The reconciliation report for open invoices is a report designed to assist you in "/fi/tasmaytys/tasmaytysohje.html"reconciliation by allowing you to compare the daily balance of the sales ledger or accounts payable and the daily balance of accounts receivable or the payment transaction account.
The report can be found in section: Accounting > Reconciliation tools > Reconciliation report for open invoices.
If there is a difference in the balance, it is shown in the Difference column and the date is shown in red. The Change column shows by how much the difference has changed from the previous day, i.e. the system calculates the difference between the selected and the previous row, which represents the change.
Type drop-down menu you can select whether to view open sales or open purchases.
In the Status drop-down menu you can select whether to include “Business transactions” only or “All” transactions in all statuses in the account balance.
In the Time period selection, define the time period you wish to reconcile. The default dates are the fiscal year start date and the current date. The start date selection must be the first day of the oldest open tracking period or the first day of the oldest open fiscal year.
Buttons in the view
Search button updates the balance list. You must click this button when you have changed the search conditions Type, Status or Time period.
The HTML button shows the search result in HTML format.
The Excel button exports the search result to Excel.
The report database is updated automatically every night, but if you have edited or entered receipts after the update and want to include the changes in the report, you must click the Update reporting database button.
The Search open invoices button opens the Receipt search view with its open sales or purchase, travel and expense invoices as of the selected day. It is not possible to return from the Receipt search to the report; instead you must run the report again via the Reconciliation tools.
The Accounting account inspection report button opens the Accounting account inspection report, which shows the selected date’s transactions, if the accounts receivables or the payment transaction account is selected. Closing the report will return you to the Reconciliation report for open invoices.
The Sales transactions button is used when dealing with sales. This button opens the Sales transaction report, which shows the transactions for the selected date. Closing the report will return you to the Reconciliation report for open invoices.
The Reference payment report button is used when dealing with sales. This button opens the Reference payment report, which shows the selected date’s transactions. Closing the report will return you to the Reconciliation report for open invoices.
The Outgoing transactions button is used when dealing with purchases. The button opens the Outgoing transaction report, which shows the selected date’s transactions. Closing the report will return you to the Reconciliation report for open invoices.
You can add notes to reconciliation rows of your search results by adding text to the Notes column. Notes are automatically saved. If you want to remove your note, delete the text from the Notes column.
If the user lacks rights to any of the functions described above, the button will not be visible in the view.
Reconciliation of the accounts payable with the help of a report
In the report, the reconciliation type of the accounts payable is selected as Purchases and status is set to Business transactions (there should not be any unfinished transactions for the period in question). The time period is set from the beginning of the period to be reconciliated to the end of it. When the Search button is clicked, the application lists the daily balance of the accounts payable (open invoices) and the balance of account 2880 in accounting. Their difference is shown on the right. Please note that the difference is shown as cumulative.
- It is recommended to check the difference from the beginning of the period, that is the first date when a difference has occurred.
- When the reason for the difference is found, any corrections are made after which the reporting database is updated and checked that the difference has been corrected, and then any subsequent differences are clarified.
The same report can be used for finding the reasons for the difference:
- The Outgoing transactions report shows which invoices have been paid on a particular date or marked as Paid elsewhere.
- You can check which payments have been set off from the account by using the Bank statement report.
- Use the accounting account inspection report to check what has been entered into accounting on a specific date.
- Search open invoices shows which invoices are open in the sales ledger and accounts payable.
For example, the following reasons could be the cause for the difference:
- If the due date of salaries is in the month to be balanced but salaries have not been paid, this creates a difference between open invoices and accounting. The difference is the sum of the unpaid salaries, because salaries are not shown in open invoices.
- Cash discounts (an invoice has been set as paid but the debt has not been adjusted in accounting) or exchange rate differences (similar to the cash discount).
- An invoice has been marked to status Paid elsewhere, but the debt has not been adjusted in accounting.
- Transactions have been entered on a bank statement against accounts payable but the corresponding invoice has not been entered into accounting as debt. For example, if the invoice date is later than the payment date. Usually, such invoices can be found if the search criteria are set so that the accounting date has been defined starting from the first day of the following month and the payment date has been defined until the last day of the month being reconciliated.
Reconciliation of the sales ledger with the help of a report
In the report, the reconciliation type of the sales ledger is selected as Sales and status is set to Business transactions (there should not be any unfinished transactions for the period in question). The time period is set from the beginning of the period to be reconciliated to the end of it. When the Search button is clicked, the application lists the daily balance of the sales ledger (open invoices) and the balance of account 1700 in accounting. Their difference is shown on the right. Please note that the difference is shown as cumulative.
- The Reference payment report can be used for checking reference payments for a specific date as well as related invoices and sums. At the same time, you can see if a reference payment is unallocated and therefore causes a difference.
- The Sales transaction report shows which invoices have a sales transaction for a specific date. The sum of invoices that have the status Paid should match the sum in the previous report (an invoice has the Paid status only if its reference payment has been allocated). It is recommended to check Paid elsewhere markings, that is why they have the status Paid elsewhere (you can use the transactions description credit invoice, bank statement, etc.). Does the same report also have a credit invoice for the invoice that also has the status Paid elsewhere, or why has the invoice been marked to the status Paid elsewhere.
- You can use the Bank statement report to check which transactions are included in the statement as a deposit on a specific date (without a reference). Is it a payment to a sales invoice, has it been entered on the accounting page of the bank statement into accounts receivable? Has the invoice been marked as Paid elsewhere (compare with the previous report)?
- Use the accounting account inspection report to check what has been entered into accounts receivable on a specific date. Are there incorrect postings?
- The Search for open invoices shows invoices that are in the sales ledger; this may be helpful in clarifying the situation, for example, if an invoice is in the sales ledger but it has not been entered to account 1700.