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What does it mean - reconcile journal items?

odimegwu david
on 7/22/13, 2:48 AM 2,189 views

can someone put me through on what it means to reconcile journal items. I know about posting journal items and checking for errors, but how does software do reconciliation. Please, do clear the confusion. Thanks.

On 7/22/13, 6:28 AM

Ok let move with a simple example :

whenever you create an invoice(think for Supplier) and validate it, then a two Journal Entry created automatically and with two journal entry lines ... this entry line is Journal Items only. and it is like this : (Purchase Journal) 1. payable account ------------credit ---------------100 2. Expense account ------------debit ----------------100

Now when you pay that invoice either bank/cash or others then again a journal entry created with two more Journal entries line ........mean two more Journal Items (Bank Journal) 3. Bank Account ---------------credit-------------100 4. payable account ------------debit --------------100

So finally payable account become '0' means reconciled and only bank and expense account has real figure of amount.

Hope it will help . If yes then thanks will be enough !!!:D

I understand what you mean. I will look for where I saw it on Openerp and apply it then. will return with feedback. thanks.

odimegwu david
on 7/22/13, 1:18 PM

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Asked: 7/22/13, 2:48 AM
Seen: 2189 times
Last updated: 3/16/15, 8:10 AM