Establish reconciliation accounts

Reconciliation accounts

Reconciliation accounts are Global Ledger accounts. They are generally balance sheet accounts that must be periodically reconciled. To be eligible for reconciliation, the Is Reconcilable field must be selected in the Global Ledger chart of accounts.

When you set up reconciliation accounts, you must provide a reconciliation type. The process for performing the reconciliation varies based on that type. You can also define default information for each account, such as priority, whether approvals are required, and who is assigned to perform the reconciliation.

See Reconciliation process by type of reconciliation.

Reconciliation accounts can also be set up but not tied to a Global Ledger Account. These accounts can be used for ad hoc detailed reconciliations or to consolidate reconciliations from a third party. For non-accounts, follow the same reconciliation process.

Reconciliation groups

Reconciliation groups are optional. They can be set up to group accounts into a single reconciliation. Accounts are reconciled by the same reconciler, approvals are performed for the group, and detail reconciliations occur at the account level.

See Reconciliation setup in the Financials Setup and Administration Guide.

This list shows the two types of groups that are used in reconciliation:

• Consolidated. All ledger amounts are consolidated. Reconciliation detail and reconciling items are recorded at the group level.
• Independent. All ledger amounts are displayed by account. Reconciliation detail and reconciling items are recorded at the account level.