Reconciliation Manager

Reconciliation Manager (RCM) provides the facility to match and reconcile transactions in the SunSystems ledgers, either automatically according to predefined match criteria, or manually.

Reconciliation Manager allows you to reconcile transactions on different accounts. For example, to reconcile transactions that appear on two corresponding inter-company accounts.

Because of its flexibility Reconciliation Manager has a number of uses including:

  • bank reconciliation
  • inter-company reconciliation
  • debtor/creditor payment matching.

Reconciliation Manager matches and then reconciles two sets of transactions according to a set of predefined match criteria. The two sets of transactions are defined as separate reconciliation accounts. The selection and matching criteria are defined in a reconciliation profile.

Reconciliation Manager can reconcile the transactions automatically using the match criteria and also allows you to manually reconcile the transactions. This is particularly useful if you are reconciling a large number of transactions because you can automatically reconcile all of the obvious matches, then manually check the results and make any further reconciliations.

For example, if you use Reconciliation Manager to perform a bank reconciliation, you can automatically reconcile the bank account postings to the bank statement details by matching on the amount and reference number. Then you can manually reconcile any additional transactions such as bank charges.

The Three Reconciliation Steps

There are three stages to configuring and running the Reconciliation Manager:

  1. Define a reconciliation profile to identify a reconciliation requirement and determine the transaction selection criteria.
  2. Define two reconciliation accounts to identify the two sets of transactions to be reconciled.
  3. Run the Reconciliation Manager using the reconciliation profile to match and reconcile the transactions.
Note:  The first two steps are only required once for a reconciliation requirement.

Reconciliation Manager

The Reconciliation Manager allows you to:

  • automatically and manually match items.
  • generate a journal for any balancing entries required such as exchange gains and losses, or bank charges.
  • split values.
  • produce a reconciliation report.
  • post the reconciliations.