Printer FriendlyThe General Bank Journal Balance and the G/L Do Not Reconcile
Problem Description:
There is an imbalance between the General Bank Journal balance and the General Ledger control accounts (sum of the 10xx General Bank account balances). The imbalance can appear on the G/L Reconciliation report under the General Bank section.
An amount appears in the Journal/G/L column of the G/L Reconciliation Report when there is an imbalance between the General Bank Journal and the G/L. An imbalance can occur for the following reasons:
- You enter a General Bank G/L control account number (1000, 1001, etc.) in the G/L Account column when you enter General Bank transaction. This effectively debits and credits the same General Bank G/L control account creating a net zero effect on the G/L
- You allocate non-General Bank transactions to the General Bank G/L control accounts.
- You back-date a General Bank transaction into a closed month
- You enter an incorrect G/L Opening Balance for the General Bank control account
- You enter an incorrect General Bank Opening Balance
NOTE:
An imbalance cannot occur in the Client/Journal column of the G/L Reconciliation Report because there is not a client report that tracks General Bank entries.
Suggested Action:
Take the following preliminary actions before you troubleshoot an imbalance between the General Bank Journal and the G/L:
- Rerun the G/L Reconciliation Report G/L Reconciliation and check mark Reread G/L Information to ensure there is still an imbalance on the report
- Find the first date of the imbalance on the G/L Reconciliation Report
- Find the last month closed
