Some tips on Reconciliation

For bank reconciliation there are some common questions. 

So here you can find the questions and answers.

1. How bank transaction types are used in bank reconciliation?

There can be differences between the statement that bank sent and the transaction posted. For this purpose, you can use the transaction types.

On transaction type, you have the GL account to be used. So when you reconcile, system will post difference to this account. You have to select this information on the transaction level to use.

2. Can we cancel a reconciliation?

Yes you may redo the reconciliation.

3.Why can not cancel a bank reconciliation?

In older versions, if there are transaction posted auto with the reconciliation, then you were not able to cancel.

But in never version , you have this functionality.

You need to enable the feature.

4. How to reconcile the opening balance?

The opening balance will not have a statement from the bank for sure.

So you have to reconcile the opening balance with to upload a fake statement.

5. Is there an option to reset a bank to manual reconciliation once selected as advanced reconciliation?

There is no option for that.