Creating a reconciliation account

Use this procedure to manually create an individual account.
  1. Select Reconciliation Accounts.
  2. On the Accounts tab, click Create.
  3. Specify this information:
    Accounting entity
    Select an accounting entity.
    Accounting Unit, Project, Dimension 1-10
    Specify a value. This field is available if a lower level of reconciliation is required for the account.
    Account
    Select the account to reconcile.
  4. In the Reconciliation Options section, specify this information:
    Description
    Provide a description about the details of the reconciliation.
    Purpose
    Specify a purpose for the reconciliation. You can also specify detailed instructions or checklists of requirements for the reconcilers.
    Reconcile Frequency
    Select whether to reconcile accounts monthly, quarterly, or annually. This determines if a period reconciliation is scheduled when you run the Create Period Reconciliations action.
    Period Within Quarter
    If you select Quarterly in the Reconcile Frequency field, then select which period in the quarter is the schedule of reconciliation.
    Account Type
    Select the account type. For a description of the functionality for each account type, see the Reconciliation Management User Guide.
    Priority
    Select a priority level.
    Risk
    Select a risk level.
    Report Group
    Optionally, select a report group.
    Close Task
    Optionally, select a close task to integrate the account with Close Management solution. When the reconciliation is closed, the status is automatically updated in Close Management.
    Team
    Select a team to assign the reconciliation. If the reconciliation is at a team level, then all reconcilers within the team are notified of the reconciliation. A reconciler can then select the reconciliation from the queue.
    Team Member
    Optionally, select a team member if the reconciliation is assigned to a specific reconciler.
    Requires Supporting Documentation
    Select this check box if supporting documentation is required before completing the reconciliation.
    Requires Approval
    Select this check box if a valid approval code is required to determine how to route the reconciliation through the approval process.
    Approval Code
    If the Requires Approval check box is selected, then select an approval code to define the approval level.
    Auto Reconciliation Policy
    Select the policy that is used to determine whether the period reconciliation is automatically closed.
  5. Optionally, you can enable Detail Transaction Reconciliation. See Detail reconciliation setup. In the Detail Transaction Reconciliation Options section, specify this information:
    Detail Reconciliation Method
    Select a detail reconciliation method. If you select Use Detail Reconciliation Match Rules, you must select the Detail Reconciliation Match Rule Group to use for this account.
    Load Interface Transactions
    Select this check box to load interface transactions into the detail reconciliation.
    Load Global Ledger Transactions
    Select this check box to load Global Ledger transactions into the detail reconciliation.
    Transaction Level
    Select a transaction level. This field is only available if the Load Global Ledger Transactions check box is selected.
    Detail Reconciliation Currency
    Select whether the detail reconciliation currency is Entity Functional or Transaction.
    Detail Reconciliation Sign
    Select one of these options:
    • Same Sign: Matches Debit to Debit or Credit to Credit
    • Opposite Sign: Matches Debit to Credit or Credit to Debit
  6. Click Save.