Post entries and verify setup

1. Post in Accounts Receivable (AR) and General Ledger (GL) using Task, Post Entries.
2. Check your posting journals and verify there are no rejections. If there are rejections, fix them before continuing with the following steps.
3. Go to Accounts Receivable, File, Company Settings, AR settings, GL settings, Balance Sheet Accounts.
4. Write down the following accounts:
   • Accounts receivable account
   • Retainage receivable account
   • Customer cash receipt account

Reconciliation process

In Accounts Receivable

1. Go to Accounts Receivable, Report, Aging, Detail by Customer.
2. Select the Current AR transaction file.
3. Enter the Aging As Of Date for the month you’re reconciling. Note the month-end date that you enter.
4. For the Aging Basis, select Accounting date.
5. Select the Include Retainage Column checkbox (if necessary).
6. If your receivable and customer cash receipt accounts are the same account, click Start to print the report.
7. If your receivable and customer cash receipt accounts aren't the same account:
   1. Click Conditions.
   2. Add a condition for Cash Receipt Type not equal to Customer Cash Receipt.
   3. Click Start to print the report.

In General Ledger

1. Go to General Ledger, Reports, Year-to-date Ledger.
2. Select the Modify date range checkbox.
3. Enter the Start date as the beginning date for the month you’re reconciling. Use the same month from Accounts Receivable step 3.
4. Enter the End date as the ending date for the month you’re reconciling. Use the date you entered in Accounts Receivable step 3. Reconcile one month at a time.
5. If using prefixes:
   1. Click Conditions.
   2. Add a condition for the base account equal to the Accounts receivable account from AR.
6. If not using Prefixes:
   1. Range on the accounts receivable account that you noted from your Accounts Receivable settings.
7. Click Start to print the report.

Review the reports

Debit and credit amounts for invoices, cash receipts, and adjustments can appear differently based on the type of transaction. Some appear as a positive in General Ledger reports, others as a negative.

Receivable and retainage receivable accounts are the same account

1. Add the Aging Detail by Customer report Amount column total to the Retainage column total. Ignore the negative sign.
2. Compare that total to the ending balance for all accounts of the Year-to-Date Ledger.

Receivable and retainage receivable accounts are different accounts

1. Note the ending balance for the receivable account on the Year-to-Date Ledger.
2. Note the Amount column Report Total on the Aging Detail by Customer.
3. Compare the two totals.
4. Repeat the General Ledger steps 1-7, only change the Accounts Receivable account to the Retainage receivable account.
5. Note the ending balance for the retainage receivable on the Year-to-Date Ledger.
6. Note the Retainage column total on the Aging Detail by Customer. Ignore the negative sign on the retainage receivable totals.
7. Compare the retainage receivable totals.

If this month isn’t in balance, print the reports for the previous month and verify you’re still in balance. Repeat the steps above until you find the last month that is out of balance. Reconcile the out of balance months.

Reconcile customer cash receipt account

Use these steps if your customer cash receipt account isn't the same as the receivable account.

1. From Reports, select Aging, Detail by Customer.
2. Select the Current AR transaction file.
3. Enter the Aging As Of Date for the month you’re reconciling. Note the month-end date that you enter.
4. For the Aging Basis, select Accounting date.
5. Select the Include Retainage Column checkbox (if necessary).
6. Click Conditions.
7. Add a condition for Cash Receipt Type equal to Customer Cash Receipt.
8. Click Start to print the report.
9. Compare this report to the YTD ledger for the Customer Cash Receipt account. See the General Ledger steps above to run the YTD ledger with conditions or ranges.

How do debits and credits appear on different General Ledger reports and inquiries?

How can I print an Accounts Receivable Aging or Statement report by GL Prefix?