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Account reconciliation types

Modified on Wed, 23 Nov 2022 at 09:59 AM

New account reconciliation documents are generated automaticallyThere are five account reconciliation types:

  • Balance managed - Balance managed accounts bring in the closing balances from the ERP system. You only need to explain or verify the total balance by adding lines of explanation together with supporting comments or attachments.
  • Grouped - Grouped accounts aggregate the balances of several accounts and show them simultaneously as a group. The rows contain the individual balance of each account. You only need to enter comments and attachments to explain and verify each account balance.
  • Subledger - Subledger templates bring in both the closing balance of the General Ledger (GL) account as well as the corresponding balance from the same account in the subledger.
  • Line item managed - Line item managed accounts bring in both the closing balance together with the individual line items posted to that account during the period.  Each line must be substantiated individually.
  • Open item managed - Open item managed accounts are accounts with entries to be cleared with matching offset entries. The reconciliation will bring in both the closing balance together with any open items on the account. These are not limited to only the current period but will show all open (unmatched) items on the account.

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