Reconciling between accounts and opening balances

Complete the following steps to reconcile between accounts and opening balances.

Procedure

On the Company menu, click Reconcile/Between Accounts/Opening Balances. The Reconcile - Between Accounts/Opening Balance window opens.
Select the reconciliation reports you want to generate:
- Reconciliation. Leave the default values for Reconciliation Options and Reconciled performed by, if you want to update status from this screen.
- Analyze Differences by Extended Dimensions and enter the relevant dimension code in the text box.
Enter the actuality, period and submission you want to reconcile values for.
If you want to reconcile a group, select the Group option and enter the consolidation type and group code. If you want to reconcile one or several companies, select the Company option and enter the company code(s). All companies, regardless of if the company is connected or not in the tree structure, will be displayed. If you want to include subgroups in the reconciliation, select Include Subgroups.
Select the relevant reconciliation options. If you want to update status from this screen, you have to select all three options:
- Debit/Credit: Accounts defined as A, L, E, I or C are reconciled using a debit/credit reconciliation. When the reconciliation is run, the sum of all type A accounts is compared with type L and E accounts. The net income will not be retrieved from the balance sheet, but the profit and loss, according to the settings in the General Configuration. Debit/credit reconciliation is carried out on all journal types and for the contribution version BASE.
- Opening Balances: Between Accounts reconciliation is carried out on all journal types or by a specific closing version, and for the contribution version BASE.
- Between Accounts
If you set Ignore Balance on the first submission for a given period, and have only Balance Control on the last submission, then a control will be performed on all accounts included in all submissions for the given period to confirm it balance when running the last submission.
Select the option Journal Type if you want to perform the reconciliation per journal type. The default values for these settings come from the General Configuration. You have to keep the default values if you want to update status from this screen.
Select the option Only Show Rows with Differences to minimize the report. Default is to include all rows with differences, but if you have selected Differences per Row in the General Configuration, you can also select to see only the rows that exceeds the largest accepted difference. The largest accepted difference is set in the General Configuration.

Note: This is not applicable for the report Analyze Differences by Extended Dimension. For this report, the report will always be displayed with All Differencesand not Differences per row.
Click the Preview button to generate the report. Once the reconciliation has been performed with differences lower than the maximum accepted difference and previous submission is set to Reconciled or Ready, depending on the settings in the General Configuration window, the company's reporting status is updated to Reconciled. If errors occur, status will still be Processing.

Results

If the reconciliation report shows differences between Debit/Credit, even though there are no reported differences, this may be due to differences between "Debit" and "Credit". Generate the Verify Account Structure report to see if any of the accounts in the forms are defined as Active or Passive accounts, instead of statistical accounts.
The Largest Accepted Difference option does not apply to Debit/Credit.
You can select the Ignore Balance check box in the Define Submission window to disable the debit/credit control. This also enables you to enter journal entries that do not balance.
If you use the Ignore Balance function: all submissions are included when running reconciliation on the last submission. If you set Ignore Balance on the last submission for a period, then all previous submission for that period will also be set to Ignore Balance.
If you set Ignore Balance on the first submission for a period, and have only Balance Control on the last submission, then a control will be performed on all accounts included in all submissions for the period to confirm the balance when running the last submission.
If you want the system to accept differences during reconciliation of accounts/opening balances up to a certain amount, define a maximum accepted difference in the General Configuration. This does not apply to Debit/Credit.
If the Set Status for Submission to Ready After Reconciliation check box is selected in the general configuration, Reconcile tab and if there are no differences, the reporting status of the company is set to Ready immediately after reconciliation. If this option is selected together with the Use Period Locking on Company Level option, the system automatically locks the company and the submission for the selected closing version, preventing any further processing.
If the Use Period Locking on Company Level check box is selected in the General 1 tab, the selected actuality, period, company and submission will be locked when the company status is updated to Ready. When a company journal is entered on a journal type that is not included in the selected closing version for locking, then the company status remains Ready. To indicate that there is a change, the Group Status changes to Processing.
Note: The status of an imported company journal will be set to Processing irrespective of the journal type.
Status can be updated based on either Total Difference or by Difference per Row. The Total Difference of each reconciliation option is based on the summation of each difference regardless the difference is positive or negative. If the status is based on Difference per Row, the Total Difference row will be replaced by a Net Difference row. The net difference has no effect on the status.

When you select Company, all companies are displayed regardless of whether they are connected or not in the tree structure. When you select Group, only the connected group to the specified structure is displayed.