Basic reconciliation

Basic reconciliation is used for accounts that do not apply for any of the other account types. Basic reconciliation is used for attaching detailed documentation, tracking reconciliation differences, and posting adjusting journal entries.

When a basic reconciliation is scheduled for a period, the ledger amount is displayed.

• In the Reconciliation Details tab, specify the supporting details and the related amounts along with any attachments.
• The total is displayed in the Reconciliation Details field and is compared against the ledger amount.
• The Reconciliation detail amounts can be carried forward to future periods or can be created for a period range.

This list shows the tabs that are available:

• Reconciliation Details: Use to create any reconciling details for the period.
• Reconciling Items: Use to create any reconciling differences for the period. Reconciling items can be carried forward to future periods or created for a period range.
• Ledger Transactions: Shows the general ledger transactions that are posted for that period. You can also create reconciling items and distributions from this tab.
• Distributions: Use to adjust journal entries, for example, a write-off of an item and amount. From the Distributions tab, you can click Create with Allocation Code to create multiple distributions using a predefined allocation code.
• Comments: Optionally, provide comments.