Reconciling month-end
Overview
Developing precise procedures for reconciliation should be a top priority for every company. It is a guarantee that your reports are accurate and that your data is in balance.
As a best practice, Axium recommends that you reconcile monthly. First, determine if your Trial Balance report is in balance and then balance each of the control accounts to the Trial Balance report.
Through normal workflow, Ajera keeps the subsidiary ledgers and control
accounts in balance. For example, when you print vendor checks, an entry
is made to the Accounts Payable control account to reduce the balance
by the total of the check. However, if you entered the amount of the check
as a debit to the Accounts Payable account in
Follow a work plan
- Determine if your Trial Balance report is in balance and then balance each of the control accounts to the Trial Balance report.
- To reconcile Ajera, follow these steps:
- Step 1: Reconcile the trial balance.
- Step 2: Reconcile cash accounts.
- Step 3: Reconcile accounts receivable.
- Step 4: Reconcile prepayments.
- Step 5: Reconcile work-in-progress accounts.
- Step 6: Reconcile accounts payable.
- Step 7: Reconcile salaries payable.
- Optional step: Reconcile gross wages for accrual accounting.