DEBTORS RECONCILIATION
 
Delegated Staff: Credit Control Supervisor, Credit Controllers & Financial Manager.

DEBTORS RECONCILIATION:

The Debtors Age Analysis balance must be reconciled every month with the General Ledger Control account balance. This ensures that all transactions processed on the AS400 are recorded in the General Ledger Control account, because of the fact that the Debtors system on the AS400 is not integrated with the General Ledger on Pastel Accounting.

REPORTS REQUIRED TO DO THE RECONCILIATION:

AS400

·         Payments Report (Debit Orders)

·         Payments Report (Cash)

·         Payments Report (Cheques)

·         Internet deposits (Transfers)

·         Debit Notes Report

·         Credit Notes Report

·         Debtors Control Totals Report

Pastel Accounting: (General Ledger)

·         Debtors Control Account

Reconciliation:

·         Previous month’s Debtors reconciliation between Age Analysis and Control accounts.

1.     Agree all payments from AS400 reports to General Ledger Control Accounts

2.     Agree all outstanding deposits in General Ledger Control Accounts to previous month’s reconciliation.

3.     List all outstanding payments not agreed to General Ledger Control account as reconciling items.

4.     List all outstanding deposits in General Ledger Control Account not agreed to AS400 payments report as reconciling items.

5.     Agree all Debit Note and Credit Note transactions on AS400 reports to General Ledger Control Accounts.

6.     Agree all Debits and Credits in General Ledger Control Accounts to AS400 Debit Note and Credit Note reports.

7.     List all Debit and Credit Note transactions not agreed to General Ledger Control Accounts as reconciling items.

8.     List all Debits and Credits in General Ledger Control Account not agreed to AS400 Debit and Credit Note transactions as reconciling items.

9.     Agree all listed reconciling items for current month to previous month’s Reconciliation.

10.  Reconciling items that can not be agreed and remain outstanding must be carried forward to the current month’s reconciliation as reconciling items