Creating reconciliation groups

A reconciliation group is a list of individual reconciliation accounts. Use a reconciliation group to simultaneously reconcile multiple accounts and approve reconciliations by group instead of individually.

Accounts are reconciled by the same reconciler, approvals are performed for the group, detail reconciliations occur at the account level.

  1. Select Reconciliation Accounts.
  2. Click Create Reconciliation Group.
  3. Specify this information.

    Depending on the reconciliation method, some fields may not be available.

    Reconciliation Group
    Specify a name for the reconciliation group.
    Reconciliation Method
    Select consolidated or independent.
    • Consolidated. All ledger amounts are consolidated. Reconciliation detail and reconciling items are recorded at the group level.
    • Independent. All ledger amounts are by grouped by account. Reconciliation detail and reconciling items are recorded at the account level.
    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 the method by which to route the reconciliation. You must select an Approval Code to define the approval levels.
    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.
  4. Click Save.