Post on 02-Oct-2020
Reconciling Accounts Payable in WESPaC
Presented by Sean Schaeffer
Reconciling AP in WESPaC
Reconciling AP in WESPaC Agenda
Two Points of ComparisonFactors of AP BalanceSolution for Reconciling AP
Reconciling AP in WESPaC
Reconciling AP in WESPaC Two Points of Comparison
What is being reconciled?
GL 601’s Summary Balance for a Given Time Period
Supporting Transactions for the Same Time Period
Reconciling AP in WESPaC
Reconciling AP in WESPaC Factors of AP Balance
1. Invoices accrued but not paid within the same time period
Including invoices not yet paid
Reconciling AP in WESPaC Factors of AP Balance
2. Invoices paid but not accrued within the same time period
Typically, prepayments accrue to GL 430 (or an Asset account)
Reconciling AP in WESPaC Factors of AP Balance
3. Original invoices with Reversals posted in a different time period
Original invoices are denoted with a status of DH
Posted reversals are denoted with a status of VH
Each DH should have one and only one VH
Cross-reference the Created From value of the VH to the FFAPIM-ID of the DH
Reconciling AP in WESPaC Factors of AP Balance
4. Reversals with their original invoices posted in a different time period
5. General Inputs (e.g., Journal Entries) without an offset within the time period
Reconciling AP in WESPaC Factors of AP Balance
6. Direct distribution on AP invoices
Reconciling AP in WESPaC Factors of AP Balance
7. Comp tax accrued but not paid, or paid but not accrued, in the same time period
Only applicable if Comp Tax accrual account code is the same as AP accrual account code (GL 601 in most cases)
Recommend accounting for Comp Tax accrual with GL 630, which is the GL cited by WA district accounting manual
Reconciling AP in WESPaC Factors of AP Balance
8. Direct distribution on other transactions
Payroll, including assignment to Deduction and Benefit Codes
AR invoices
Other sources
Reconciling AP in WESPaC Factors of AP Balance
1. Invoices accrued but not paid within the same time period2. Invoices paid but not accrued within the same time period3. Original invoices with Reversals posted in a different time
period4. Reversals with their original invoices posted in a different time
period5. General Inputs (Journal Entry) without an offset 6. Direct distribution on AP invoices7. Comp tax accrued but not paid, or paid but not accrued, in the
same time period 8. Direct distribution on other transactions
Reconciling AP in WESPaC
Reconciling AP in WESPaC An AP Reconciliation Solution
Solution Kit
Two Budgetary Data Mining or Account Management reports
One for balances
One identifying miscellaneous transactions
Reconciling AP in WESPaC An AP Reconciliation Solution
Solution Kit
A set of Crystal Reports (Customer Portal > Reporting >Crystal Reports>Financial Management > Fin Accounts Payable)
APRecon-B-APInvoiceReport-AccruedorPaidOnly-005.rpt
APRecon-C-APInvoiceReport-InvoicesWithoutReversals- 005.rpt
APRecon-D-GeneralInputHistory-SelectedAccount-005.rpt
APRecon-E-APInvoiceReport-SelectedDistributionAccount- 005.rpt
APRecon-F- APInvoiceReport-CompTaxAccrual-005.rpt
Reconciling AP in WESPaC An AP Reconciliation Solution
Solution Set
The “un-official” AP Reconciliation Excel workbook, Reconciliation Workbook - WESPaC AP Accrual v003.xls
Workbook contains instructions for the following reconciliation procedure
Reconciling AP in WESPaC An AP Reconciliation Solution
1. Copy the template worksheet2. Fill in the Reconciliation For with the Account
Code and Time Period for reference
Reconciling AP in WESPaC An AP Reconciliation Solution
3. Run Budgetary Data Mining Report and obtain Beginning Balance and Ending Balance
Beginning Balance – at FY Start field for year-to-date reconciliation
Beginning Balance – Monthly field for month-to-month reconciliation
Reconciling AP in WESPaC An AP Reconciliation Solution
4. Copy balances into spreadsheet
Beginning Balance to A
Ending Balance to I
Reconciling AP in WESPaC An AP Reconciliation Solution
5. Run APRecon-B-APInvoiceReport- AccruedorPaidOnly-005.rpt and copy report total to line B
Identifies the following AP reconciliation factors: #1 - AP invoices accrued but not paid within this time period #2 - AP invoices paid but not accrued within this time period
Reconciling AP in WESPaC An AP Reconciliation Solution
Report Selection Parameters
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
6. Run APRecon-C-APInvoiceReport- InvoicesWithoutReversals-005.rpt and copy report total to line C
Identifies the following AP reconciliation factors: #3 – Original invoices with their Reversals posted in a
different time period #4 - Reversals with their original invoices posted in a different
time period
Same Parameter Interface and Selections as the “B” report
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
7. Run APRecon-D-GeneralInputHistory- SelectedAccount-005.rpt and copy report total to line D
Identifies the following AP reconciliation factor: #5 – General Input transactions for time period
Reconciling AP in WESPaC An AP Reconciliation Solution
Report Selection Parameters
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
8. Run APRecon-E-APInvoiceReport- SelectedDistributionAccount-005.rpt and copy report total to line E
Identifies the following AP reconciliation factors: #6 – Direct distribution on AP invoices
Excludes Comp Tax-generated invoices They are included on the “F” report
Same Report Parameters Selection as the “D” report
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
9. Run APRecon-F- APInvoiceReport- CompTaxAccrual-005.rpt and copy report total to line F
Identifies the following AP reconciliation factors: #7 – Comp tax accrued but not paid or paid but not accrued in
the same time period
Includes Comp Tax-generated invoices
ONLY run if Comp Tax Accrual Account Codes is the same as the AP Accrual Account Code
Same Report Parameters Selection as the “D” report
Reconciling AP in WESPaC An AP Reconciliation Solution
Reconciling AP in WESPaC An AP Reconciliation Solution
RECONCILED
Reconciling AP in WESPaC An AP Reconciliation Solution
10. Add other total of any other applicable transactions to line G
Identifies the following AP reconciliation factors: #8 – Other transactions
Run a Balance Sheet Detail report Select all Sources except AP, CR, JE, CD, YP, SB.
Reconciling AP in WESPaC An AP Reconciliation Solution
Example: Additional Reconciliation Needed
Reconciling AP in WESPaC An AP Reconciliation Solution
Balance Sheet Detail Report
Reconciling AP in WESPaC An AP Reconciliation Solution
Example: Additional Reconciliation Needed
RECONCILED
Reconciling AP in WESPaC An AP Reconciliation SolutionStill a discrepancy?
Contact your Service Center
Reconciling AP in WESPaC
Reconciling AP in WESPaC Recap
Reconciling GL balance to supporting transactionsFactors impacting GL Balances
1. Invoices accrued but not paid within the same time period
2. Invoices paid but not accrued within the same time period
3. Original invoices with Reversals posted in a different time period
4. Reversals with their original invoices posted in a different time period
Factors impacting GL Balances5. General Inputs (Journal Entry) without an offset within
the time period6. Direct distribution on AP invoices7. Comp tax accrued but not paid, or paid but not
accrued, in the same time period 8. Direct distribution on other transactions
Reconciling AP in WESPaC Recap
Solution kit and procedure
Account Management Reports
Set of Crystal Reports
Excel Workbook
Reconciling AP in WESPaC Recap
Reconciling AP in WESPaC
What are your questions?
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