All articles with 'reconcile' Tag

Reconcile debits & credits using Solver [Advanced Excel]

Published on Aug 18, 2015 in Analytics, Excel Howtos
Reconcile debits & credits using Solver [Advanced Excel]

Here is a tricky problem often faced by accountants and finance professionals: Let’s say you have 5 customers. Each of them need to pay you some money. Instead of paying the total amount in one go, they paid you in 30 small transactions. The total amount of these transactions matches how much they need to pay you. But you don’t know which customer paid which amounts. How would you reconcile the books?

If you match the transactions manually, it can take an eternity – after all there are more than 931 zillion combinations (5^30).

This is where solver can be handy. SolverĀ can find optimal solution for problems like this before you finish your first cup of coffee.

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Matching transactions using pivot tables [video]

Published on Jun 10, 2014 in Pivot Tables & Charts

Last week, we learned how to use formulas to reconcile (match) transactions in Excel. Today, lets take a look at even faster and simpler way to do this:

Using Pivot Tables

 

Here is a short video explaining the technique and why it works. See it below

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Matching transactions using formulas [Accounting]

Published on Jun 6, 2014 in Excel Howtos, Learn Excel
Matching transactions using formulas [Accounting]

Imagine you are the head of Accounts Receivable department at a large company. Drab, I know, But humor me and imagine.

Now, every month you get a transaction report.

And you want to know which numbers are matching up.

i.e, if your company gave Vendor-0002 $872.34 on 1st of April, 2014 and your received below payments from them subsequently,

  • $427.77 on 1st April
  • $152.88 on 2nd April
  • $291.69 on 2nd April

Then you consider the account matched since the total received is same as total payable.(427.77 + 152.88 + 291.69 = 872.34).

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