Question

Month End reconciliations

  • 14 May 2021
  • 5 replies
  • 525 views
S
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Does anyone have tips for Month end recs?  I’v tried to look at the account matching but can’t understand it.

 

Is there a way of matching GL accounts over different entities?

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5 replies

N
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Userlevel 7
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Hi, 

The Account Matching process is used to match one or more debit transactions from one specified account with one or more credit transactions from the same account in the General Ledger. This can be done manually or automatically. 

Refer below flow diagram in online documentation to get clear identification on it.

Hope this information would helpful. If you need more information please update. 

Best Regards

Narmada

MadushaDissanayake
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Userlevel 7
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Hi @SMcLees

If you are asking whether accounts matching is enabled to match GL accounts across different companies (multi company), as far as I know, the functionality is not available at the moment in application. 

If you think this could be an area for improvement, please let know to create an idea which could then be further evaluated for next core release.

 

As Narmada has provided you can either manual or automatic matching,

Manual Matching - Manually match the transactions by selecting the relevant line​

  • Enter accounts for which the transaction matching should be performed, in Accounts Matching window​

  • Open Account Matching window and enter Account, Date or Period and Voucher Category for Manual Matching​

  • Tick the transactions to be matched – they will move to the lower section of the screen

  • Difference must be zero for a match to be saved

  • Cancel a performed matching of transactions if necessary

Automatic Matching - Automatically match the transactions using Automatic Matching RMB​

  • Enter account for which the automatic transaction matching should be performed, in Accounts for Automatic Matching​ window

  • Perform Automatic Matching via Right click > Automatic Matching​

  • Open Account Matching dialog box and enter Matching date or Period and specify relevant Automatic Matching Attribute.​

  • Once matching data is specified, the matching will be  automatically executed as a Background job.​

  • Successfully matched transactions will carry Matching ID & Matching date.​

  • View matched transactions using given RMB option

You also can use Unmatched Transactions Report 

Furthermore, you can view the matched transactions in GL Voucher Rows Analysis too

Feel free to let us know if you have more questions.

 

Thanks and Best Regards

Madusha

S
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Userlevel 6
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Thanks @MadushaDissanayake I’ll work through that

 

If you think this could be an area for improvement, please let know to create an idea which could then be further evaluated for next core release.

 

How and where do I suggest this?  

MadushaDissanayake
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Userlevel 7
Badge +17

Hi @SMcLees,

 

I will create an idea in IFS Community. Could you please let me know the business scenario as well?

 

Thanks and Best Regards

Madusha

S
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Userlevel 6
Badge +9

@MadushaDissanayake Thanks for this.

 

My idea is that we have GL codes that net to zero, both in same entity and across different entities, and if we could match these transactions it would be simpler to see which ones are remaining that have been posted one GL code/entity but not the reverse

 

I currently do this to an extent with bank statements and it lets me quickly see at end of month that they balance, but how can I extend this to all other GL codes

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