Forum Discussion

DeeKay's avatar
DeeKay
Experienced Cover User
4 years ago

"Trade Creditors doesn't match financials" ???

Every month or so my accountant sends me an email saying "trade creditor's doesn't match financials, please correct".... I've finally worked out how to create the Payables reconcilliation report and to run the company data auditor, but I don't actually know how to find the issues in question. 

And what on earth am I doing wrong that this happens all. the. time?!

 

The Payables Reconciliation Report shows it balances at 30/6/20, but then 1/7/20 it's out by -$2485.57. 

The exceptions report displayed from the company data auditor has transactions going all the way back to 2018 (which were apparently imported incorrectly from a previous company file), however, there are no entries since 30/6. So it is not helping me in isolating the potential issues.

 

 

The accountant usually journals an adjustment if I say I can't work it out, but I'm feeling like that's not the greatest idea. 

 

I use bank feeds so wouldn't have thought anything could be getting entered twice? I also check the aged payables monthly and fix any errors there (i.e. where Spend Money was used instead of Pay Bill)

 

Please help, I am pulling my hair out

  • Check the prepaid transactions report 

    It is showing as an issue also

    If you pay a supplier invoice prior to the supplier's invoice date it will cause an out of balance message until the actual invoice date, after the date has passed the Creditors will once again balance. 
    old trick is run the payables reconciliation summary report dated a number of years in the future, if it is now in balance it is a timing issue with payment prior to the invoice date 

2 Replies

Replies have been turned off for this discussion
  • PaulBihet's avatar
    PaulBihet
    Ultimate Partner

    Check the prepaid transactions report 

    It is showing as an issue also

    If you pay a supplier invoice prior to the supplier's invoice date it will cause an out of balance message until the actual invoice date, after the date has passed the Creditors will once again balance. 
    old trick is run the payables reconciliation summary report dated a number of years in the future, if it is now in balance it is a timing issue with payment prior to the invoice date