How do I reconcile the general ledger in Excel?

Posted on by Muna Meyer

How do I reconcile the general ledger in Excel?

How to Use Excel to Reconcile GL Accounts

  1. Type the name of the general ledger account and the general ledger account number at the top of the Excel spreadsheet.
  2. Enter the month and year to be reconciled below the GL name and number.

How do you do a GL reconciliation?

To complete a general ledger reconciliation, accountants typically follow these steps:

  1. Obtain necessary details of the general ledger account.
  2. Reconcile ending account balances to supporting documentation.
  3. Investigate discrepancies.
  4. Prepare adjusting journal entries, if necessary.
  5. Accuracy.
  6. Prevention.
  7. Adjustments.

What general ledger accounts should be reconciled?

Many companies use subsidiary ledgers, which are most commonly the accounts receivable and accounts payable ledgers. The general ledger reconciliation will require that subsidiary account balances match up properly with the general ledger.

What is the format of general ledger?

A general ledger account has two sides debit (left part of the account) and credit (right part of the account). Each of the general ledgers debit and credit side has four columns.

How do you reconcile bank statements with a general ledger?

Once you’ve received it, follow these steps to reconcile a bank statement:

  1. COMPARE THE DEPOSITS. Match the deposits in the business records with those in the bank statement.
  2. ADJUST THE BANK STATEMENTS. Adjust the balance on the bank statements to the corrected balance.
  3. ADJUST THE CASH ACCOUNT.
  4. COMPARE THE BALANCES.

How do you write a general ledger analysis?

The reconciliation process at the account level typically comprises the following steps:

  1. Beginning balance investigation. Match the beginning balance in the account to the ending reconciliation detail from the prior period.
  2. Current period investigation.
  3. Adjustments review.
  4. Reversals review.
  5. Ending balance review.

What is reconciliation in Excel?

At the end of any accounting period, reconciliation involves matching balances and ensuring that debits (credits) from one account for one transaction is same as the credit (debits) to another account for the same transaction.

What is general ledger in ERP?

The General Ledger (GL) is the primary accounting record for a business. It tracks all financial transactions and is used to generate the company’s financial statements, including the Income Statement and Balance Sheet.