General Ledger Reconciliation [R0403]

The General Ledger Reconciliation report [R0403] provides a quick means to verify that the system is in balance by comparing General Ledger account balances to the total of the dollar amounts for each lease. This report should be run weekly.

The report may be accessed through the Audit Control report menu [R04] and may be selected interactively for:

• All accounting units (portfolio, company, region, office)
• A portfolio
• A company
• A region
• An office

The report may be automatically generated for each portfolio at the end of the month through the End of Period update [U0401]. Use the End of Period MODULES AND REPORTS screen under the End of Period Customizations option of the Portfolio update [U0212] to specify whether the report is created.

 

General Ledger Reconciliation Selection

• ALL
  Enter 'X' to report on all accounting units (portfolio, company, region, and offices). Leave blank to report on a specific portfolio, company, region and/or office.
  
  
• PORT
  Enter the number of the portfolio upon which to report. Leave blank if reporting across portfolios.
  
  
• COMP
  Enter the number of the company upon which to report. Leave blank if reporting across companies.
  
  
• REGN
  Enter the number of the region upon which to report. Leave blank if reporting across regions.
  
  
• OFFIC
  Enter the number of the office upon which to report. Leave blank if reporting across offices.

 

General Ledger Reconciliation Report

The General Ledger Reconciliation report [R0403] reports at the accounting unit (portfolio, company, region, and office) level and provides the following information:

• GENERAL LEDGER ACCOUNT NUMBER
  The number assigned to the General Ledger account is displayed.
  
  
• GENERAL LEDGER ACCOUNT NAME
  The name of the General Ledger account is displayed.
  
  
• GENERAL LEDGER BALANCES
  The account balance in each of the General Ledger accounts is displayed.
  
  
• DETAIL RECORD TOTALS
  The associated dollar amount on each lease record is summed and displayed. For accounts such as Inventory or Account Payable, the dollar amount on each asset record is summed and displayed.
  
  
• DIFFERENCE
  The difference between the General Ledger account Balances and the Detail Record Totals is displayed. This field should always be zero (0.00). If not, this DIFFERENCE between the GENERAL LEDGER ACCOUNT and the DETAIL RECORD TOTALS should be reconciled immediately.
  
  
• TOTALS
  Region, company, portfolio, and grand totals for differences are shown for all accounting units. If one or more offices in a region have different names and/or numbers for the same General Ledger account, the MSI default name and/or number for that account is displayed for the region totals. The same is true for company totals, if region account names and/or numbers are different, and for portfolio totals, if account names and/or numbers vary between companies. An asterisk (*) next to the name or number signifies that the default name or number is displayed. The default G/L account names and numbers are provided by MSI. Refer to the Office G/L Change update [U0716] for the account names and numbers used by each office and the corresponding MSI default names and numbers.

 

Additional Information

The following are the General Ledger accounts which may appear on this report:

• Contract Receivable
• Unguaranteed Residual - precomputed
• Lease Income Receivable
• Unearned Income
• Unearned ITC
• Vendor Participation Unearned
• Investor Participation Unearned
• Vendor Receivable
• Security Deposit Payable
• Principal Outstanding
• Residual - Simple
• Principal Receivable
• Leased Equipment
• Operating Lease Income Receivable
• Deferred ITC
• Accumulated Depreciation
• Unamortized IDC
• IDC1 - Unamortized Insurance Premium
• IDC2 - Unamortized Notary Fee
• IDC3 - Unamortized Dealer (Vendor) Subsidy
• IDC4 - Unamortized Opening Commission
• Unbilled Operating Lease Income
• Unbilled Operating Lease Receivable
• Deferred Operating Lease Revenue
• Inventory
• Accounts Payable
• Deferred Extension Income
• Deferred Residual Reduction
• Suspended Income Receivable (unbilled)
• Suspended Income Accrued
• Suspended IDC
• Unearned Residual
• Residual Income Accrued PTD

A General Ledger account does not appear on the report if there is no General Ledger balance and no detail record total.

 

LeasePak  Reference Guide

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