Balancing the G/L Reconciliation Report
The G/L Reconciliation report compares the client reports to PCLaw® journals and to the General Ledger. Client reports and the journals are sub-ledgers for the G/L control accounts that track their balances. A control account is simply the G/L account number that tracks the balances of entries that appear on the sub-ledgers (client reports and journals). When you make an entry in PCLaw, it posts to the sub-ledgers and G/L separately so you can reconcile the amounts before closing the month or completing year end procedures.
The G/L Reconciliation Report provides the amount of imbalances between the sub-ledgers and G/L control accounts when they occur. Depending on your accounting method, you can have imbalances in the Client/Journal column, Journal/G/L column, or both. Imbalances that appear in the Client/Journal column indicate that there is a difference between the balance on the client report (Client Ledger or Client Trust Listing) and the journal balance (Trust Bank Journal, General Bank Journal, Billing (Fees) Journal, etc.). Imbalances that appear in the Journal/G/L column indicate that there is a difference between the balance on the journal and the balance for the G/L control account. Always reconcile differences that appear in the Client/Journal column before reconciling differences that appear in the Journal/G/L column.
You can troubleshoot and correct imbalances for the following report sections:
You can also view a Just in Time Training Tutorial Video about Year End G/L Reconciliation. To begin the video, open the site, log in, and register for the class. A link to the Just In Time Training Tutorial topic will be listed on your My Courses page in LexisNexis® University.