Sage 300 ERP supports the concept of Payable clearing account which has credit effect at the time of PO receipt and has Debit effect at the time of PO invoice.
If we go with the financial effect mentioned in the above table it implies that our Payable clearing account should always have zero balances provided all the PO receipts has been invoiced.
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But, sometimes it may happen that payable clearing account possesses some balance. The reason may be either PO invoice is pending for particular receipts or the user has passed GL-JE using this account etc.
Sage 300 ERP facilitates a very useful report named as “Payable Clearing Audit List” which helps us to perform audit activity for an account.
Let us see how this report works. Below mentioned is the UI of the report which you will find when you navigate through Purchase order>>>P/O Analytical Reports>>>Payables Clearing Audit List
We can extract this report account set wise and period wise.
The output of the report displays the list of receipts and Invoices with vendor number, vendor Name, Debit and credit effect to the account, Document date and Document number.
This data is enough for carrying out audit activity for the account.
For e.g. if you see the document number IN175116 debit amount is 78.48 and document number RCP00000032 credit amount is 78.48 both the documents have the same vendor one document is receipt and another is Invoice which implies this transaction is complete, mark it as done and move forward. By following this practice you can track open receipts against which Invoice is not done. Once you have the list of receipts against which invoice is not been raised, go ahead and raise the invoice by which your payable clearing account will become zero.
If still the account shows the balance then you will have to perform other practice to track the balance source like, you can use GL transaction listing report which will list down all the list of transaction which have been carried out using this account.
You can also use GL transaction History screen to verify whether any transaction other than source ledger AP, IC and PO is been done using this account. Please refer below screen shot.
You can further drilldown to the individual transactions for a particular period by selecting and double-clicking on the individual line it will take you to the actual entry.
Reverse the entry and do it from the respective sub ledger.
To restrict users from doing such type of entries you can follow another best way which is to mark this account as control account which ensures that only transaction from source ledger PO, AP and IC will only be posted to this account otherwise an error batch will get generated in GL batch list.
To mark an account as control account you can go through our related blog which will guide you for marking an account as control account.
In this way we can perform an audit for Payable clearing account which will indeed help us to maintain Ledger-Sub ledger
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