Reconciling financial data stored in your Ledgers on a regular basis is essential for maintaining accuracy across accounting systems. Mews acts as your main trusted source for revenue, payments, and ledger balances. Ensuring that this data is correctly reflected in other connected systems supports audit readiness and smooth month-end closing processes. 

 

Regular reconciliation of financial ledgers enables finance teams to: 

• Identify and correct posting discrepancies 
• Confirm that external payments match internal records 
• Validate ledger balances before exporting to accounting software 
• Maintain audit readiness and streamline monthly closures 

 

In this article you can learn about: 

• How to reconcile your Ledgers in Mews Operations 
  • Step 1: Reconcile data within Mews 
  • Step 2: Reconcile Against External Systems 
  • Step 3: Reconcile with Accounting Software 

 

How to reconcile your Ledgers in Mews Operations 

To reconcile your ledgers in Mews Operations, you first need to access the Trial balance report. This report provides a high-level summary of key financial activity for a selected day, including: 

• Revenue 
• Non-revenue  
• Payments 
• Ledger balances for the Guest, City, and Deposit ledgers 

 

To reconcile your ledgers, follow the steps below:  

 

Step 1: Reconcile data within Mews 

Step 1.1: Reconcile Trial Balance Totals 

1. Use the high-level totals in the Trial balance to confirm that balances and movements are consistent and carried forward correctly. 
2. Balance Forward Check: Confirm that Balance brought forward matches the Closing balance from the previous day. 

   Note: The Balance brought forward and the Accounting ledger report (General) should match. Discrepencies occur if you,

   • use the deposit feature.
   • make changes within the Editable History Window.
   • process late check-ins. The old ledgers post data according to consumption date, whereas the new ledgers post after check-in.

 
 

 

3. Debits equals Credits check: Ensure that the Closing balance equals the Ledger Balance total. This process validates that accumulated differences between earned revenue and received payments reconciles with the accumulated balances on Deposit, Guest or City ledgers.

 
  

1.2 Reconcile Trial Balance with Detailed Reports 

In case you see any discrepancies or want to investigate further, you can examine the underlying details using other Mews reports to ensure that trial balance totals are supported by individual transactions.  

1. Ledger Activity Report: 
   1. Confirm Revenue, Non-revenue, and Payments match totals from the trial balance. 
   2. Verify breakdowns by accounting category. 
       
       
2. Ledger Reports (Guest, City, Deposit): 
    For each ledger: 
   1. Balance Yesterday in the trial balance should match the ending balance in the previous day's ledger report. 
       
      For example: 
       
      Trial balance on 10/06 
        
      Deposit ledger on 9/06. 
       
   2. Balance Today should match the ending balance on the current day. 
       
      For example: 
       
      Trial balance on 10/06 
       
      Deposit ledger on 10/06 
       
   3. Ledger Movement should match the sum of transactions in the Ledger Activity Report for that ledger. You can view the balance summary at the top of the Ledger activity report.
       
      
       
       

 

Step 2: Reconcile Against External Systems 

To ensure that Mews is aligned with external systems like payment providers and POS, verify the following: 

1. Outlets: Use the Outlets tab in the Trial balance to match each outlet’s activity with your POS system records. 
2. Payments: 
   1. Cash Payments: Reconcile with physically received cash. 
   2. Card Payments: Reconcile totals with card terminal  
   3. Bank Transfers: Validate against your bank statements. 
3. Online payments: Reconcile with Payments report export. 
4. Payouts: To reconcile actual payment payouts vs money received, please use the Payout report. 
5. POS Revenue: If you are using external POS systems, verify that revenue posted to specific accounting categories matches those systems' reports. 

Step 3: Reconcile with Accounting Software 

Finally, confirm that the data exported or synced into your accounting software accurately reflects the trial balance and ledger reports in Mews. 

 

You can do this by: 

• Generating a daily summary in your accounting software. 
• Matching revenue, taxes, and payments to Mews totals. 
• Validating that postings align with correct ledger or accounting codes. 

 

Note: To eliminate discrepancies, ensure you update your method of importing into your accounting system to use the new ledger accounting data.

 

Now you know how to audit your ledger balances for internal validation in Mews, and how to cross-check your ledger balances with external accounting software to ensure that your financial data is accurate, complete, and audit ready.