There are instances where the balances in Primary and Secondary books are not in par with each other. Here are some few things we need to check and consider when reconciling:
- Subsidiaries may have different base currencies between the Primary and Secondary Books. For transactions with foreign currencies, it is important to check the exchange rates and base currencies. The general ledger impact of each transaction is translated into different base currency amounts for each accounting book. For each accounting book, the general ledger impact of each transaction may be translated in accordance with the base currency of a subsidiary in an accounting book. Please check SuiteAnswers Id: 36389
- Check for Book-Specific Journal Entries, which is exclusive to one Accounting Book
- Transactions such as Revenue Recognition JEs, Amortization JEs, Vendor Bill Variances, Unrealized Gain/Loss are book specific. So, it is important to check these also.
- Check if historical transactions are processed in the secondary accounting books (Suite Answers Id: 63100)