Except for key differences, the process for preparing a summary reconciliation is similar to the process for preparing a regular reconciliation. The following sections describe these differences.
Generate All and Generate Updated Buttons
Summary reconciliations are intended to summarize the content of one or more child reconciliations. However, the summary reconciliation preparer must control when this update occurs to avoid cases where the content of the reconciliation changes unexpectedly; for example, after the reconciliation is reviewed or is submitted for review. To provide this update control to the summary reconciliation preparer, the following buttons are on the Balance Summary section of the reconciliation:
Generate All: Causes the reconciliation details from all child reconciliations to be imported into the summary reconciliation.
Generate Updated: Imports only the reconciliation details from child reconciliations that were updated since the last time the summary reconciliation was updated.
Balance Summary Configuration
In a regular reconciliation, the columns in the Balance Summary table are used to display the balances in various currencies and currency buckets.
Summary reconciliations:
Are always prepared in a single currency and a single currency bucket. Therefore, the columns are instead used to display the balances from each child reconciliation included in the summary reconciliation.
A total column is provided, which sums the values from all child reconciliations.
The Child Reconciliation Account ID is displayed as a hyperlink in the column heading. Upon clicking this hyperlink, a dialog box containing the child reconciliation opens. Because the summary reconciliation is created from content originated in the child reconciliation, an implicit review role is granted to the summary reconciliation preparer, enabling that user to reject the child reconciliation (so it can be corrected), but only if the child reconciliation was closed.
In other words, the usual review process must be completed for the child reconciliation before a summary reconciliation preparer could initiate a rejection.
If the child accounts in a summary reconciliation are modified, you must rerun the data load for the source system and subsystem balances to be updated correctly in the balance columns of the Account Reconciliation views.
Note:
The old source system and sub system balances appear in the balance columns in the views until the data load is run again.
The Balance Summary table includes the following additional rows for summary reconciliations:
Child Reconciliation Account ID: The child reconciliation account ID is displayed as a hyperlink in the column heading.
Status: Identifies the status of the child reconciliation (Pending, Open, Closed, or Missing).
Note:
Summary reconciliation preparers cannot submit the reconciliation for review until all child reconciliations are closed. The Total column does not contain a status value.
Updated: If the child reconciliation preparer made changes to the child reconciliation since the last time a preparer generated the summary reconciliation, then the word Updated appears. The Total column also includes the word Updated if one or more child reconciliations have been updated.
Updated Attribute on Transactions
Summary reconciliation preparers may edit transactions in the summary reconciliation that were sourced from child reconciliations. However, if an edit occurs, the transaction is marked as Modified in the summary reconciliation. The Modified flag is visible on the Transaction Detail panel as well as in a column on the Transaction List View.
Summary Profile Attribute
To distinguish summary profiles and reconciliations from regular profiles and reconciliations, there is a filter and column attribute titled Summary Profile. If the value is Yes, then the profile or reconciliation is a summary profile or reconciliation.