What is recon account in SAP fico?
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.
How do I assign a reconciliation account to a vendor in SAP?
Create Sundry Creditor Account in SAP (Vendor Reconciliation Account) Navigation. Configuration steps. Step 1 : – Execute t-code “FS00” in command field from SAP easy access screen. Step 2 : – On Edit G/L account centrally screen, update. Step 3 : – Under G/L account type/ Description, update.
What is a recon account?
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 reconciliation account in SAP customer master?
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.
How do I create a recon account in SAP?
How to Create Reconciliation Account in SAP First, you should go to the menu path on the SAP. After you enter the window box, you should create your G/L account. You also need to choose the account group inside the new window box. Then, you need to choose the account currency that is applicable to your business needs.
Can we post directly to reconciliation accounts?
the sub ledger, you cannot post directly to a reconciliation account.
Where can I find Recon account in SAP?
Go to SE16, and check the table SKB1 and give the D and K for MITKZ(Recon.ID) field and execute then you can get the list of vendor/Customer recon accounts.
Can we change the reconciliation account after the vendor or customer posting?
Yes, you can change the reconciliation account in the vendor master if you change the field status of the rec. field for the respective account group from display to any other besides suppress and change back the field status to display after effecting the change.
What is alternative account SAP?
Hi Viki. An alternative account no is used if you assign a country specific chart of accounts to your company code that you can do when in OB62. You assign a ountry specific COA if you have any specific country specific requirement, like a country might want a specific no range for a specific accounts.
How many types of reconciliation are there?
There are five main types of account reconciliation: bank reconciliation, customer reconciliation, vendor reconciliation, inter-company reconciliation and business-specific reconciliation. Let’s explore each one of them in detail.
What are the 3 types of reconciliation?
What are the Types of Reconciliations? Bank Reconciliation. The most common of all reconciliations is the bank reconciliation. Vendor Reconciliation. Intercompany Reconciliation. Customer Reconciliation. Business Specific Reconciliation. Overdrafts. Accuracy. Regulations.
How often should you reconcile your bank account?
1. How often should you be reconciling? In general, businesses should do bank reconciliations at least once a month. This process typically happens after the end of the month because banks send monthly statements at the end of the month that can be used as a basis for reconciliation.
What is sub ledger account in SAP?
The subledger chart of accounts is a structured directory of all subledger accounts for the production of information and for balance sheet reporting. The financial statement segment is used for the basic structuring of both views.
What is ledger and subledger?
General ledger accounts provide summaries, while subledger accounts provide details. Your general ledger is designed to provide the balance of each of the accounts in your chart of accounts, while the subledger is designed to provide you with the details that make up that particular account.
How do you delete asset reconciliation account in SAP?
The accounts that appear on the list are the balance sheet accounts that have been configured in A090 transaction, you just click on button Set Reconciliation ind for All Accounts to put reconciliation indicator on G/L Account or you can click button Delete Reconciliation Ind For All Accts to delete indicator Feb 22, 2018.
What is account group SAP?
An account group is a segregating or grouping the similar accounts in to single group. Each account group in SAP is assigned to a chart of accounts, so you can only use account group if the controlling areas use the same chart of accounts.
What is reconciliation account in vendor master?
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.
What is subledger and general ledger in SAP?
The key difference between General Ledger and Sub Ledger is that General ledger prepared by the company is the set of the different master accounts in which the transactions of the business are recorded from the related subsidiary ledgers, whereas, Sub ledger act as an intermediary account set that is linked with the.
What is a GL account reconciliation?
A general ledger reconciliation is an activity performed by accountants to verify the integrity of account balances on the company’s general ledger.
Can we post entries directly to the reconciliation account if yes how?
In order to maintain a clean reconciliation with the sub ledger, SAP reconciliation account can only be updated by the system through the sub ledger. Direct posting to SAP reconciliation account is prohibited by the system.
How do I reconcile bank statements in SAP?
Procedure From the SAP Business One Main Menu, choose Banking Bank Statements and External Reconciliations Manual Reconciliation . In the Account Code field, select an account code. Choose OK. Select the transactions to be cleared. If the value in the Difference field is not zero, do one of the following:.