Reconciling between Accounts and Opening Balances

You can perform three types of reconciliation: debit/credit, between accounts and/or by opening balances.

The reconciliation is performed by submission, which means that the reconciled forms are those belonging to the specified submission. When running a reconciliation for submission two or higher, all forms belonging to previous submissions are also included in the reconciliation process. Note that previous submission must be reconciled and have status Reconciled/Ready before a submission with a higher number can be set to Reconciled/Ready.

Basic Data for Reconciliation

The reconciliation is performed for one or more companies with certain fixed prerequisites:

  • By BASE Contribution Version - will be reconciled for companies
  • By Local Currency
  • Reconciliation should be performed using the Reconciliation report selection. This report will display any differences in data. These differences can then be analyzed in more detail using the Analyze Differences by Extended Dimension and/or Analyze Differences by Automatic Journal Type report selections. Neither of these reports will update the status as it is for analysis purposes.
Note: Linked structure settings affect the selections you have when you enter values and reconcile against accounts and opening balances.

Update Status for Companies

When the reconciliation is performed and the account and the opening balances have been reconciled without differences and/or is within given limits, the company's reporting status can be updated to Reconciled. The status is then manually set to Ready for further processing in the consolidation process. It is important to consider the default settings in the general configuration. Depending on the configuration made, the status can be set to Ready directly.

Note: The first submission must be reconciled before the second submission can be reconciled and so on.

For more information, see Consolidating Values with Status.

Reconciliation when Working with Investment Adjustments

You can include investment adjustments in the closing balance values to reconcile the closing balance values with the opening balance values, if these bookings were included in the booking of the parent company.

Tip: Select the Enable Reconciliation Between Closing and Opening Balances for Investment Adjustmentcheck box in the General Configurationwindow, General 2tab.

Only investment adjustments booked on reported values or on a journal type with an OB copy rule of blank are included in the closing balance and reconciled against the reported values in the opening balance.

Reporting Status

You select the closing version that you want to use for the reconciliation in the General Configuration window. If you want to set the reporting status to Ready automatically, the selected closing version cannot include journal types with an OB copy rule other than blank.