Note: This article relates to a prior ledger solution in Mews Operations. If your property is using the new Ledgers feature,

• use the new Ledger activity report. The new report is specifically designed for accountants and provides a more complete view of ledger balances and transactions. Learn more in our help article Ledgers in Mews Operations FAQs.

You can reconcile your general ledger in Mews Operations. You can do so at the end of each accounting period, which could be monthly, quarterly, or annually. This process is important to ensure that all financial transactions are accurately recorded, and that your general ledger accurately shows your business's financial status. 

Comparing your general ledger accounts with your other records helps to: 

• Ensure accuracy and consistency in your financial reporting 
• Identify any discrepancies or errors during financial transactions in your property(s) operations 
• Provide an overview of your financial operations for your finance and revenue managers and prepare for audits. 

To reconcile your general ledger, you need to verify that the ending balance is equal to the starting balance, for example, the sum of your revenue, payments, and deposits, plus your total transactions from the period you are reconciling. 

Note: You cannot run a trial balance report in Mews Operations because debits and credits are not tracked. 

In this article, you can learn how to reconcile your general ledger in the following steps: 

• Step 1: Record your starting and ending balance 
• Step 2: Calculate your total transactions 
• Step 3: Verify your ending balance 

Make a note of your total transactions from the period, for example, revenue, payments, and deposits, so you can match your starting balance to your ending balance in Step 3. 

8. In Mews Operations, go to the Main menu > Finance > Accounting report.
9. Apply the following filters before you run the report:  

• • Under Type, select Consumed.  
  • Under Start, select the first day of the period you want to reconcile, for example, the same date and time selected in Step 1.  
  • Under End, select the last day of the period you want to reconcile, for example, the same date and time selected in Step 1. 

10. Click Export > Export to Excel.
11. Download the export file. Note: You receive a notification when it's ready to be downloaded. You can access it when its ready by clicking Exports. 
12. Open the file on your computer.
13. Go to the Items tab.
14. Calculate the total of the Amount column and make a note of the sum. This is the total of your transactions. This total includes your revenue, payments, and deposits. You need this figure in Step 3. 

If your ending balance is correct, it matches the sum of your starting balance and total transactions. 

15. Add your total transactions, that you calculate in Step 2, to your starting balance, that you calculate in Step 1. For example, if the total of your transactions is €4,000 and your starting balance is €45,000, your final sum is €49,000.
16. Compare the sum to your ending balance.  

If your sum and your ending balance are the same, you have successfully reconciled your general ledger. 

You can learn more about the Accounting ledger in Mews Operations here.