How do I create a reconciliation account in SAP FICO?

How do I create a reconciliation account in SAP FICO?

How to Create Reconciliation Account in SAP

1. First, you should go to the menu path on the SAP.
2. After you enter the window box, you should create your G/L account.
3. You also need to choose the account group inside the new window box.
4. Then, you need to choose the account currency that is applicable to your business needs.

What is reconciliation account in SAP FICO?

Reconciliation accounts are G/L accounts to which postings are made automatically whenever a business transaction is entered on a subledger account (such as accounts receivable, accounts payable, or fixed assets).

What is a reconciliation account?

Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. Account reconciliation is particularly useful for explaining the difference between two financial records or account balances.

How is reconciliation account determined?

The account determination procedure determines the condition types that the system uses for the settlement document type to determine the reconciliation account. If a G/L account is determined, the system ignores the reconciliation account defined in the customer or supplier master record. End of the note.

How do you find reconciliation accounts in SAP?

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.

How do you reconcile in SAP?

Procedure

1. From the SAP Business One Main Menu, choose Banking Bank Statements and External Reconciliations Manual Reconciliation .
2. In the Account Code field, select an account code.
3. Choose OK.
4. Select the transactions to be cleared.
5. If the value in the Difference field is not zero, do one of the following:

Where can I find reconciliation account in SAP?

Generally, a common reconciliation account in SAP is assigned to several customer accounts. It’s displayed on the balance sheet under the balance sheet item “Sundry Debtors”.

How is reconciliation done in SAP?

How do you do account reconciliation?

Bank Reconciliation: A Step-by-Step Guide

1. COMPARE THE DEPOSITS. Match the deposits in the business records with those in the bank statement.
2. ADJUST THE BANK STATEMENTS. Adjust the balance on the bank statements to the corrected balance.
3. ADJUST THE CASH ACCOUNT.
4. COMPARE THE BALANCES.

How do you assign a reconciliation to a company code?

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1. Assign Company Code to Chart of Accounts – OB62.
2. Define Account Group – OBD4 (This Acc Grp is selected at the time of G/L creation)
3. Create Reconciliation G/L – FS00.

How is reconciliation account determined in SAP?

The account determination procedure determines the condition types that the system uses for the billing document type to determine the reconciliation account. If a G/L account is determined, the system ignores the reconciliation account defined in the customer or vendor master record. End of the note.

Why do we need to do reconciliation in Fico?

From Financial accounting we get data into controlling module and in controlling we reassign cost from one cost object to another cost object and some other reassignments are done based on the business process. There changes are noted in financial accounting. For this reason we need to do reconciliation;

Where to find reconciliation account ready for input?

Here, you should note that the account group “Recon.account ready for input” is selected. Also, all reconciliation accounts should be identified as balance sheet accounts: Click on “Control Data” tab and check the second area that has to be maintained when creating a reconciliation account.

How to display reconciliation account using Transaction code fs00?

To display a reconciliation account use transaction code FS00 or you can use the following menu path: You will be taken to the screen below: The first area that denotes that this is a reconciliation account is the control data in the “Type/Description” tab. Here, you should note that the account group “Recon.account ready for input” is selected.

How to display a reconciliation account in SAP?

Displaying a reconciliation account Click on “Control Data” tab and check the second area that has to be maintained when creating a reconciliation account. In the field “Recon.account for acct type” you select between assets, customers and vendors to specify which sub ledger the account reconciles: Displaying a reconciliation account