Aged Payables Report Don't Agree With General Ledger?

[rds_4]

I generated an aged payables report as of July 31, 2002 and a General Ledger transaction detail for accounts payable for the current year up to July 31, 2002.

After considering beginning balances from the previous year, shouldn't my aged payables report total agree with the sum of general ledger postings for the year?

[dringstrom]

Your aged payables report should reconcile with the accounts payable account on your balance sheet. If those match, personally I see no merit in comparing a transaction report to the aging.

[MikeCPA]

Yes, they should agree.

Each module, like AR or AP, is actually a "subsidiary" ledger (ie detail ledger) to the general ledger, and should agree to the related control account in the GL.

If your beginning balances agreed, all you have to do is review your AP control, in the general ledger, to (1) identify any "non AP" postings that belong elsewhere, and (2) check to see if any "AP" postings have strayed elsewhere.

Your data entry people should understand the detail/control aspect of subsidiary ledgers, and know that it's better to post it right the first time!