Integration of Reconciliation Accounts and Close Tasks

You can integrate features of Close Management and Reconciliation Management by adding Reconciliation Accounts to Close Tasks.

  1. Open the Reconciliation Account. On the Task field, select the Task for Reconcile Cash and click the Select button to add the Task number into the Task field. Click Save.
    Note: 

    If you do not want the Task number on the Chart Level Account Defaults tab, you can add the Task number on the Reconciliation Accounts tab at the company level.

    Note: 

    If the Account will not be reconciled, select the Account Not Reconciled checkbox. This prevents the account on Chart Level Account Defaults tab to be displayed on the Reconciliation Accounts tab.

  2. On the Reconciliation Accounts tab, click the Load Chart Detail button. The active accounts are created and assigned to the company. The accounts use the chart default information. The system does not add any accounts that are flagged as "Account Not Reconciled". Therefore, those accounts are not added to the company if they are not assigned to that company in GL20, even if the account is set up on the defaults tab.
    Note: 

    More than one Reconciliation Account can have the same Task assigned. For example, all of the Asset and Accumulated Depreciation reconciliation accounts could all have the same task assigned to them.

  3. Set up Approval Codes and create one or more Approval Levels that indicate the Resource doing the approval by following the instructions in Creating approval codes. The Approval Code and Approval Levels are assigned to the Reconciliation Account.
  4. Create a Reconciliation Period by following the instructions in Creating reconciliation periods.
  5. Open the Account on the Reconciliation Accounts tab for the Company and locate the Period.
  6. Verify the Task in the Period Account header. The Task number defaults from the Reconciliation Accounts tab, or the Chart Level Account Defaults tab. If the Task is not specified in either place, you can specify the Task number in the Period Account header.
  7. Navigate to Close Management and schedule the Close Process for the period by following the instructions in Scheduling a process.
  8. Click the Start Reconciliation button to change:
    1. The status of the Reconciliation Account from Open to In Process.
    2. The status of the Close Task from Scheduled to In Process.
      Note: 

      If the Close Process period is not in the Open status, an error message is displayed.

  9. After balancing the account, click Actions > Complete. This changes the status from In Process to either Pending Approval (if the account requires approval) or Closed.
    Note: 

    If you are closing the Reconciliation Account after the due date, you are prompted to specify a Reason Code.

  10. To Approve the reconciliation, open the Close Resource webapp logged in as the resource assigned to the Reconciliation Account according to the Approval Code and Approval Level.
  11. Click Close Resource > My Work and click the Reconciliation Approval tab.

    • If you are using Process Flow, click on the In Basket and either Approve or Reject the approval.

    • If you are not using Process Flow, click the Manual Approve or Manual Reject button.

  12. Once the Reconciliation Account has been approved, the status changes from Pending Approval to Closed. The Close Task status also changes from In Process to either Pending Approval (if using Process Flow) or Closed. If the task being closed is the last remaining task in the Process, the Close Process is automatically closed for the period.