Automatic Reconciliation

Automatic Reconciliation uses the reconciliation rule set assigned to the bank account to reconcile bank statement lines and system transactions. Use autoreconciliation to process a large volume of bank statements or to automate the reconciliation process.

Set up the following before performing automatic bank statement reconciliation:

Setup Prerequisites	Description
Banks, Branches, and Accounts	Define banks, branches and accounts to keep track of all bank accounts in one place.
Parse Rule Sets	Use to parse inbound addenda and other fields into more granular constituent fields. A parse rule set is associated with a bank account and used as reference data for the parsing batch job or scheduled process.
Transaction Codes	Expand or modify existing delivered transaction codes or create transaction codes as required. Transaction codes must match your bank's transaction code.
Transaction Type Mapping	Based on the payment method, identify the transaction types for Payables and Receivables and provide a description.
Bank Statement Reconciliation Matching Rules	Use Reconciliation matching rules to determine how to match bank statement lines to system transactions.
Bank Statement Reconciliation Tolerance Rules	Use tolerance rules to specify date, amount and percentage tolerances that prevent or warn when reconciliation is a breach of a defined tolerance.
Bank Statement Automatic Reconciliation Matching Rule Set	Consists of one or more matching rules and tolerance rules. They must be prioritized or sequenced in the order in which they must be executed. Manage Bank Statement Reconciliation Rule Sets page
Transaction Creation Rules	Use to identify unreconciled or external bank statement lines, and create an account for a transaction. For example, bank fees and interest.
Define Subledger Accounting Rules	Configure predefined accounting rules for external entry transactions.

To start the autoreconciliation process you must:

• Create a matching rule set and assign it to the bank account you want to use for autoreconciliation.

• Submit the Autoreconciliation process in the Bank Statements and Reconciliation page.

Report Parameters

The following table describes required basic options parameters:

Name	Description
Bank Account	The specific bank account used to receive payments and disburse funds.
Statement ID	The specific bank statement identifier.
From Statement End Date	Starting date range of the activities for the account.
To Statement End Date	Ending date range of the activities for the account.
Number of Days	Indicates the number of days the reconciliation process should consider for retrieving the statement dates. Use this option when you don't want to enter the From and To Statement End Dates. You can use this parameter when submitting and scheduling the process.
Generate Cash Transactions	Option that submits the process Create Bank Statement Transactions after the Autoreconciliation process is completed. The process creates external cash transactions from unreconciled statement lines based on the Bank Statement Transactions Creation Rules associated with the bank account. This includes items such as bank charges, interest, or other miscellaneous items.
Legal Entity	The legal entity associated with the bank account. The default setting includes all legal entities, but you can specify one or use a wildcard.
Bank	The bank associated with the bank account. The default setting includes all banks, but you can specify one or use a wildcard.
Bank Branch	The bank branch associated with the bank account. The default setting includes all bank branches, but you can specify one or use a wildcard.
Bank Account Name	The specific bank account name or bank account name using a wildcard.
From System Transaction Date	Starting date used to select the unreconciled system transactions for reconciliation processing. The default setting includes all unreconciled system transactions, but you can specify a starting date to narrow down the selection of system transactions.
To System Transaction Date	Ending date used to select the unreconciled system transactions for reconciliation processing. The default setting includes all unreconciled system transactions, but you can specify an ending date to narrow down the selection of system transactions.

• Review the unreconciled and reconciled lines. You can either perform manual reconciliation or resubmit the autoreconciliation process from the Bank Statements and Reconciliation work area.

• Review reconciliation exceptions from the Review Exception page.

• Use the Mark Reviewed feature to prevent the accidental reversal of the reconciliation of a reconciled bank statement.