OK, this may sound like a really stupid question. If so, please forgive me. I'm an IT guy with very little knowledge of accounting.
I showed Adagio GL to our Controller today to go over the changes with her, get lots of questions answered etc. One thing that we noticed that in every report we pulled up iin Financial Reporter, the amounts for the current month were always zero. When I asked how that could be, I was told that we don't retrieve subledger badges until the end of the month - when we're ready to do the month end processing and close that period. That's how it's been done since the dawn of time (here anyway).
Is that how it's supposed to work? I was thinking one would retrieve those subledger badges throughout the month, post them to the GL and by doing so, get up-to-date reports out of GL. Am I wrong?
I was told that no one has ever requested a GL report for the current month and they know that have to wait until the following month to get last month's GL reports.
I would appreciate any feedback on this. Thanks in advance!

Andre

Hi Andrew

There's not much to say. You are totally correct. Many of my clients retrieve subledger batches every day. How else would you know your checkbook balance (actually I'm afraid to ask)?

Steve

Hello Andre,

Retrieving and posting the batches every day has the added benefit that when errors occur, it is much simpler to track down the offending entries (since there are WAY fewer of them to deal with).

Thanks, guy! That's what I thought... I spoke with my CEO and he said he's fine with the way we've been doing things and that there's no reason to change anything. When I asked our controller about the potential difficulty of hunting down errors after retrieving an entire month's worth of sub-ledger batches, she said she does the error checking before she even retrieves the batches into GL.
So, we'll continue to do things the way we've been doing them - but at least I'm not crazy.;-)

Thanks again!

Andre

Andre,

Timing of accounting info is all about mindset: for your controller, monthly data is fine.

At the opposite end of the scale, I recently read an article about Mark's Work Wearhouse. They used to retrieve sales data from each store each night. They decided that was not adequate; all stores are now on-line live! (National Sales manager to store manager: "Why are you selling fewer of those Denver Hayes jeans in the first two hours this morning than the other stores in your region?")

Hi Ralph,

Wow! I can see a business wanting to have live feeds to/from all of their stores, but "... in the first two hours this morning..." sounds a bit excessive.;-)

Cheers,

Andre