relevant departmental reports.
This is often required as part of the month end process.
However, whilst reports are available to produce schedules of balance sheet accounts at the month end, this in itself does not produce a route to reconcile that these are correct.
In order to derive that the schedules generated are correct and that the balance sheet balances with the departmental reports, the system will produce reconciliations of a number of balance sheet accounts every night.
The following accounts are reported on daily :-
- Sales Ledger Control Account
- Purchase Ledger Control Account
- Purchase Ledger GANI Control Account
- Vehicle Stock Accounts (New/Used/Demo etc).
In addition, whilst no reconciliation is carried out, a parts stock list and a Work in progress report are archived each night.
For each nominal account, the value from the Trial Balance at the date reported is displayed, along with the total of the relevant departmental report (eg The Sales Ledger Debtors Report for nominal code 0.0.60.1). Any difference between the two is highlighted.
To find more detail on any single line, double click on the line in question :- (e.g. for Vehicle Stock).