I have been trying to sleuth out an incorrect entry on my books, but my ability to do so is greatly impaired by the lack of fully descriptive entries in the General Ledger Transactions reports and by the absence of a Journal report.
1) General Ledger Transactions report: While many of the transactions in the report contain full details, many do not. At a minimum, each entry should reveal the payee and the transfer account for the transaction, in addition to the date, description, and amount. This is sometimes the case, but not always. For example, in the
Cash section of the report, I have many entries that show nothing more than the date, the word “Cash,” and the amount – even though the transaction itself has a payee and a transfer account. In the
Billable expenses section, there are debits for expenses that don’t show the customer on whose behalf the expense was incurred, and there are credits against those expenses that don’t show the number of the invoice on which it was billed – even though this information was entered in the transactions themselves. In the
Accounts payable section, there are entries that don’t show the purchase invoice number or the account that was used to pay the bill. And so on. It’s hard for me to track down an incorrect entry when I have dozens of nearly identical entries in my G/L report that say something like
02/04/2016 - Cash - $9.99.
There should be consistency between sections of the report, and all line items should give enough information to understand what the entry represents and – importantly – to identify the account(s) on the other side of the T.
(This may be part of the bigger problem of not having full consistency in when and where the various Description, Payee, and Number fields appear in various documents and reports across Manager. It’s gotten much, much better in recent weeks, but it’s still not uniformly implemented.)
2) Journal report: Really the best tool for tracking down a mistake in a ledger is a transaction journal. I’ve requested a Journal report before, and I imagine that this is something that will be do-able once Custom Reports happens. Even so, a basic Journal report should be part of the core in-built report package, since it represents the history of the business at the most fundamental level. An accurate Journal report is a critical component of any audit.