Understanding Account Reconciliation

As part of your period-end processes, you might need to reconcile certain types of accounts in your system. For example, you might need to reconcile the balances in your bank accounts with your bank statement. Or you might want to reconcile debits to credits within a trade or suspense account.

The JD Edwards EnterpriseOne General Accounting system provides four methods of account reconciliation:

• Bank Account Reconciliation

  Use this method to manually reconcile your bank accounts.

• Debit/Credit Match

  Use this method to manually reconcile debits and credits for accounts such as clearing or suspense accounts.

• Bank Tape Reconciliation

  Use this method if you want the system to automatically reconcile your bank account. You can use this method only if your bank provides magnetic media with transaction information.

• Bank Statement Processing

  Use this method to enter transaction information from your bank statement directly into EnterpriseOne software. Countries whose banking processes rely heavily on magnetic media processing, electronic funds transfers, and direct bank involvement in settling outstanding debts typically use this method.