Set Up Clearing Accounts Reconciliation

Clearing accounts reconciliation offers automatic and manual methods to group, match, and reconcile related in and out journal lines that no longer contribute to an account ending balance.

Steps to Enable

To use clearing accounts reconciliation, perform these steps.

In the Setup and Maintenance work area:

1. Go to the following:

   • Offering: Financials

   • Functional Area: General Ledger

   • Task: Specify Ledger Options, with the ledger scope set

2. On the Specify Ledger Options page, Reconciliation section, enable primary and secondary ledgers for clearing accounts reconciliation as required, by selecting the Enable reconciliation option.

3. Go to the following:

   • Offering: Financials

   • Functional Area: Financial Reporting Structures

   • Task: Manage Chart of Accounts Value Set Values

4. On the Manage Values page, set the Reconcile attribute to Yes for each of the reconcilable clearing account values in the natural account segment.

In the Scheduled Processes work area:

1. Run the Inherit Segment Value Attributes process to update existing account combinations with the subsequent changes to the segment value.

In the Setup and Maintenance work area:

1. Go to the following:

   • Offering: Financials

   • Functional Area: General Ledger

   • Task: Manage Clearing Accounts Reconciliation

2. On the Manage Clearing Accounts Reconciliation page, configure and maintain clearing account reconciliation types and the associated reconciliation rules.

   Note: You must complete your setup to view the list of reconciliation types when running the Reconciled Transactions report.