Setting up Reconciliation Accounts

Note: You must define a reconciliation profile before you can define the reconciliation accounts. As a result, you can access Reconciliation Accounts by clicking Accounts on the Reconciliation Profiles (RCP) form.

Reconciliation Accounts (RCA) is used to identify a set of transactions to be reconciled using Reconciliation Manager (RCM). Reconciliation Manager reconciles two sets of transactions so you must define two reconciliation accounts for a reconciliation profile.

For example, if the reconciliation profile is to be used to reconcile bank account transactions against the bank statement, two reconciliation accounts would be required as follows:

one to retrieve the transactions posted to the bank account
another to retrieve the bank statement transactions which must have been loaded into SunSystems.

The bank statement transactions are typically posted to a budget ledger as budget transactions to the bank account.

The two sets of transactions are displayed in the top and bottom sections of the Reconciliation Manager window. For each reconciliation account, you determine whether the transactions are to appear in the top or bottom part of the window.

In SunSystems, select Reconciliation Accounts (RCA).
Specify this information:

Profile Code

The code that uniquely identifies the reconciliation profile as defined using Reconciliation Profiles (RCP).

Status

The status assigned to the static data record.

Window Number

The section of the Reconciliation Manager form in which transactions will be displayed. The top part of the form is identified as window number 1 and the bottom section as window number 2.

Description

The full name or description of the data item or record. This is used to identify it on reports and inquiries.

Business Unit Code

The business unit for the transactions. This is useful for inter-company reconciliation. For example, if you wish to reconcile the postings to inter-company trading accounts in different business units. It might also be used if the bank statement details are imported into a different business unit. If you use multiple databases, it is possible to specify business units from different databases for windows 1 and 2.

Actual Budget Marker

The ledger from which the account transactions are extracted. The actuals ledger is identified as A and the budget ledgers are identified by B to K. For example, the bank statement details might be posted as budgets to the bank account in a budget ledger

Account Code

The account code for which the transactions are extracted. You can leave this blank to select the account at run time. For example, to select the debtor account you wish to match, or the bank account you wish to reconcile.

Loss Account Code

The account to which exchange losses, or net gains and losses, are to be posted. This is only required if the Generate Difference option is set in the reconciliation profile. If the Use Transaction Amount option is set in the reconciliation profile, the transaction currency amount is used as the matching amount and the system will generate gain or loss transactions to balance the base currency amounts, if necessary.

The Exchange Gain/Loss Post Rule setting in Ledger Setup (LES) determines the use of this account. If the Exchange Gain/Loss Post Rule is set to Losses only, Net Gains and Losses, or Separate Gains and Losses, any loss or net exchange difference is posted to this account.

Gain Account Code

The account to which exchange gains are to be posted. This is only required if the Generate Difference option is set in the reconciliation profile. If the Use Transaction Amount option is set in the reconciliation profile, the transaction currency amount is used as the matching amount and the system will generate gain or loss transactions to balance the base currency amounts, if necessary.

The Exchange Gain/Loss Post Rule setting in Ledger Setup (LES) determines the use of this account. If the Exchange Gain/Loss Post Rule is set to Gains only, or Separate Gains and Losses, any gains are posted to this account.

Allow Generate

This determines whether or not journal transactions can be generated as part of the reconciliation process. For example, whether exchange gain or loss postings are to be generated automatically. See 'Generating Transactions in Reconciliation Manager'.

Allow Split

This determines whether or not a transaction can be split. You may wish to split a transaction to allocate only part of the transaction value. See 'Splitting Transactions in Reconciliation Manager'.

Debit or Credit

This can be used to restrict the transactions selected to either debit or credit transactions only, or both. For example, if you are matching transactions for a debtor account you might wish to display the debit transactions in the top window and the credit transactions in the bottom window.