Monthly Fee Income Does Not Equal the Total on the Payment Application Analysis

1.    Assuming you have verified all GL transactions are posted, the first thing you should check is to make sure you included reversals when you ran the Payment Application Analysis.

2.    Next, run the Payment Application Analysis for year to date and compare it to the year to date balance in your GL Fee Income account. If they match, there is most likely a timing issue involving a reversal.

3.    You can look for the reversal by using the VIEW REVERSALS option under ACTION in the AR Manager or you can run an Application Reversals Report.  How you run the report is dependent on how your firm typically handles reversals.  After you find the reversal, you can elect to enter an adjusting journal entry to move the transactions related to the reversal between different periods.  However, we typically recommend leaving everything alone if your year to date numbers in the General Ledger are correct.

4.    Look for any transactions where the date is outside of the current month you are attempting to balance. An incorrect date may not necessarily be an issue but you do want to make sure no payments for the new month were posted to the previous month in GL Manager.

5.    As a last resort, print the Daily Deposit Report for the month (sorted by Entry Order) and compare it to the detail in the Account History for the Fee Income Account.

NOTE - if your Cash Account is in balance, the issue is with the date or period used on the reversal of a previous period accounting transaction.