Sales

This account reconciliation is an Income account type and a Subledger Match reconciliation type. This type of reconciliation is used when you are comparing a total from the General Ledger to a total from another accounting information system.

The Description shown tells you what should be recorded in this account. The monthly entry is created from the 5105 report.

The Company Policy section states that sales should be recorded only at the time material is actually shipped.

Below is the reconciliation for this account for the month ended 12/31/2010.

The reconciliation has been Prepared, Approved and Reviewed as noted by the appropriate staff members. Below is the Reconciling Item for the 12/31/2010 entry for the $100,000 accrual for items shipped but not recorded in time for the month end closing procedure.

This item has an Open Date of 12/31/2010 and a Close Date of 1/1/2011. Normally we suggest you wait until January to actually enter the Close Date to make sure the item has been corrected. This example shows that you can enter the Close Date immediately and it won't effect the current month reconciliation.

The month end report is shown here:

This particular account is reconciled with no Unidentified Difference.

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