Reconciliation Profiles

For example, you might define reconciliation profiles for:

• your monthly bank reconciliations, reconciling a bank account to the corresponding bank statement
• large volume customers accounts, reconciling cash receipts against invoices and credit notes on the account.

As well as identifying a requirement, the reconciliation profile identifies the match criteria that determines how the two sets of transactions are to be reconciled by the Auto-Reconcile facility. If the transactions can be matched by a simple field value comparison, the match criteria are defined in the reconciliation profile. For example, the match criteria may be transaction reference and amount. Alternatively, if more complex comparisons and conditions are required to match the transactions, the match criteria can be defined in a rule set which is referenced on the reconciliation profile.

Reconciliation profiles are defined using Reconciliation Profiles (RCP).

Once you have defined a reconciliation profile, and its corresponding reconciliation accounts, you can run the reconciliation process repeatedly for the profile using Reconciliation Manager (RCM).