GL_Reconciliation_Summary_Report

GL Reconciliation Summary Report

A GL Reconciliation Summary Report is a report used to compare and reconcile the balances in the Asset Management system with the balances in the General Ledger (GL).


Its purpose is to help ensure that:

  • capital asset balances,
  • accumulated depreciation,
  • depreciation expense,
  • and related accounting activity

match between the two systems.


The report typically summarizes differences between:
  • Asset Management records
  • General Ledger account balances


It often includes:
  • Asset account balances
  • Accumulated depreciation balances
  • Current-period depreciation
  • GL account numbers
  • Variances or out-of-balance amounts


Organizations use this report to:
  • Verify financial accuracy
  • Identify posting discrepancies
  • Confirm depreciation entries posted correctly
  • Prepare for audits
  • Support month-end and year-end closing


Common causes of differences include:
  • Journal entries posted to the GL but not Asset Management
  • Missing depreciation postings
  • Incorrect account mappings
  • Timing differences between systems
  • Manual GL adjustments


In practice, this report helps answer:
  • “Do our fixed asset records agree with our accounting records?”


Compared to other reports:
  • Transaction Register: Detailed asset activity
  • Transaction Summary: Grouped transaction totals
  • Schedule of Changes in Assets: Beginning-to-ending asset reconciliation
  • GL Reconciliation Summary: Reconciliation between Asset Management and the General Ledger


This report is especially important during:
  • fiscal year-end,
  • audit preparation,
  • and GASB financial reporting.


Printing a GL Reconciliation Summary Report

1. Open Connect Asset Management > Reports > GL Reconciliation Summary Report.

2. Select a report title.

3. Do you want to use the fiscal year end as the report end date?

  • Yes, I want to use the fiscal year end. Continue to the next step.

  • No, I want to use a different date. Change the Report Date, or click Advanced Options.  

4. Do you want to include report-only transactions on the report?  

  • Yes, I want to include report-only transactions. Select the Include Report-only Transactions checkbox. The routine will print the transactions that will be updated as a report-only. It's a good option to use to make sure the transactions that will be posted are correct.

  • No, I do not want to include report-only transactions. Deselect the Include Report-only Transactions checkbox.  

5. Click Print (CTRL+P).  

The report prints.

 

 

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