Reconcile Clearing Accounts Manually

You can reconcile clearing accounts manually using the Manual Reconciliation page or the Reconcile Journal Lines spreadsheet. To get to the page and spreadsheet, select the Reconcile Clearing Accounts Manually task in the Journals work area.

Here's what else you can do from both the page and the spreadsheet.

• Mark related journal lines as reviewed.

• Update reconciliation reference values.

Let's take a closer look at how you reconcile lines and update reconciliation references, and what it means to review lines.

Reconcile Lines

1. From the page or spreadsheet, search for the reconcilable clearing account journal lines. You can search by ledger, reconciliation type, group, date, status, accounting period range, and several other criteria.

   Tip: To find journal lines marked as reviewed, search using the reconciliation status.

2. Select the lines that match the account matching rule and account filters to reconcile them together and click Reconcile. Reconciled lines are automatically removed from the page. You can reconcile lines together if the net difference of total accounted debits and credits is within defined tolerances.

   Note: When you reconcile manually, reconciliation reference values can be different. They're also not required.

Update Reconciliation References

1. Search for the unreconciled or reviewed journal lines on the page or spreadsheet.

2. Update the reconciliation reference information as needed.

3. Save. You can then use the automatic reconciliation process to automatically reconcile the lines.

Review Lines

You can mark one or more related journal lines as reviewed from the page or spreadsheet. You might want to do this when you can't reconcile a set of journal lines right now, but you expect more offsetting lines coming through in a future accounting period. Unlike during the reconciliation process, the action of marking one or more journal lines as reviewed doesn't validate if the net difference of total accounted debits and credits is zero, or within a tolerance, or if the selected lines comply with the account matching rules.

Here are some characteristics of reviewed lines:

• They're still unreconciled lines.

• They appear on the Unreconciled Transactions report along with the other unreconciled lines.

• You can track them separately from other unreconciled lines. They have a reconciliation status of Reviewed and a reconciliation group and reconciliation date, which is the date you marked them as reviewed.

• You can reconcile them using either the automatic or manual reconciliation process.