Automatic reconciliation rules

Automatic reconciliation rules are designed to streamline the reconciliation process by automatically closing Account Reconciliation tasks based on predefined conditions, reducing the manual effort involved in closing accounts that are expected to have little to no activity in them each period.

Automatic reconciliation uses criteria such as: Zero Balance (IF Balance = 0) or Balance Unchanged from prior period, to check the balances when they are imported. If the balances meet the Auto Reconciliation criteria they are automatically reconciled without needing manual submission and/or approval.

Auto reconcile if zero balance

The following steps show how to set up auto reconciliation for accounts with a zero balance when both the source and target accounts have balances of zero.

  1. Go to the Accounts page. Click the Accounts tab and select the account to auto reconcile.

     Tip:   To auto reconcile a large number of accounts, export the accounts, set them to auto reconcile in the spreadsheet, and then, re-import them into the application.

  2. In the Auto reconcile field, select the criterion (matching rule) for auto reconciliation: If zero balance.

  3. In the Status field, select a status for any item that falls within the criterion you selected above.

    • Pending Approval - the account will be marked with a status of Submitted and will require manual review before it is marked as Completed. Notification will be sent to the approver.

    • Completed If zero balance - no manual review required and account will be marked as Completed.

  4. Click .

  5. Next, initiate an import.

Initiate an import

 Tip:  Ensure that the Workflow Project Status is In Progress before initiating an import. Otherwise, auto reconciliation will not occur.

  1. Go to the Import Balances page and import the balances. A record of the results of the results will be stored in the Result Log

  2. Click the Result Log tab. The result of the auto reconciliation appears in the Auto Reconciled details of the Results section at the bottom of the page.

    • Rejected Records: Lists records that did not meet the criteria for reconciliation.

    • Auto Reconciled Tasks: Summarizes tasks that were successfully auto-reconciled.

    • Accounts Reset: Displays any accounts that were reset during the import process.

  3. Click Result Details for additional information.

  4. Optionally, go to the Account Reconciliation page to verify further. The GL balance for the auto-reconciled account will be 0 and the status will either be Completed or Pending Approval based on your setting in the Status field off the Accounts page.

Auto reconcile if balance is unchanged

The following steps show how to set up an account for auto reconciliation when an account’s balance remains the same (no activity) over a specified period.

  1. Go to the Accounts page. Click the Accounts tab and select the account to auto reconcile.

     Tip:   To auto reconcile a large number of accounts, export the accounts, set them to auto reconcile in the spreadsheet, and then, re-import them into the application.

  2. In the Auto reconcile field, select the criterion (matching rule) for auto reconciliation: If balance is unchanged.

  3. In the Status field, select a status for any item that falls within the criterion you selected above.

    • Pending Approval - the account will be marked with a status of Submitted and will require manual review before it is marked as Completed. Notification will be sent to the approver.

    • Completed If zero balance - no manual review required and account will be marked as Completed.

  4. Click .

  5. Next, initiate an import.