Precautionary review of setups and stored reports
Many of the items that affect your balancing activities were discussed and set up during your implementation phase. After your implementation phase is complete, review these setups and stored reports to reduce recurring errors and expedite reconciliation. These setups also apply to vendor, customer, and inventory control balancing procedures. Compare vendor and customer balances to the control account. Correct the setups or stored reports as necessary.
GL Account Setup
Use the Manual Posting option in GL Account Setup-General to allow or prevent manual posting for individual accounts. If this option is not selected for an account, you cannot inadvertently post General Ledger Distribution entries to this controlled account.
General Ledger integration hierarchy
Review the General Ledger integration hierarchy to ensure that the correct accounts are set up to produce the desired results. Understanding this hierarchy and logically setting up your system impacts your researching and balancing efficiency. Often, the same account is referenced several times or an account is incorrect. When you initially print the balancing reports, ensure that a separate account is established for each control account specified.
Establish stored reports
Establish the balancing reports as stored reports. Ensure you schedule the correct audit reports when all journal processing is complete and before the balancing reports are run. Postings that could affect the balances of the control accounts or the subsidiary detail could be occurring when you run the report.