At the end of each fiscal period, accountants the world over say goodbye to their families to begin the process of tracking down the differences between their subledgers and their general ledger. After driving themselves crazy locating that last $50, they usually find that the differences related to misplaced decimals, mis-matched units of measure, rounding differences, date synchronization or a variety of other extremely common data related issues.
What a lot of GP users don’t know is that there is a tool available in Dynamics GP to assist you in your reconciliation process. Many transactions can be matched or identified as unmatched using the built in reconciliation tools of GP. Out of the box Dynamics GP can attempt to reconcile the subledger transactions to their general ledger counterparts for the receivables, payables, inventory and chequebook modules. This is a very handy tool that alleviates a lot of the initial tick and tie work, but it won’t help you get to the bottom of what actually caused the exceptions in the first place. For that you need a more advanced tool such as The Closer from Reporting Central.
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