The easiest way to reconcile debtors and creditors correctly, including exchange rate adjustments, is to use our dashboard: 'Debtor Reconciliation', located in the menu under Debtor/reports. Debtor reconciliation.
If you just want to check that the correct receivable (debtors) or the correct amount due (creditors) has been entered in the accounts, you can do this in different ways.
Here are two examples with debtors. The methods can also be used on creditors.
These 2 totals must match. If there are discrepancies, it is because there are manual entries on the collective account (this is not allowed, this account should be 'Blocked in draft' in the account setup so you cannot post directly to the account), or because there are exchange rate adjustments on the debtors. These can be seen in the field Exchange rate adjustment on debtors and creditors.
Method 1:
- Create a balance list per date in the debtor/creditor module under Debtor/Reports/Age-distributed balance list.
- Note the 'Total' sum.
- Create a bank statement of the debtor or creditor joint account under Finances/reports/bank statements.
These 2 totals must match. If there are discrepancies, it is because there are manual entries on the collective account (this is not allowed, this account should be 'Blocked in draft' in the account setup so you cannot post directly to the account), or because there are exchange rate adjustments on the debtors. These can be seen in the field Exchange rate adjustment on debtors and creditors.
Method 2:
- Go to Debtor
- Select period on "Advanced filter"
- Go to financial records under Finance/Reports/Records
- Under Layout "Other Fields" Master is the field "AccountType"
- Add this field
- Set the Advanced filter as shown.
- Both "Account type" fields must be debtor.
- Date must be the same period as Debtor. If a financial year is passed, "Primo" records must be deselected.
- Check that the total is below the amount (May need to be retrieved from Layout)
- Filters can be saved as a Layout
- The two amounts found must be equal.
- Any other postings to the omnibus accounts will be manual.
- If there are additional differences, they will be exchange rate differences. These can be seen in the field Exchange rate adjustment on debtors and creditors.