Question

You are reconciling your Payables and Receivables balances against the General Ledger. You are using the Payables to Ledger Reconciliation report. You notice discrepancies between the balances in the subledgers, subledger accounting, and general ledger. Which three factors are responsible for these out-of-balance situations?

Accepted Answer

Period Close processes, such as Revaluation, Translation, and Consolidation have not been performed yet.

Accepted Answer

Intercompany transactions have not been fully processed.

Accepted Answer

Subledger transactions have been accounted and transferred to General Ledger but have not been posted.

Answer

There were manually entered journals against the Payables and Receivables accounts that were posted in General Ledger.

Answer

All subledger transactions have been entered but do not have complete accounting.

You are reconciling your Payables and Receivables balances against the General Ledger. You are using the Payables to Ledger Reconciliation report…

Take the free 1Z0-1054-25 practice test

Other 1Z0-1054-25 practice questions