Consolidating GL Transactions

Consolidating GL Transactions

There may be cases where a single bank deposit transaction (right side) matches with multiple GL check deposits (left side). These may be manually matched as in the example below by manually checking the match box, as long as the Total Marked fields agree.

The Consolidate feature can also be used to group the GL check deposits into a single Deposit entry. To accomplish this, click on the Consolidate button (top right corner of GL side). This launches the Transaction Grouping/Consolidation window.

Enter a description (possibly a deposit slip number) in the Transaction Number field, and the date of the deposit in the Transaction Date field. Enter the deposit slip amount in the Transaction Amount field. Locate the GL transactions in the Available Transactions list (lower portion of the window), select them and click Add. This will move them to the Transactions Included section of the window to be included in the consolidation.
If the GL transactions are not easily identified, the Restricted display option can be used to limit the transactions included in the Available Transactions list. Clicking the expansion button next to the Restricted display option will launch the Range Selection window.

The Range Selection window allows the user to enter one or multiple criteria to use in filtering the transactions displayed in the Available Transactions grid (see details on Range Selection options on page 52). Apply the selected filter(s) by clicking on the OK button. This will close the Range Selection window and apply the filter.

Select the appropriate transactions, or use the Mark All box, then click the Add button. This will move the transactions to the Transactions Included grid. Verify that the total Transactions Included is equal to the Transaction Amount, and click the Save button to create the consolidated transaction.

Close the window and go back to the Reconcile window. There will now be one GL entry with the reference being the Transaction Number and one bank transaction that are the deposits. Mark the deposit transactions on both sides and click the Match button to manually match the transactions.

Once all of the transactions are matched, verify that the Difference field is zero, then click on the Reconcile button to reconcile your bank account. All the matched transactions will be removed from the Reconcile window and reports will be generated detailing the entire reconciliation.

If you have any questions, pleaseĀ contact us.