How do I Reconcile my Accounts Payable Check Reconciliation to the General Ledger when there is a Variance?

Accounts Payable reconciliation is located in the Accounts Payable module\Reconciliation tab. AP reconciliation is used to reconcile checks that were paid out for grants, admin vouchers and scholarships; anything that would be paid out of your checking account.

You can also choose to instead reconcile checking in FACTS if your checking account will participate in asset rebalancing. That is a separate process.

There are several things you can do.

• Run End-of-Year Closing process to be sure any adjustments to year end are reflected in the general ledger. So, even if you are working in the current year for AP reconciliation, past adjustments could affect the current period if they were not carried over to this year and would create variances.
• Double-check that all outstanding items are included in the transactions, especially any deposits made at the end of the month.
• Run a transaction listing from the Processes tab for the reconciliation period and run a Journal History report for the checking account. Compare the two reports by checking each item off and making sure that all transactions are on both reports.
• Check and see if items such as refunds were done incorrectly to incorrect GL accounts.

Tip: It is important to note that the check reconciliation is a tool which allows you to reconcile your checking account to the general ledger in FIMS. Since this is a tool, you can enter, edit and delete transactions from the checking account reconciliation transaction tab. Make sure all transactions affecting the checking account reconciliation are in the transactions tab and in the general ledger in the correct period.

All of the items processed through accounts payable are included in the transactions. Gift deposits are included if you use the gift deposit form in the gifts module. General ledger transactions are included if you say yes to Create AP in the journal entry in General Ledger prior to posting.

For additional information, please refer to the following:

Account Reconciliation 

If you have ran through the steps in the KB and cannot get this resolved, you will need to file a sales lead with professional services. Put as much detail as possible into the sales lead, inform customer that someone will be in touch to assist. Mark case as resolved\suggested resolution.