Transaction Reconciliation enables you to reconcile one set of transactions with another so that you can identify any differences. Although this feature is primarily aimed at intercompany reconciliation, you can use it in other circumstances where reconciliation is required, for example:
- To verify that all accruals have been paid
- To monitor payments on business credit cards for expenses
- To reconcile suspense accounts across companies
When you run Transaction Reconciliation, two lists of transactions are displayed, up to 2,000 lines on each side. You choose which transactions to retrieve in each list based on company, period, GLA, and account. You can then manually select transactions for reconciliation in each list, or you can reconcile the transactions automatically as described below. You can run up to 300 transaction lines during the transaction reconciliation process without batch.
When you reconcile transactions, the transaction line item is updated with the reconciliation name and date so that you can easily identify reconciled and unreconciled items.
Transaction reconciliation enables you to:
- Drill down to the source documents or to individual transaction line items.
- Save a reconciliation if you want to store it for future reference or resume work on it later. Saving a reconciliation does not make any changes to the transaction lines.
- Export data into an Adobe PDF document or a Microsoft Excel spreadsheet.
- Unreconcile previously reconciled transactions.
- View your reconciled and unreconciled transactions in Transaction Reconciliation Histories.
Automatic Reconciliation
Automatic reconciliation reconciles one transaction line in the left list with one transaction line in the right list. The default criteria you can apply for automatic reconciliation are that transaction lines must have the same:
- Transaction date.
- Transaction line amount and currency (ignoring the sign).
- Intercompany transfer reference.
You can use these criteria or select other fields to use. You can select up to 5 fields. Only transaction lines that meet all the selected criteria will be reconciled.
Only simple one-to-one matches are supported in automatic reconciliation. If you want to reconcile transactions in one-to-many combinations you must do so manually.
SECTIONS