WEBMINO Manual

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G/L Analysis and Verification

General Ledger (G/L) Analysis and Diagnostics

This tool allows you to verify the integrity of transactions and the status of G/L balances before producing financial statements or performing a tax closure. The use of this verification is strongly recommended before any closure.

Analysis 1 allows you to verify the status of the G/L before producing financial statements or performing a closure.

Analysis 2 and 3 allow you to verify the status of the auxiliaries to be received and paid versus the G/L. This exhaustive analysis detects additional transactions and adjustments without posting that unbalance the G/L balance and the balance of the auxiliaries.

Analysis 4 is used to verify the inclusion of all accounts in the charter in the balance sheet or income statement. Any missing account is displayed in a table.

This section analyzes the G/L and transactions. It includes 4 parts of analysis, the last 3 of which are automated.

The first (Transaction Balance) checks the credit and debit balance of each transaction. If a discrepancy is detected, the transaction is displayed in a table allowing it to be viewed. These unbalanced transactions must be corrected manually with the journal entry tool.

The second (Date/Period Synchronization) verifies the transaction date and the period in which it is recorded. If a correction is required, the system performs it automatically without assistance.

The third (Static Balance Correction) performs the re-establishment of the static balances of the G/L. If a transaction has been corrected in the first part, it will be normal for the system to perform a correction in part 3. The corrections are automated.

The fourth (Global Trial Balance) is a final check by performing a trial balance for each period of the G/L including the initial balance. If a discrepancy is detected in the initial balance, all 25 periods will have the same imbalance.

The G/L balance mechanics (represented by the sketch below) are a period-by-period switch. The 0 balance or initial balance is set by the fiscal closing for balance sheet accounts and reset to zero for income statements.
The calculated value of net profit is carried forward to the NBR (retained earnings) account specified in the configuration.

A starting balance that is manually adjusted to debit or credit must also be adjusted for 1 or more opposing accounts to keep the balance of the starting balance.
See the trial balance for period 0.

 

The analysis of accounts receivable and accounts payable payer allows to detect any anomaly resulting from an adjustment to the auxiliaries, an additional entry involving the G/L account receivable or payable or a change in entry involving these accounts.

 

 

When triggered, the analysis of the auxiliaries first displays the result of the balance of the auxiliary and the G/L. If a difference is detected, it will be displayed in red or in green (depending on creditor or debtor). A periodic table with the G/L and auxiliary balances is then displayed. In this table, the unbalanced periods indicate a difference.

In this example, a difference of 50.00 is displayed starting from November. Below the periodic table, a basic diagnostic is displayed that is usually sufficient to determine the source of the imbalance. In this example, a non-entry adjustment of 50.00 is the source of the discrepancy. If more details on the discrepancy are required, one can click on the period and the periodic detailed analysis will be activated. It should be noted that the diagnostic displays any potential anomaly; this does not necessarily mean that an entry represents an error.

For example, if an entry to the account receivable of 100.00 is added as well as a non-entry adjustment for the same amount, the diagnostic will display both events as potentially a source of error. The reason is simply that the two events were not created together.

 

The periodic analysis displays a table that on the left side shows the additional or unbalanced entries with respect to the auxiliary. The right side of the table indicates the same information from the auxiliary point of view.