Reconciling Accounts Payable in WESPaC. Presented by Sean Schaeffer

Transcription

1 Reconciling Accounts Payable in WESPaC Presented by Sean Schaeffer

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3 Agenda Two Points of Comparison Factors of AP Balance Solution for Reconciling AP

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5 Two Points of Comparison What is being reconciled? GL 601 s Summary Balance for a Given Time Period Supporting Transactions for the Same Time Period

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7 Factors of AP Balance 1. Invoices accrued but not paid within the same time period Including invoices not yet paid

8 Factors of AP Balance 2. Invoices paid but not accrued within the same time period Typically, prepayments accrue to GL 430 (or an Asset account)

9 Factors of AP Balance 3. Original invoices with Reversals posted in a different time period Original invoices are denoted with a status of DH Posted reversals are denoted with a status of VH Each DH should have one and only one VH Cross-reference the Created From value of the VH to the FFAPIM-ID of the DH

10 Factors of AP Balance 4. Reversals with their original invoices posted in a different time period 5. General Inputs (e.g., Journal Entries) without an offset within the time period

11 Factors of AP Balance 6. Direct distribution on AP invoices

12 Factors of AP Balance 7. Comp tax accrued but not paid, or paid but not accrued, in the same time period Only applicable if Comp Tax accrual account code is the same as AP accrual account code (GL 601 in most cases) Recommend accounting for Comp Tax accrual with GL 630, which is the GL cited by WA district accounting manual

13 Factors of AP Balance 8. Direct distribution on other transactions Payroll, including assignment to Deduction and Benefit Codes AR invoices Other sources

14 Factors of AP Balance 1. Invoices accrued but not paid within the same time period 2. Invoices paid but not accrued within the same time period 3. Original invoices with Reversals posted in a different time period 4. Reversals with their original invoices posted in a different time period 5. General Inputs (Journal Entry) without an offset 6. Direct distribution on AP invoices 7. Comp tax accrued but not paid, or paid but not accrued, in the same time period 8. Direct distribution on other transactions

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16 Solution Kit Two Budgetary Data Mining or Account Management reports One for balances One identifying miscellaneous transactions

17 Solution Kit A set of Crystal Reports (Customer Portal > Reporting >Crystal Reports>Financial Management > Fin Accounts Payable) APRecon-B-APInvoiceReport-AccruedorPaidOnly-005.rpt APRecon-C-APInvoiceReport-InvoicesWithoutReversals- 005.rpt APRecon-D-GeneralInputHistory-SelectedAccount-005.rpt APRecon-E-APInvoiceReport-SelectedDistributionAccount- 005.rpt APRecon-F- APInvoiceReport-CompTaxAccrual-005.rpt

18 Solution Set Reconciling AP in WESPaC The un-official AP Reconciliation Excel workbook, Reconciliation Workbook - WESPaC AP Accrual v003.xls Workbook contains instructions for the following reconciliation procedure

19 1. Copy the template worksheet 2. Fill in the Reconciliation For with the Account Code and Time Period for reference

20 3. Run Budgetary Data Mining Report and obtain Beginning Balance and Ending Balance Beginning Balance at FY Start field for year-to-date reconciliation Beginning Balance Monthly field for month-to-month reconciliation

21 4. Copy balances into spreadsheet Beginning Balance to A Ending Balance to I

22 5. Run APRecon-B-APInvoiceReport- AccruedorPaidOnly-005.rpt and copy report total to line B Identifies the following AP reconciliation factors: #1 - AP invoices accrued but not paid within this time period #2 - AP invoices paid but not accrued within this time period

23 Report Selection Parameters

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26 6. Run APRecon-C-APInvoiceReport- InvoicesWithoutReversals-005.rpt and copy report total to line C Identifies the following AP reconciliation factors: #3 Original invoices with their Reversals posted in a different time period #4 - Reversals with their original invoices posted in a different time period Same Parameter Interface and Selections as the B report

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29 7. Run APRecon-D-GeneralInputHistory- SelectedAccount-005.rpt and copy report total to line D Identifies the following AP reconciliation factor: #5 General Input transactions for time period

30 Report Selection Parameters

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32 8. Run APRecon-E-APInvoiceReport- SelectedDistributionAccount-005.rpt and copy report total to line E Identifies the following AP reconciliation factors: #6 Direct distribution on AP invoices Excludes Comp Tax-generated invoices They are included on the F report Same Report Parameters Selection as the D report

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35 9. Run APRecon-F- APInvoiceReport- CompTaxAccrual-005.rpt and copy report total to line F Identifies the following AP reconciliation factors: #7 Comp tax accrued but not paid or paid but not accrued in the same time period Includes Comp Tax-generated invoices ONLY run if Comp Tax Accrual Account Codes is the same as the AP Accrual Account Code Same Report Parameters Selection as the D report

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37 RECONCILED

38 10. Add other total of any other applicable transactions to line G Identifies the following AP reconciliation factors: #8 Other transactions Run a Balance Sheet Detail report Select all Sources except AP, CR, JE, CD, YP, SB.

39 Example: Additional Reconciliation Needed

40 Balance Sheet Detail Report

41 Example: Additional Reconciliation Needed RECONCILED

42 Still a discrepancy? Contact your Service Center

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44 Recap Reconciling GL balance to supporting transactions Factors impacting GL Balances 1. Invoices accrued but not paid within the same time period 2. Invoices paid but not accrued within the same time period 3. Original invoices with Reversals posted in a different time period 4. Reversals with their original invoices posted in a different time period

45 Recap Factors impacting GL Balances 5. General Inputs (Journal Entry) without an offset within the time period 6. Direct distribution on AP invoices 7. Comp tax accrued but not paid, or paid but not accrued, in the same time period 8. Direct distribution on other transactions

46 Recap Solution kit and procedure Account Management Reports Set of Crystal Reports Excel Workbook

47 What are your questions? Reconciling AP in WESPaC

48 Thank you for attending. We appreciate your participation. Washington School Information Processing Cooperative