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

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