Overview of Reconciliation Rules Sets

Bank statement reconciliation rule sets are a group of matching rules and tolerance rules. They are assigned to a bank account and used to reconcile bank statement lines with transactions.

Consider the following when creating your rules:

• Build the rule set and the rule set detail as a parent-child relationship.

• Each rule set consists of one or more matching rules that can be prioritized or sequenced.

• The rules should be ordered to achieve a greater reconciliation success rate. It's strongly recommended that one to one rules be sequenced ahead of rules of other types.

• To provide an optimum reconciliation rate, you should change the sequence number depending on how accurately the given rule is likely to reconcile against the correct bank transactions.

For example, transactions from sources for which the bank provides you a reference ID are likely to have a higher reconciliation rate. These rules should be placed at the beginning with a lower sequence number. Conversely, transactions with no reference ID are likely to have duplicates or lower reconciliation rates, and you should place them at the end with a higher sequence number.

Automatically Reconciling Rejected Payments

You must enable the Opt in feature, Automatic Reconciliation of Reject Payments to automatically reconcile rejected payments reported on the imported bank statement. Follow these steps to enable the feature:

• Select the transaction type as Reversal in the bank transaction code.

• The application identifies the rejections on the bank statement lines with this transaction code and reversal indicator.

• The autoreconciliation process identifies the rejection and un-reconciles the original settled payment and reconciles the original statement line with the rejected statement line.