Step 1: Check for pending charges.
Go to Accounting > Transactions > Pending to make sure that there are no pending charges/transactions for the period you are closing.
If there are pending charges for the period you are closing and you already need to close the books, you can manually record the spend in your GL as a period-closing adjustment entry that should also be reversed the following period.
Current period: Next period:
Dr. Expense Dr. Accrued Expense
Cr. Accrued Expense Cr. Expense
Please note that both entries above should be manually recorded in your GL. Once the pending charges complete processing in Airbase, those will sync and create the corresponding transactions to your GL.
Step 2: Review and Approve Virtual Card Rules.
Go to Accounting > Virtual Card Rules > Pending Review to review, update, and approve Virtual Card Rules. Virtual Card Rules will determine the data that will sync to your GL - i.e., GL account, GL vendor, GL transaction tags, GL line tags, etc.
If there are unapproved Virtual Card Rules, any ledger entries in Airbase for that Virtual Card Rule will not sync to your GL.
Step 3: Review and Sync Ledger Entries to GL.
Go to Accounting > Ledger Entries > Pending Review to review and update your Airbase ledger entries and syncing them to your GL. Ledger entries will determine the data that will sync to your GL - i.e., GL account, GL vendor, GL transaction tags, GL line tags, etc.
If the ledger entry is in relation to a Virtual Card, the approved virtual Card Rule will pre-populate the information in your ledger entry and this will automatically sync to your GL moving forward.
Reviewing and syncing of ledger entries in this step is more focused on your Physical Card and Bill Payment transactions.
Step 4: Match Airbase Opening Balance with GL Closing Balance.
Go to Accounting > Transactions to determine your Airbase Opening Balance figure for the next period. This is the figure that you will need to match with the closing balance in your GL.
Step 5: Reconcile differences between Airbase Opening Balance and GL Closing Balance.
Should there be any differences between your Airbase opening balance figure for the next period and your GL closing balance figure for the current period, you can go to Accounting > Transactions > Completed and click on Export Transactions to pull out a report of all transactions in Airbase.
This report will show you the following information and can be used to identify the specific transaction/s causing the differences.
- Transaction Date
- Payment Method - Virtual Card / Physical Card / ACH / Check
- Vendor Name
- Spend Owner
- Payment Type - One-time / Recurring
- Sync Status
- Unique ID
Note that Airbase uses the transaction date for virtual and physical card transactions and GL entry date for all other transactions (i.e., ACH and Airbase cashback) in determining which period a transaction belongs to.
Below are the possible causes why discrepancies exist:
- Airbase ledger entry has not yet been created.
- Airbase ledger entry has not synced to your GL.
- A manual entry was created in your GL.