You use this field to indicate G/L accounts as reconciliation accounts. For each subledger account , you must keep at least one reconciliation account in the G/L account area. When you post to an account in the subledger, the system automatically posts to the corresponding reconciliation account.
The "Receivables from goods and services" account is an example of a reconciliation account for customers. Enter a D for customer in the reconciliation account for account type field. Enter a K in this field for vendor.
Using the reconciliation account procedure, it is possible to create a balance sheet and a profit and loss statement at any time, since the amounts that are posted to the subledger accounts are also posted automatically in the general ledger.
During regular reconciliation, you check whether the balance of the reconciliation matches the balance of the corresponding subledger accounts.
You define reconciliation accounts by specifying in the G/L account master record the account type (such as fixed assets, vendor or customer) for which the account is to be used. In this way, the account can only be assigned to accounts in the corresponding subledger. You set the assignment of the subledger account to a reconciliation account in the master record of the subledger account. You cannot post to reconciliation accounts manually.
You have created a reconciliation account "Receivables" for accounts receivable. You must specify the account number of the reconciliation account in the master records of the customer accounts. The system checks whether the named reconciliation account is permitted for the account type "customer".
More information on the reconciliation account can be found in the FI Accounts Receivable and Payable Accounting documentation in the sections on customer master records and vendor master records .
Reconciliation operations are described in FI Closing and Reporting.
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