At the end of each month the following should be completed to make sure the Creditors are balancing with the General Ledger
Step 1: Run an Aged Creditor Balance
Path: Creditors > Aged Creditor Report
NOTE: This report is based on your LIVE DATA; this means it will print information based on outstanding creditor invoices at this point in time. Meaning it will not print an Aged Creditor report retrospectively showing what invoices WERE outstanding in January 2009, but only what invoices entered up to January 2009 are still outstanding now today. Nor will the system allow you to print a Creditors Reconciliation report for past Periods.
1. Leave From Creditor and To Last Creditor blank for all to include all creditor balances in the report (for both Aged Report and Reconciliation), or select from and to a specific creditor code (for Aged Report only).
2. Select to print the Aged Report in Summary (total outstanding per creditor) or Full Detail (showing the outstanding invoice details) format, will not affect Reconciliation Report.
3. Leave the Aging Date as default (today’s date).
4. Select [report Style] Aged Creditor Report.
5. Select to [Print to Window] or [Print to Printer]
6. [Run report] - print and keep a copy of this report
Step 2: Run Creditors Reconciliation Report
This report reconciles the balance of the outstanding creditor invoices as per the Aged Creditor Report to the General Ledger Creditor Control Account (taking into account any unfinalised Invoice or Payment
Batches) and reports back any variance between the two balances.
NOTE: The Creditor Reconciliation report should be printed at least MONTHLY and filed for audit
purposes, but it can be printed at any time to check the validity of the creditors’ data.
Creditors Reconciliation Report – Name (Alias)
If a variance exists between the GL and Creditor Balances it is most likely a transaction that has been
posted incorrectly to the GL Creditor Control Account. Cancelled cheques or Journals incorrectly posted
directly to the Control Account is usually the main cause of a variance in the Creditors Reconciliation.