We were asked to put together a conversion template for our G/L, for our move from one accounting system to another. This particular template is for the conversion of the Balance Sheet. One of the things we had to do, as the subledgers would be uploaded separately, is to have two lines for each G/L account which represents the control account for the subledger, i.e.,Trade Accounts Payable would be a/c 2400. The dollar value in that account – how much is the Subledger value and how much are the adjusting journal entries (accruals, reallocating A/R credits, separating Intercompany values) – which would make up the 2 lines – subledger value and adjusting amounts.
As quick reminder, to those who care, reporting is done on the G/L. The subledger is used to keep track of individual vendors while the G/L (which the subledger rolls up into) has one value.
So for example, for A/P, let’s say I had $1M in the subledger, but reported only $200K on the Balance Sheet. For the conversion template I would show on line one for a/c 2400 a credit of $1M (A/P is always in a credit position) and the second line of a/c 2400 would be a debit of $800K, so that when the two are netted out it equals what I had reported.
We were asked to do this for each G/L account which was tied to a subledger – be it Fixed Assets, A/R, A/P etc. It took me 3 hours to explain to my co-workers how to do this. I thought the instructions were clear as jello, but to them it was like trying to see through a stone. Nothing was coming to them. I drew diagrams, I patiently explained, and I nearly ripped my hair out.
Now I understand why my manager has me working on more of the different templates than the others. It’s easier to get me to do it, then to ask the others to put together uploads of their Fixed Assets or Accounts Payable Subledgers.
And it’s not just the Finance Department that’s driving me batty, and yet makes me feel very sure of my own skills. Another department is trying to charge out of pocket expenses to a project code distinctly setup to only track time. Trying to explain to them that they can’t charge taxi costs to a time tracking project code was also great fun.
Fridays are just wonderful.