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1

Automatic reconciliation

By
Adunato
on 5/28/13, 8:03 PM 1,307 views

The concept of automatic reconciliation is interesting however when dealing with a large database (1000's of transactions) I struggle to see a practical use case for it.

Few issues: - As there is no way to limit the volume of transactions or time it will just run forever crunching the whole database every time - The only output produced by the wizard is the total of transactions reconciled vs the total of transactions not reconciled (i.e. thousands vs thousands) - Seems to be working only on CR/DR pairs on the same account and does not match CR/DR between two different accounts

Has anyone had a practical experience with this functionality that can explain their workflow? As I'm struggling to see what this can be used for.

0
Adunato
On 7/2/13, 5:14 AM

After going through a full reconciliation process I found an effective way of using automatic reconciliation which is actually an absolute must have.

After having completed the bank accounts reconciliation I perform automatic reconciliation on all the 'control accounts', in my case:

  • Debtors Control Account

  • Creditors Control Account

  • Stock IN

  • Stock Out

Having 1000+ transactions a month this allows me to then check the accounting entries for each account and determine the cause of the unreconciled entries which can then adjusted manually. In my case this is typically due to returns. I then reconcile the adjustments until every transaction is reconciled.

This mechanism coupled with reconciliation of accounts with external references such as bank accounts gives me the confidence my books are in order.

Admins please accept my own answer. Thanks

Adunato
on 7/2/13, 5:16 AM

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Asked: 5/28/13, 8:03 PM
Seen: 1307 times
Last updated: 3/16/15, 8:10 AM