- What are the types of reconciliation?
- What is vendor reconciliation?
- What is the use of vendor reconciliation account in SAP?
- Why a reconciliation account is used?
- How do I change my reconciliation account in SAP vendor?
- How is subledger linked to GL?
- What is a GL account reconciliation?
- What is reconciliation account in vendor master?
- What is reconciliation account in SAP FICO?
- What is alternative GL account in SAP?
What are the types of reconciliation?
There are five main types of account reconciliation: bank reconciliation, customer reconciliation, vendor reconciliation, inter-company reconciliation and business-specific reconciliation..
What is vendor reconciliation?
The vendor statement reconciliation is the litmus test at the end of the procure to pay process. It identifies the issues between your system and your vendor’s accounts. A single clear report will reduce vendor queries, improve your vendor relationship and tighten your control over vendor spend.
What is the use of vendor reconciliation account in SAP?
These reconciliation accounts ensure that the balance of G/L accounts is always zero. This means that you can draw up balance sheets at any time without having to transfer totals from the subledgers to the general ledger. You have to specify a reconciliation account in every vendor master record.
Why a reconciliation account is used?
Reconciliation is an accounting process that ensures that the actual amount of money spent matches the amount shown leaving an account at the end of a fiscal period. Individuals and businesses perform reconciliation at regular intervals to check for errors or fraudulent activity.
How do I change my reconciliation account in SAP vendor?
You can change the recon account for a vendor/customer by transaction code XK02/XD02. The original transactions remain in the original recon account.
How is subledger linked to GL?
A sub ledger is used for tracking individual items and transactions separate to the General Ledger (GL). … Each sub-ledger links to the GL by way of a control account (e.g. Debtors control the AR sub-ledger etc.). The total of the sub-ledger account should equal the balabce in the control account at all times.
What is a GL account reconciliation?
General Ledger Reconciliation is the process performed by accountants to verify the integrity of account balances on the company’s general ledger of accounts.
What is reconciliation account in vendor master?
Reconciliation account in SAP is a general ledger account assigned to the business partner master record to record all transactions in the sub ledger. Posting to the sub ledgers are automatically get posted to the assigned reconciliation account by which the general ledger will always be up to date.
What is reconciliation account in SAP FICO?
Features. When you post items to a subsidiary ledger, the SAP system automatically posts the same data to the general ledger at the same time. Each subsidiary ledger has one or more reconciliation accounts in the general ledger. These reconciliation accounts ensure that the balance of G/L accounts is always zero.
What is alternative GL account in SAP?
The alternative account- yyyyyy is use for an SGL account. in the normal AR account entries. As far as my knowledge goes, an alternative account number forms part of a country chart of accounts which is used for country-specific reporting requirement.