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Reconcile Account Balances

The Sales Journal and Receipt Journal show you what would post to your General Ledger if posting were run for the same General Ledger date range. Once you have internally reconciled your transactions and receipts with your Sales and Receipt Journals, you can perform external reconciliation during and after the posting process. Posting within Receivables consists of two stages: General Ledger Transfer and Journal Import.

General Ledger Transfer extracts transaction and receipt data from Receivables and puts it into the General Ledger Interface table. You must then run Journal Import (from either Receivables or Oracle General Ledger) to create your unposted journals in the general ledger. A separate posting process is then run from within the general ledger to create posted journal entries. Receivables provides reporting tools to track and reconcile the posting process.

Reconcile the General Ledger Transfer Process

The General Ledger Transfer process produces an execution report that shows you the total debits and credits transferred. Compare this to your Sales and Receipt Journal totals and verify that they match. Be sure to use the same General Ledger Date ranges for the two journals and your GL transfer.

Receivables produces an Unposted Items Report if there are any items that cannot be transferred to the General Ledger Interface table. You must take into account the total untransferred items when reconciling your Sales and Receipt Journals with the GL transfer execution report.

Once transactions and receipts have been transferred to the General Ledger Interface table, they are considered 'posted' within the Receivables sub-ledger. Account balances for transactions and receipts can be reconciled by generating the Sales Journal by GL Account, the Receipt Journal (in 'Transaction' mode), and the Journal Entries report for posted items. The account totals in the Sales and Receipt Journals should match the corresponding account balances in the Journal Entries report.

Note: The Journal Entries report can generate multiple reports. The 'Detail by Account' report is probably most useful for reconciliation purposes.

The Journal Entries report shows the transaction and receipt numbers that contribute to a particular GL account. You can also run this report for unposted items to see a summarized version of what would transfer to the General Ledger Interface. Use the Sales and Receipt Journals to see more detailed information before the GL transfer.

Reconcile the Journal Import Process

Journal Import lets you create detail or summary journals. Choose the Detail option to see the transaction detail in your General Ledger. In this case, the program creates one journal line for each transaction. You can see this information when you run the Unposted Journals report from the General Ledger, or online using the Account Inquiry window in the General Ledger. Choose the Summary option if you do not want the invoice detail in your General Ledger and simply want the debits and credits summarized by account. In this case you will see one journal line for each accounting flexfield, per currency, instead of one journal line per invoice line.

Journal Import produces an execution report that shows you the total debits and credits for the journals it created. These totals should match the totals on the Posting Execution report.

To see your journals, run the Unposted Journals Report from General Ledger. The grand totals on this report should match the Journal Import Execution report.

Note: If you choose the detail option when you run Journal Import, the invoice and customer numbers appear in the description of your journal lines so you can easily see the invoices that affect each account.

Reconcile Posted Journal Entries

Once you have run the posting process in your General Ledger, you can see your posted journal entries by running the Posted Journals Report from the General Ledger. The grand totals on this report should match the totals on the Journal Import Execution report.

Report Options

Submit the above reconciliation reports from the Print Accounting Reports or the Submit Requests window. Submit General Ledger Transfer and Journal Import from the Run General Ledger Interface window. Submit the Oracle General Ledger reports from within Oracle General Ledger. Be sure to use the same General Ledger Date ranges when running these reports.

See Also

Receipt Journal

Sales Journal by Customer

Reconcile Outstanding Customer Balances

Reconcile Transactions

Reconcile Receipts

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