Tag: General Ledger
GL Accounts Out of Balance
Excessive time is spent in reconciling inter-company due to/from accounts because intercompany transactions have to be entered manually for each company. Transactions are re-keyed into multiple databases and there are errors. Sometimes, transactions are not recorded in all companies, or they get recorded incorrectly, resulting in difficulty reconciling the inter-company balances. The reconciliation of bank accounts is manual. It takes too much time to reconcile a bank account. You have a manual process of entering deferred revenue transactions or are using recurring entry transactions to handle the recognition of deferred revenue. Transactions are missed, not recognizing revenue when they should….
Read More »Difficulty Maintaining Reporting Models and Accurate Data from GL
Posted by AJ Amjad Khanmohamed
— April 23, 2017
in Difficulty Maintaining Reporting Models and Accurate Data from GL
After your data has been entered in your GL, you need to manually map your GL structure to the one used in the Corporate reporting model. This takes too much time and there are errors. Once mapping is complete, you have to manually re-enter data from your GL. It is difficult for you to maintain an updated reporting model. You cannot make changes to the model, add a new reporting unit, or change a formula, or if you do have to manually make those changes everywhere in the model. It takes too much time and there are errors-you miss some…
Read More »General Ledger Out of Balance
Reasons Lot of time taken to update the general ledger with journal entries / transactions? How do you do it today? Enter separate transactions into general ledger and Bank Reconciliation file to track cash? Is it manual? Does that cause errors? It is difficult to reconcile accounts and multiple checkbooks? Is there need to keep another form of books, such as excel, to make sure the data is correct? How much time does that take? Are there inconsistencies? Need to make manual adjustments to the general ledger for adjustments? Need to enter multiple transactions? How much time does it take?…
Read More »