NetClose - Generate Reconciliations
Overview
Before each close period, reconciliations need to be generated for the current period. Each reconciliation will be generated from the Chart of Accounts, according to the Account Grouping Reconciliation Rules associated with each account.
Prerequisites
Before reconciliations can be generated, Account Groupings and mappings must exist. For more information on setting up Account Groupings, see this guide.
When accessing the Generate Reconciliations page, the system checks that all accounts in the Chart of Accounts are mapped to an Account Grouping. If any accounts are not mapped, you will receive the below error. Follow the instructions listed to map any unmapped accounts.
Step by Step Process
To generate reconciliations, navigate to NetClose > Close Management > Generate Reconciliations. Change the filters as desired to bring up the list of reconciliations to generate.
Reconciliations will be generated for the Accounting Period selected in the filter.
Select all reconciliations, or individual reconciliations to be generated, and press Submit.
If the reconciliation has already been generated, a warning box will appear like the below.
If you input "CONFIRM" and select OK, the old reconciliation record will be deleted and replaced with a new reconciliation, with a status of Not Started.
Depending on how many reconciliations a user is generating, it may take some time. The page will auto-refresh as reconciliations generate.
Generated reconciliations will display with the following information.
| Name | The Reconciliation Name, displayed with the following convention: Account/Account Grouping | Accounting Period | Subsidiary (if segregating by subsidiary) |
| Team | The preparer and reviewer(s) of the reconciliation |
| Due Date | The preparer due date to submit the reconciliation |
| Unexplained Balance | The balance that has not yet been explained by reconciliation items |
| Explained Balance | The balance that has been explained by reconciliation items |
Note: If you have carry-forward reconciliation items or a saved search built to pull in a subledger balance, these will reflect in the Explained Balance. Otherwise, the Explained Balance will match the Ending Balance or Activity, based on Account Grouping settings.
After reconciliations are generated, navigate to NetClose > Reconciliations > All Reconciliations to prepare and review reconciliations.