8.2.1 Generic Rule

This topic provides systematic instructions to create generic rule.

User must have valid corporate login credentials.

To create a generic reconciliation rule:

1. Perform any of the following actions:
   • From the Dashboard, click the Toggle Menu, then click Receivables/Payables, Reconciliation and Create Reconciliation Rule.
   • From the Dashboard, click the Toggle Menu, then click Receivables/Payables, Reconciliation, Overview, Quick Links and Create Reconciliation Rules.
   The Create Reconciliation Rule screen appears.

   Figure 8-3 Create Reconciliation Rule

   
   

   
   Description of "Figure 8-3 Create Reconciliation Rule"

   
   

   Table 8-2 Create Reconciliation Rule - Generic Rule - Field Description

   Field Name	Description
   Generic option	These fields appear if you select the Generic option.
   Reconciliation Method	Select how the rule is applied to the invoice/cash-flow records for reconciliation. This field appears if you select the Generic option in the Rule Type field. The options are: FIFO – Oldest invoice/cash-flow to be reconciled first LIFO – Latest invoice/cash-flow to be reconciled first HAFO – Invoice/Cash-flow with highest amount to be reconciled first LAFO – Invoice/Cash-flow with lowest amount to be reconciled first
   Attribute	Select the attribute to be used for applying the reconciliation method. This field appears if you select the Generic option in the Rule Type field. For Invoice and Payments reconciliation: For FIFO and LIFO, the options are: Invoice Date; Invoice Due Date. For HAFO and LAFO, the options are: Invoice Amount; Outstanding Invoice Amount. For Cash Flow and Payments reconciliation: For FIFO and LIFO, the options are: Expected Date; Revised Expected Date. For HAFO and LAFO, the option is: Amount.
   Rule Interpretation	Displays the rule that is set, based on the options you select in the Reconciliation Method and Attribute fields. This field appears if you select the Generic option in the Rule Type field.

   Figure 8-4 Create Generic Rule

   
   

   
   Description of "Figure 8-4 Create Generic Rule"

   
   
2. If you select the Generic option under Rule Type, enter the details as stated above.
3. Click Continue to go to the Set Allocation step. Or, do one of the following:
   • Click Cancel to cancel the transaction.
   • Click Back to reset and start with the Rule Details step again.
   • Click Skip Allocation to go to the Prioritize Rule step.

Figure 8-5 Set Allocation – Account Based

Description of "Figure 8-5 Set Allocation – Account Based"

Figure 8-6 Set Allocation – Attribute Based

Description of "Figure 8-6 Set Allocation – Attribute Based"

Table 8-3 Set Allocation Field Description

Field Name	Description
Party Name	Displays the name and ID of the logged-in corporate party.
Set Allocation	In this step, you can set the percentages to be allocated to specific virtual accounts. You must ensure that the sum of the allocated percentages should be 100. Note: Set Allocation step is not applicable for Reconciliation type Invoice/Debit Note and Credit Note. Please skip the step to proceed to Prioritize Rule step.
Allocation Basis	Select whether allocation should be virtual accounts-based or attributes-based. If you select the Account Based option, then you can directly set the virtual accounts for allocation. If you select the Attribute Based option, then you can set attributes for allocation. The virtual accounts that are mapped to these attributes will be used for allocation.
Narration	Specify the narration for reconciliation rule creation.
Account Based Allocation	This section appears if you select the Account Based option in the Allocation Basis field.
Serial Number	Displays the serial number of the allocation account.
Allocation Account	Select a virtual account to assign an allocation percentage.
Percentage	Specify the percentage of payment to be allocated to the virtual account.
Action	Click to add further virtual accounts. Or click to delete an added account.
Attribute Based Allocation	This section appears if you select the Attribute Based option in the Allocation Basis field. This option can be used to allocate specific percentages of the payment towards specific attributes. The amount corresponding to the payment percentage set, is allocated to the virtual accounts mapped to these attributes.
Serial Number	Displays the serial number of the attribute.
Allocation Entity	Select the entity whose attribute should be considered for setting an allocation percentage.
Allocation Attributes	Select the attribute for which the allocation percentage should be set.
Percentage	Specify the percentage of payment to be allocated to the attribute.
Action	Click to add further attributes. Or click to delete an added attribute.

4. Once the allocation details are set, click Continue to go to the Prioritize Rule step. Or, do one of the following:
   • Click Cancel to cancel the transaction.
   • Click Back to reset and start with the Rule Details step again.
   • Click Skip to skip the Set Allocation step.

Figure 8-7 Prioritize Rule

Description of "Figure 8-7 Prioritize Rule"

Table 8-4 Prioritize Rule - Field Description

Field Name	Description
Party Name	Displays the name and ID of the logged-in corporate party.
Prioritize Rule	This section displays Prioritize Rule details related fields.
Reconciliation Rules	A list of existing rules is displayed. You can set the priority on the rule being created, and also modify the priority on an existing rule, if required. For the rule being created, the keyword ‘Current’ is displayed beside it. For a rule whose priority is modified, the keyword ‘Modified’ is displayed beside it.
Search	Indicates an option to search for a specific reconciliation rule.
Rule Id	Displays the unique rule ID. For the rule being created, this field appears blank. An ID is assigned once the rule is created. The IDs of the other rules in this column are hyperlinks, which when clicked display the rule details in an overlay window. For more information, refer the Recon Rule overlay window section below. The keyword “Current” is displayed beside the rule being created. The keyword “Modified” is displayed beside any rule whose priority has been changed.
Rule Type	Displays whether the rule is a generic or an exact one.
Rule Name	Displays the name assigned to the rule.
Priority	Indicates the priority assigned to the rule. Note: For the rule being created, the priority assigned by default is, one incremental to the highest priority assigned to the existing rules (highest priority + 1). You can change this priority, if required. For an existing rule, click Edit icon to edit and modify the priority, if required.

5. In the Prioritize Rule step, you can modify the priority assigned to the rule being created, under the Priority column, if required. You can also modify the priority on an existing rule, if required.
6. Click Submit to submit the transaction. The Review screen appears. Or, do one of the following:
   • Click Cancel to cancel the transaction.
   • Click Back to go to the previous screen.

   Figure 8-8 Create Reconciliation Rule - Review Screen (Exact)

   
   

   
   Description of "Figure 8-8 Create Reconciliation Rule - Review Screen (Exact)"

   
   

   Figure 8-9 Create Reconciliation Rule - Review Screen (Generic)

   
   

   
   Description of "Figure 8-9 Create Reconciliation Rule - Review Screen (Generic)"

   
   

Figure 8-10 Create Reconciliation Rule - Review Screen

7. In the Review screen, verify the details and click Confirm. A Confirmation message appears, with the reference number and status of the transaction. Or, do one of the following:
   • Click Cancel to cancel the transaction.
   • Click Back to go to the previous screen.

   Figure 8-11 Create Reconciliation Rule – Confirmation

   
   

   
   Description of "Figure 8-11 Create Reconciliation Rule – Confirmation"

   
   
8. In the Confirmation screen, click the View Reconciliation Rules link to view the existing reconciliation rules. Or, click the Create Reconciliation Rule link to create another rule.

The generic recon rule is created and sent for authorization.