Define General Configuration - the Reconcile 1 Tab

Reconciliation settings are made on two tabs. On the Reconcile 1 tab you enter basic data for the account types that the reconciliation is based on. On the Reconcile 2 tab you select accounts for profit, earnings, analysis, and differences.

About this task

You can use this tab to define the following features:

  • sign conventions to be used for different account types
  • at which level you should perform the reconciliations and the accepted limits for reconciliation differences
  • if differences in the report should be calculated as total differences or differences per row
  • if status for submissions should be changed to Ready after reconciliation

Procedure

  1. Open the General Configuration window and click the Reconcile 1 tab.
  2. Enter the signs to use for the different account types in the Assets, Liabilities/Equity, Income, and Expenses text boxes. The signs should be the same as the ones you intend to use in the data entry.
  3. If you want to perform reconciliation and set the status for each journal type, select the Journal Type option button. Otherwise select the Closing Version option button and enter the closing version you want to perform the reconciliation by.
  4. In the field Status Setting Based on, you select if you want the status settings based on difference per row or based on the total difference.
    • Total Difference - The total difference in the reconciliation report is an absolute difference and not a net difference. The status setting will be based on this difference.
    • Difference per Row - The maximum difference accepted in the reconciliation report is calculated per row. If the difference calculated on one of the rows exceeds the limit set here in the General Configuration, the status remains Processing for the reporting unit. The total difference in the report is the Net difference and has no effect on the status setting.
  5. The field Largest Difference Accepted During Reconciliation determines if the reconciliation option of Between Accounts and/or Opening Balances is accepted or not.
  6. Select the Set Status for Submission to Ready After Reconciliation check box if you want the status for submission to be set to Ready when reconciliation has been performed.
  7. Click Save and open the Reconcile 2 tab.