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What are the necessary efforts to be made if your general ledger refuses to balance. how do you reconcile it?

The General Ledger otherwise known as the Nominal Ledger consists up of the real accounts and nominal accounts necessary for the preparation of an account of an organization. In most instances, the summaries extracted from the cashbooks and other books being posted into the general Ledger do not balance do to one error or another. This may be recognized when preparing a trial balance. It is important to trace the point at which this error(s) occur to correct it.

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تم إضافة السؤال من قبل Musa Muhammad Dandikko , Chief Accountant, Acting Director, Procurement , Federal College of Education, Katsina
تاريخ النشر: 2013/10/01
Roshan Ali
من قبل Roshan Ali , Accountant , M/s.GMMCO LIMITED

 

When you are preparing a trial balance, you may find that you have an unbalanced trial balance. This means that you have an error somewhere in the accounting process. Finding and correcting that error is where accountants and bookkeepers earn their stripes

Sridhar Rajagopal
من قبل Sridhar Rajagopal , Financial Controller , Sai Krishna Bio Tech

this is only possible if entries have been made wrongly that too cannot be matched with outside records exampls supplier statement and payable GL will match normally may be errors within

Mohammed Ashiq
من قبل Mohammed Ashiq , Accountant General , Al Hashimi Metal Products Manufacturing LLC.

There is no chance for Imbalance or refuses to balance in our general ledger. Because every financial transaction affects both a debit account and a credit account, the sum of the total general ledger debits and credits should always be equal

 

Bernardo Ortiola
من قبل Bernardo Ortiola , Financial Analyst , Khafji Joint Operations- Oil Support Services

There is no way that your general ledger is out of balance. Remember, accounting journal entry is a two- sided entry, which is the debit and credit. Unless you are reconciling the general ledger to the sub-ledger is a different story.

Albert Ibayan
من قبل Albert Ibayan , Accountant , Auto Lubumbashi

We have to run the GL for account analysis and have all necessary documents pertaining to all the entries for us  to identify adjustment/s to be made.

FRU NGANGFEN
من قبل FRU NGANGFEN , Accountant , SUD CAMEROUN HEVEA S.A (Subsidiary to GMG Global Limited SINGAPORE)

We have to check all the postings from the journals to ensure there was no error

Ellen Delovieres
من قبل Ellen Delovieres , General Accountant , Shehail Travels LLC

WE have to go back to the Journal entries where the debit and credit must be tally. and see to it all accounts entered is correct.

Analyzed the unusual accounts thoroughly.

SHAHID ALI BANGASH
من قبل SHAHID ALI BANGASH , logistic assistant , Pakistan Air Force Logistic Branch

 Recheck the totals of all Special Purpose Books.

Suprio ghosh
من قبل Suprio ghosh , Dy. Gen. Manager Accounts & Finance. ( CFO ) , Motherson Advanced Tooling Solutions

Does Yr. question means what meadures to be taken when the Trial Balance Does not agree ?

If so then following is the answer.

(i) Check the columnar totals of Trial Balance

(ii) Check that the balances of all accounts of GL (including cash and bank

balances)  have been written and are written in the correct

column of trial balance i.e. debit balance in the debit side and credit

balance in the credit side.

(iii) Find the exact figure of difference with trial balance and see that:

(a) No account of a similar balance has been omitted to be shown

in the Trial Balance or

(b) An amount which is just half of the amount of difference

amount but is written on the wrong side of the trial Balance.

(iv) Recheck the totals of all Special Purpose Books.

(v) Check the balancing figure of the various accounts in the ledger.

(vi) If difference is still not traced, check each and every posting from the

Journal and various Special Purpose Books, one by one in the ledger.

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