Subledger Reconciliation Variance
Note: Don't see this yet? Subledger reconciliation is in Limited Availability (LA) and releasing in waves. During LA, we'll review and implement participant feedback to prepare for general availability.
From General ledger, Subledger reconciliation, use Variance to identify accounts that are out of balance between the general ledger and the subledger and take the appropriate action to resolve each discrepancy.
Video: Subledger Reconciliation
Common Causes of Variances
Accounts with variances require review before you can complete reconciliation. Review the following to help identify the source of a variance.
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Unposted transactions — Confirm that all transactions have been posted. Transactions that remain unposted can cause differences between subledger and general ledger balances.
Transactions posted in the wrong period — Check whether transactions were posted to an incorrect fiscal period, such as a prior month instead of the current month. Posting activity to the wrong period can result in mismatched balances.
Manual adjustments — Review manual adjustments or corrections made to transactions. These entries might not be reflected consistently across all related accounts. If you identify errors, make the necessary adjustments to correct the transactions and continue reconciliation.
Voided transactions — Identify transactions that were voided. In some cases, voided transactions still appear in reports or ledgers if they weren't fully reversed. If other transactions were posted incorrectly, you may need to void them to correct account balances.
Generate Reconciliation Reports
From Analysis, Reports, use these reports to identify and resolve variances as part of your reconciliation process.