Managing Reconciliation Methods and Statements
This topic discusses how to reconcile transactions automatically, semi-manually, and manually.
|
Page Name |
Definition Name |
Usage |
|---|---|---|
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BNK_RCN_CYC_STSA |
Automatically match your source transactions with those received in a bank file. The system searches for a one-to-one match. You can also run various processes and reports from this page |
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|
BNK_RCN_SEMI_MAN |
Reconcile statements semi-manually when there is not a one-to-one match between your bank and system transactions and you have reconciliation exceptions. Or, you can reconcile bank statements after entering a hardcopy bank statement online. |
|
|
BNK_RCN_MAN_GEN |
Reconcile statements for banks that do not provide an electronic file of their transaction data. |
This diagram illustrates the best-practice process for reconciling system transactions with bank statement transactions from running the automatic reconciliation process, to processing the automatic reconciliation exceptions, to reconciling the remaining transactions from the Semi Manual reconciliation page
The best-practice steps for reconciling bank statements include the following:
Run the automatic reconciliation from the Automatic Reconciliation page.
This will reconcile transactions that fit the specified options and are the within the defined tolerances. Any transaction that is not reconciled will be assigned an exception code that may help in the Automatic Reconciliation Exceptions page.
Process the automatic reconciliation exceptions from the Automatic Reconciliation Exceptions page.
Use this step to reconcile one system transaction to one bank-statement transaction (one-to-one). This step requires caution as system transactions are displayed with similar bank transactions in pairs. A system transaction may be paired more than once with different bank transactions. Also, when reconciling a pair of transactions with different amounts—common when dealing with foreign exchange rates—the system will create an additional transaction to account for the monetary difference.
Use the forced reconciliation method for unpaired bank transactions such as fees and interest. This is also performed from the Automatic Reconciliation Exceptions page and creates system transactions matching the unpaired bank transactions.
Reconcile the remaining transactions from the Semi Manual Reconciliation page. This method allows you to reconcile one bank-statement transaction to more than one system transaction (one-to-many), more than one bank-statement transactions to one system transaction (many-to-one), and more than one system transaction to more than one bank-statement transaction (many-to-many).
Use the Automatic Reconciliation page (BNK_RCN_CYC_STSA) to automatically match your source transactions with those received in a bank file.
The system searches for a one-to-one match. You can also run various processes and reports from this page.
Navigation:
This example illustrates the fields and controls on the Automatic Reconciliation page. You can find definitions for the fields and controls later on this page.
Specify the search criteria by which to select bank statements for processing. Use wildcard characters to retrieve multiple banks or accounts.
Field or Control |
Description |
|---|---|
Date |
Options are:
|
Click Search to display the results in the Bank Statements grid.
Bank Statements
The Bank Statements grid displays the bank statements that match your search criteria.
Field or Control |
Description |
|---|---|
Trans (transactions loaded) |
The number of detail transactions that are contained in the bank file. |
Reconciled |
The number of detail transactions from the bank statement that have been reconciled with transactions in the system. This number is 0 (zero) until the Bank Reconciliation process is complete. After the Bank Reconciliation process is complete, if this number is less than the number of transactions loaded, it indicates that there are transactions in the bank file that did not match those in the system. These transactions are referred to as reconciliation exceptions. You need to resolve the exceptions. |
Status |
The reconciliation cycle processing status: Load Failed: Indicates the bank files could not load. Fatal Error: Indicates a fatal error occurred during automatic reconciliation processing. Loading: Indicates the bank files are being loaded. Reconciling: Indicates the files are being reconciled. Ready: Indicates you have loaded the bank statement file and run automatic reconciliation, but some transactions could not be matched. These transactions are exceptions that you must resolve. Complete: Indicates reconciliation processing is complete and all transactions were successfully matched. |
Exceptions |
Click to view exceptions on the Automatic Reconciliation Exceptions page. This link is available only if there are exceptions when the reconciliation process is complete. |
Before you use the options below, select the statements for which you want to run a process or generate reports.
Field or Control |
Description |
|---|---|
Select All |
Click to select the Select option for all bank statements. |
Clear All |
Click to deselect the Select option for all selected bank statements. |
Run Recon (run reconciliation) |
Runs the Bank Reconciliation process for the selected bank statements. |
Refresh |
Click to refresh the Bank Statements grid with new information after running reconciliation. |
Reports |
Select the report to run and click Run Report. Register: Generates a report of the bank statement. Errors: Generates a report listing instances where a bank reference number does not match any reference number in the PeopleSoft Financials system. Exceptions: Generates a report of automatically reconciled exceptions. |
Use the Semi Manual Reconciliation page (BNK_RCN_SEMI_MAN) to reconcile statements semi-manually when there is not a one-to-one match between your bank and system transactions and you have reconciliation exceptions.
Or, you can reconcile bank statements after entering a hardcopy bank statement online.
Navigation:
This example illustrates the fields and controls on the Semi Manual Reconciliation page (1 of 2) for unreconciled transactions. You can find definitions for the fields and controls later on this page.
This example illustrates the fields and controls on the Semi Manual Reconciliation page (2 of 2) for unreconciled transactions. You can find definitions for the fields and controls later on this page.
This example illustrates the fields and controls on the Semi Manual Reconciliation page for reconciled transactions. You can find definitions for the fields and controls later on this page.
When the system reconciles transactions with currencies that are different from that of the bank statement, the amounts that appear on the system side are already converted to the default currency for the bank account.
Search Criteria
Enter your search criteria for the transactions that you want to reconcile and click Search.
