Dear @lubos,The accounting regulating body in my country has certain standards for auditors for Auditing Financial Statements
- One is to have on record the reporting entities General Ledgers, the GL like the General Ledger Summary in Manager.
- The other is the General Ledger Transactions on record
My former Organisation used Tally ERP which simply produces these reports.
My current Organisation was using QuickBooks which gives the General Ledger Transactions Report easily with opening and closing balances but doesn’t have a report like the General Ledger summary (don’t know if they have now).
In April 2018, I convinced the board of my current Organisation to shift to using Manager for accountancy and told them of all the benefits, the best being that the desktop user edition is free. I had not really looked at the General Ledger report.
The year is ending and work with the external auditors have begun. They have made it clear to me how they want their General Ledger Transaction reports. They do not want control accounts transactions combined like it is in Manager now. They also want the GL transactions to have opening and closing balances which agrees with the General Ledger Summary.
Looking at the volume of transactions and control accounts in our COA I fear there will be a lot of work on me. Per the standards of the auditors, every account must have it opening balance, transactions and closing balance to enable easy lookup or scrutiny of transactions. This affects account under account payable, bank accounts, cash accounts, fixed asset, all control accounts.
I have explained further in the photo below