General Ledger Reconciliation Summary

This is perhaps the most important report in RecWizard. It summarizes the reconciliation status for all the accounts that you have set up in your company file. The report is created in "real time". The information in the report is created at that moment that the report is run showing the current status of all reconciliations. Below is the report for the month ended December 31, 2010. (Remember, you do not have to include every account in your database, only the ones you need to reconcile on a regular basis.)

When you select this option from the main menu the following dialog window will appear:

First, enter the Reconciliation Date for the period you wish to create the report for, then  select the accounts you want the report for. You have three options.

1. Key Control Accounts - shows only the accounts that you have identified in your account setup as Key Control Accounts. Use this report to check only the most important reconciliations to see if they have been completed.
2. Active Accounts - shows all accounts that are currently active whether they are Key Control accounts or not. This report would show all accounts that you currently have classified as "Active".
3. All Accounts - shows all accounts whether they are Key Control accounts or not and whether they are Active or not. Use this report when you are running the report for a prior period when you may have some accounts that were active at the time, but are now inactive.

This is what the report will look like for All Accounts:

As you can see, all the accounts have been reconciled as of December 31, 2010 and there are no Unidentified Differences - except for account 8800 Legal Expense.

Account 8800 - Legal Expense was last reconciled for the month ended November 30, 2010. You can also see that because it was not reconciled there is an Unidentified Difference of $3,099.84. This account was purposely left incomplete so you could see how an incomplete item appears on the report.

You can also see that most of the reconciliations have been Prepared, Approved, and Reviewed. Accounts 14XX and 15XX have only been Prepared, while account 1260 has been Prepared and Approved.

As with any good control system, the individual reconciliations should be approved and reviewed by an appropriate supervisor or manager other than the person preparing the reconciliation. Depending on your own company's organization you may not use all three levels of documenting the preparation and review process.

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