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Vendor Balances are Off
Balance Sheet – Year End
Bank Account Setup
How to Void Pseudo EOPs
Vendor Balances are Off
We suggest you check a few things when the vendor balance report under Core reports does not match the vendor balance report on the Balance Sheet.
- Check the vendor balance reports for the prior months. You would want to pinpoint the month you went out of balance.
- Once you have located the month you went out of balance, you would run the Account History report located under Reports/General Ledger/Account History. On this report you are looking for manual journal entries that may cause the out of balance.
- Run the GL Reconciliation report located under Reports/General Ledger/GL Reconciliation. This report will display any invalid entries pertaining to the Bank Accounts, Client Balances, Vendor Balances and ARC Balances.
- Run the Receipts/Disbursement reports located under Reports/Payments. What you are looking for on these reports are Commtrack bookings closed using the pay method of Other. When a Commtrack booking is closed using pay method of Other this will cause a discrepancy with the vendor balance reports. See attached screenshot and the criteria to use when running the reports.
If you do have Commtrack bookings closed using payment method Other, you should void the vendor payment, then zero out the commission on the booking and closed the Commtrack booking using payment method Cash for zero dollars.
Balance Sheet – Year End
When the Balance Sheet figures appear inflated compared to the Income Statement the issue could be the prior year end was not done.
To check the year end entries, go to General Ledger (at the top) then Query, change the JE Type to Year End and select Query. All year end entries will display.
Bank Account Setup
- Setup a General Ledger account by going to General Ledger (at the top) then down to Accounts.
- Create an account in the 1000 series that has not be used.
- Go to Utilities\Setup\Bank Accounts and click on New and add a new bank account. Whatever name you want to give the new bank account goes in the Name and Description fields. Make sure you note the Bank number that’s assigned to the new bank account. See screenshot.
- Go to Utilities\Setup\GL Accounts, select the Bank Accounts tab, here is where you will point the Bank Number to the correct GL Account number for the new bank account. At the top of this page you will see Bank GL No and Conv GL No, point both accounts to the GL Account number for the new bank account and select Update then Ok. See screenshot.
How to Void Pseudo EOPs
You can query the Pseudo EOPs by going to General Ledger/Query, once on the Query screen change the JE Type to Standard then type PS in the Remarks field then select Query, this should bring up all Pseudo EOPs.
See screenshot below.
Highlight the Pseudo Post line and click void.