Monday, June 6, 2011     17:19

Frequently Asked Question

1. How to Reconcile Accounts Payable: GL Balance vs. Subsidiary Ledgers?
The importance of knowing how to reconcile accounts payable general ledger balance vs. accounts payable subsidiary ledgers gives importance on one's thorough knowledge of accounts payable process. This will serve as a guideline in reconciling account balances & in tracking down mistakes & inconsistencies.
The Basic Requirements of the Reconciliation Procedure
The basic requirements in learning how to reconcile accounts payable records include knowledge of the data that goes into the Accounts Payable General Ledger (AP-GL) control account and how this information is processed. Reconciliation per se is merely a method of confirming that the balance of all GL control accounts will tally with the aggregate amount of their corresponding subsidiary ledgers. Knowing what transactions are involved and in what way they are recorded will offer the guidelines for reconciliation.

2. What is a GL Control Account?
First, a reference to a general ledger or GL control account affects to the particular accounting component reflected in the financial statements. It is described as a control account because the end balance reflected for each accounting period will be the financial statement basis. An accounting period signifies any time--i.e. daily, monthly, quarterly, semi-annually, or annually--in which transactions are summarized in order to offer balances for financial reportorial purposes.
In addition, the GL control account basically summarizes frequent entries involving multiple sub-accounts; sub-account in this topic refers to the different.

3. What is General Ledger Account?
The General Ledger account signifies the balance sheet, which reflects the financial position at a particular point in time. GL accounts record how much is owned by the University (Assets), how much the University owes (Liabilities) and the difference between the two (Fund Balance or Net Worth). The Subsidiary Ledger will detail the transactions that affect the Assets, Liabilities and Fund Balance, which bring the General Ledger to its particular position in time. General Ledger accounts will follow the fund accounting equation:


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