At the end of each month, it’s essential to ensure that the Virtual Manager Control Account Balances Report matches the total of your financial control accounts. The following steps will help identify instances where they may not balance.
Go to Custom Reports > General Ledger > Control Account Balances
1) Run a Detailed General Ledger report for your control account within your financials software, and export it to Excel. If you use MYOB, it will look like the image below:
2) Go to Custom Reports > 3. General Ledger > VM General Ledger Summary by Batch & Date.
3) Enter your date range and the General Ledger Account then click Preview Report.
Note: If you want to sort the report by date and Subtotal by Total Amount to get the movements per day, click on ‘Output’ to ‘Export to Excel (XLS)’
4) Compare the daily movements figures between the Virtual Manager report and your financials program
1) Go back to Custom Reports > General Ledger > VM General Ledger Summary by Batch & Date.
2) Enter the day of the variance.
3) The report will display all the General Ledger Batch ID’s that you need to investigate.
4) Go to: General Ledger > Exports.
5) Click on the History tab.
6) Find the General Ledger Batch ID identified above and double-click to view ‘Template History Detail.’
7) Click on the first Output File (General Ledger Journals). In the bottom window labelled Output, click in the top left-hand corner. Holding the control key, scroll your mouse to the bottom of the window. Click Control + C to copy. Paste this file into Notepad or Excel.
8) Go back to Virtual Manager and click on the second Output File (Receive Payments). In the bottom window labelled Output, click in the top left-hand corner. Holding the control key, scroll your mouse to the bottom of the window. Click Control + C to copy. Paste this file into Notepad or Excel.
9) Within Notepad/Excel, identify the date of your variance and match each export file by Reference and Amount. Is there a journal or payment not posted? Has the value been modified within your financials program?
Please contact firstname.lastname@example.org if you have any further questions or queries. Read more Virtual Manager articles here.