Field or Control |
Description |
|---|---|
Rate |
Select from Rate Table or Transaction Table. The default value is Rate Table. When you select Transaction Table, the system converts system transactions using the transaction rate. Use the Transaction Table option when you want to reconcile and unreconcile Payables transactions, Receivables Deposits, and Receivables Payments. Note: The transaction rate converts only Payables transactions, Receivables Deposits, and Receivables Payments. Use the same rate option to reconcile and unreconcile the transactions for supported reconciliation sources. If you reconciled a transaction using rates from the transaction table, select the Transaction Table option to search for the reconciled items, then unreconcile. Note: In a scenario were Bank GL BU currency is different from Default Bank Currency and Payment Currency, the user has to go with Rate Table option to reconcile. If the user want to reconcile with Transaction Table option, then the Default Bank Currency must be equal to Bank GL BU currency. This is because the source system does not store Default Bank Currency. |
Reconciliation Status |
Select a status for the transactions: Unreconciled: Select if you want to reconcile transactions. Reconciled: Select if you want to undo the reconciliation for a transaction. If the reconciliation status selected is Reconciled, this page displays both bank transactions and system transactions that are reconciled by semi-manual or automatic reconciliation. Transactions reconciled from the Manual Reconciliation page are also displayed here, but can only be unreconciled from the Manual Reconciliation page. Note: You should not unreconcile a transaction that has already be sent to the general ledger. |
Advanced Search |
Click to display additional search fields on the page to sort the transactions and restrict the transactions that appear in the list. |
Bank Transactions and System Transactions
The search returns data based on your specified criteria and displays the results for both bank transactions and system transactions.
The page displays the bank and system transactions online simultaneously, making it easy to scroll through and match corresponding transactions. You can reconcile transactions by matching:
One bank transaction to one system transaction (one-to-one).
One bank transaction to many system transactions (one-to-many).
More than one bank statement transaction to one system transaction (many-to-one).
More than one bank statement transaction to more than one system transaction (many-to-many).
Note: When reconciling more than one bank statement transaction to one or more system transactions—many-to-one and many-to-many—the sum of the bank statement transactions must be equal to the sum of the system transactions. No reconciliation tolerances are allowed under these circumstances.
Select the transactions on each side that you want to reconcile and click Reconcile.
The system issues a warning if:
The dates do not match between the bank and the system sides.
The transaction types do not match between the bank and the system sides.
If you are displaying a list of reconciled transactions, select the transactions to unreconcile, and click Unreconcile.
Note: You should not unreconcile a transaction that has already been sent to the general ledger.
Field or Control |
Description |
|---|---|
Bank Date |
Displays the date on which the bank recorded the transaction. |
Tran Date (transaction date) |
Displays the date on which the system transaction occurred. |
Source |
Displays the origin application for the transactions:
|
Amount |
Displays the sum total of the transactions selected on the corresponding side of the page. |
Difference |
The difference between the sum total of the selected bank statement transactions and the selected system transactions. |
|
Select All Bank Transactions |
Click to select all bank transactions. Available only for reconciled transactions. |
|
Select All System Transactions |
Click to select all system transactions. Available only for reconciled transactions. |
|
Clear All |
Click to clear all the selected transactions. Available only for reconciled transactions. |
|
Reversal Date Options |
Select the reversal date option for external transactions. The available options are: Current Date, Original Accounting Date and Specify Date. Available only for reconciled transactions. |
Refresh |
After selecting transactions, click the Refresh button to generate the Amounts and difference fields. |
Select Matches |
After selecting bank or system transactions to unreconcile, click the Select Matches button to automatically select the associated transactions to the original reconciliation. For example, if you select a bank statement transaction and click Select Matches, the system will select all system transactions that had been reconciled with the bank statement transaction you selected. You can select transactions on both sides of the page simultaneously when using this function. |
Use the Manual Reconciliation page (BNK_RCN_MAN_GEN) to reconcile statements for banks that do not provide an electronic file of their transaction data.
Navigation:
This example illustrates the fields and controls on the Manual Reconciliation page. You can find definitions for the fields and controls later on this page.
Important! If you open a bank account in the Manual Reconciliation page that is set for automatic reconciliation, you get a warning message stating "This bank account is set up to use Automatic Reconciliation." To avoid this warning, you should not perform manual reconciliation on bank accounts whose reconciliation method is Automatic.
Some care should be taken, as any system transaction marked as manually reconciled will not be considered a candidate for automatic (or semi-manual) reconciliation. In addition, you need to be careful not to mark the transaction of an automatic bank for manual reconciliation. The system will then not retrieve these marked transactions for automatic or semi-automatic reconciliation.
In manual reconciliation, system transactions in different currencies display in the default currency for the bank account.
Search Criteria
Enter your search criteria and click Search.
Field or Control |
Description |
|---|---|
Reconciliation Date |
From the bank statement, enter the date when the transaction cleared the bank. Date cannot be after today's date nor earlier than date entered in the Enter Reconciliation Date field if Override Reconciliation Date is selected. |
Status |
Select a status for the transactions: Unreconciled: Select to reconcile transactions. Reconciled: Select to view and undo the reconciliation for a transaction. Only transactions that were reconciled manually will appear. Hence, transactions that were reconciled automatically or semi-manually can only be unreconciled from the Semi Manual Reconciliation page. |
System Transactions
Field or Control |
Description |
|---|---|
Status (reconciliation status) |
Displays the reconciliation status: UNR (unreconciled) or REC (reconciled). |
Transaction Date |
Displays the date on which the system transaction occurred. |
Status |
Displays the payment status for Payables transactions. |
Detail |
Displays the transaction type or payment method. |
Reconcile |
Click to reconcile selected transactions. |
Override Reconciliation Date |
Select to override the displayed value date when you reconcile selected transactions. Select this option and also enter a new date in the Enter Value Date field. |
Account Register Report |
Click to generate the Account Register report (FSX4004), which you can view using the Process Monitor functionality. |