Reconciliation and Closing of Open Item Balances

You can reconcile and close open item balances using one of the following methods:

• When you leave the Skip Open Item Reconciliation check box on the User Preferences - General Ledger page blank and post your open item transaction online, the transactions are reconciled and closed during the posting process.

• When you do not select the Skip Open Item Reconciliation check box on the Request Posting - Run Journal Post page, the transactions are reconciled and closed during the posting process.

• When you access the Reconcile Open Items - Open Item Recon (reconciliation) page and run the PS/GL Open Item Reconciliation process as a background (batch) process.

• When you access the Update Open Items - Open Item page, you can select, reconcile, and close open item transactions manually.

  This option is normally used for open items with balances that do not equal zero. The entries you close must still balance or meet the reconciliation tolerance amount.