Creating auto reconciliation policies

Auto reconciliation policies are used to automatically close period reconciliation based on predefined criteria such as zero ledger balance. A policy can be applied to multiple reconciliation accounts. This reduces the number of accounts to manually reconcile.

The policy can also be a combination of criteria. For example, zero ledger amount for two subsequent periods and no ledger transaction for two subsequent periods.

The policies are evaluated when the period end reconciliations are created. You can also manually evaluate the policy by processing an action on the period end reconciliation.

  1. Select Auto Reconciliation Policies.
  2. Click Create.
  3. Specify a name and description.
  4. Specify this information:
    Summary
    Provide a descriptive summary of the policy. You can include information about how to apply the policy to a reconciliation account.
  5. In the Balance Criteria section, specify this information:
    Zero Ledger Amount
    Select this check box to automatically reconcile accounts with a zero ledger amount.
    Number Of Periods
    If the Zero Ledger Amount field is selected, then specify the number of consecutive periods that are evaluated.
    Zero Out Of Balance Amount
    Select this check box to automatically reconcile accounts that contain a zero out-of-balance amount. The reconciliation has a zero out-of-balance amount if the ledger amount is zero and reconciling items do not exist or if the ledger balance is offset by a reconciling item.
    Number Of Periods
    If you select the Zero Out Of Balance Amount field, then specify the number of consecutive periods that are evaluated.
  6. In the Transaction Criteria section, specify this information:
    No Ledger Transactions
    Select this check box to automatically reconcile accounts without the Global Ledger transactions.
    Number Of Periods
    If you select the No Ledger Transactions field, then specify the number of consecutive periods that are evaluated.
  7. Click Save.