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What is a reconciliation in SAP?
A SAP reconciliation account is a general ledger account that receives postings from subsidiary ledgers. A ledger is a two-faceted accounting form that enables bookkeepers to record transactions by posting debits and credits in financial accounts.
What is to reconcile an account?
What Is Reconciliation? Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Account reconciliation is particularly useful for explaining the difference between two financial records or account balances.
What is a GL reconciliation?
A general ledger reconciliation is an activity performed by accountants to verify the integrity of account balances on the company’s general ledger.
What are the three types of bank reconciliation?
Main types of reconciliation accounting
- What is Bank Reconciliation?
- Vendor Reconciliation.
- Customer Reconciliation.
- Business-specific Reconciliation.
- Credit card reconciliation.
- Balance sheet reconciliation.
- Cash Reconciliation.
How do you perform a reconciliation?
Bank reconciliation steps
- Get bank records. You need a list of transactions from the bank.
- Get business records. Open your ledger of income and outgoings.
- Find your starting point.
- Run through bank deposits.
- Check the income on your books.
- Run through bank withdrawals.
- Check the expenses on your books.
- End balance.
When do you need a sap reconciliation account?
When preparing financial statements the details of these individual accounts are not necessary. Instead, every asset, customer or vendor account is linked to a certain SAP reconciliation account, also known as a control account. Each SAP reconciliation account is used to reconcile the sub ledgers with the general ledger.
How is reconciliation account reported on financial statements?
Instead, every asset, customer or vendor account is linked to a certain SAP reconciliation account, also known as a control account. Each SAP reconciliation account is used to reconcile the sub ledgers with the general ledger. SAP reconciliation accounts are reported on the financial statements, while the individual sub ledger accounts are not.
How to reconcile GR / IR accounts in SAP Fiori?
Open the Reconcile GR/IR Accounts app under Periodic Activities. The Intelligent Goods and Invoice Receipt Account Reconciliation screen is displayed. You can see all purchase order items for all company codes. You logged on to the SAP Fiori launchpad as a General Ledger Accountant.
How to create recon account in SAP Community?
You can create Recon account in T.Code FS00 and dont forget to create it as a Balance sheet account and select Recon acct for acct type as customers or vensors (Whichever is applicable) in Control data Tab. And then go ahead creating you sub ledgers, you can assign this recon account.