Assets and liabilities account clearing

1 votes

Adding a clearing function to Assets and Liabilities accounts and be able to clear specific transactions once the offsetting debits or credits have been booked, and to run reports showing open transactions only by each GL. This will help with GL reconciliations, and it is a function available under other accounting software's such as IMS.

Reviewed: Need Further Info Suggested by: Rosario Mendez (23 Oct, '23) • Upvoted: 23 Oct, '23 • Comments: 4

Comments: 4

26 Oct, '23
John Michael Admin
HI Rosario,
Thank you for the suggestion. For clarification, are you referring to Batch to Suspend or unposted items specifically? Also, was there a specific report you are referring to here. Any additional insights would be helpful. Thank you.
27 Oct, '23
Rosario Mendez
Hi John,
I am actually referring to the possibility of a new process and new reports for this process. It will be related to posted transactions. I will explain it with an example to explain myself better.
We post several transactions to one prepayment GL account, and it is offset against an expense account at different times in the future.
In the Initial step the prepay is debited (several transactions will be debiting that GL). Then on a second step it gets credited back for the same amount of each specific transaction.
I would like a new process by which I would be able to select the transaction from the debit and to match it to its corresponding credit and to "clear" them. Then, to have a report associated to this process that will show me open or cleared transactions by GL. The total of the open transactions will match the total per the Balance Sheet and the Trial Balance, but I would be able to know what the making of that total is. This is available with SAP.
27 Oct, '23
Rosario Mendez
reference from the process I am referring to that is available in SAP https://sapficoblog.com/f-03-in-sap-perform-manual-clearing-of-gl-accounts/
09 Nov, '23
John Michael Admin
Hi Rosario,
Thank you for your response. This is getting us closer to understanding the request. To help us be perfectly clear, can you provide the real world use case you are accounting for? For instance, what are you prepaying for or being prepaid for, and what event triggers the reclassification/clearing? Is this a purchasing cycle or revenue cycle use case?