How does the GL Reconciliation work in Konsise

Introduction

Konsise allows you to perform your VAT Control Account reconciliation within the system.

The GL Reconciliation can be found under the Determinations tab:

VAT Payable/ (Refundable)

This value is pulled through from the Summary tab – its the value that has been submitted as per your VAT201 return.

General Ledger Account Balance

Here you will capture the value as per your VAT Control GL Account. Click ‘Save” to save your balance.

A debit balance should be captured as a positive.

A credit balance should be captured as a negative.

Unreconciled Difference

This represent the difference between the VAT Payable/ (Refundable) that hasn’t yet been reconciled. As reconciling line items are added, this difference is adjusted accordingly.

Reconciling line items

To reconcile the difference between the VAT Payable/ (Refundable), you can create reconciling line items to explain the difference.

Click on the + underneath the GL Reconciliation table:

A line is created just above the ‘General Ledger Account Balance’ line:

Capture the reason for the reconciling line difference as well as the value and click ‘Save’ (see example captured below):

You can add as many lines as necessary to explain the differences. Click on the trash can icon to delete any lines: