Reconciliation process

These steps show the high-level reconciliation process:

Frequency Steps Reference
One time Set up chart of accounts in Global Ledger. Verify that the accounts are flagged as Is Reconcilable. See the Financials Setup and Administration Guide.
One time

Additional accounts can be added any time.

 Establish reconciliation accounts and groups See Establish reconciliation accounts
Monthly Schedule the period reconciliation Use the Create Accounts action to schedule new accounts. Review the setup and default information in the New Accounts tab.

See Period reconciliations.
Monthly Perform the reconciliation for the period
  1. Start the reconciliation
  2. Add reconciliation details to a period (Invoice accrual report)
  3. Optionally, reconcile items and distributions, and add supporting documentation.
  4. Select Actions > Complete.

    All periods and accounts with statuses are displayed on the Period Reconciliations, which are available to users with the Reconciliation Auditor role.
  • When an account contains a Period End Reconciliation record, the status is Open.
  • When you start the reconciliation, the period reconciliation status is changed to In Process.
  • Changes to the record automatically change the status of the period reconciliation to In Process. For example, when you add reconciliation details.
  • You can perform reconciliation for transactions that are In Process. This includes the addition of period details and the reconciliation of items and distributions. Conditional tabs are available based on the reconciliation account type.
Daily Reconcile bank statements See Reconcile bank statements overview
As required Reconcile detail transactions See Detail transaction reconciliation
As required Monitor closed reconciliations See Viewing the list of out of balance reconciliations
Optional Grant access for the external auditor External auditor views all of the reconciliations for the period.