NetClose - Generate Reconciliations
Before each close period, each reconciliation will need to be generated for the current period. Each reconciliation will be generated from your Chart of Accounts, according to Reconciliation Grouping Rules associated with each account. This will typically be done on a monthly basis as part of the month end close.
Prerequisites
Account groupings must be created before period specific reconciliations can be generated. See our guide on creating NetClose Account Groupings for more details.
Step by Step
Navigate to NetClose > Close Management > Generate Reconciliations. Change the filters as desired to bring up the list of reconciliations to generate.
The reconciliations will be generated for the Accounting Period that is selected in the filter.
Select all reconciliations or individual reconciliations to be generated. Press Submit. If the reconciliation has already been generated, a warning box will appear, for example:
If you select OK, the old reconciliation record will be deleted and replaced with a new clean reconciliation, with a status of Not Started.
Depending on how many reconciliations a user is generating, it may take some time. Press Refresh until the reconciliations are finished processing. The reconciliations generated are presented in a list with some information provided.
| Name | This the name of the Reconciliation with a convention of Name/Account | Account Period | Subsidiary (if segregating by subsidiary). |
| Accounting Period | This is the specified Accounting Period for which the reconciliation has be generated. |
| Status | The status of the Reconciliation. |
| Assignee | The owner of the Reconciliation. |
| Due Date | The date by which the Reconciliation is to be completed. |
| Unexplained Balance | This the balance within the account that has not been explained by reconciliation items. |
| Explained Balance | The balance that has been explained using the reconciliation items within the Reconciliation. |
Note: If you have carry forward reconciliation items or a saved search built to pull in a subledger balance, the explained portion of the balance will show in the Explained Balance. Any difference will show in the Unexplained Balance.
- If no reconciliation items are created or carried forward for the reconciliation, the full GL balance will show as the Unexplained Balance.
Generated reconciliations show the related period to the right of the name and, if you're running subsidiary-segregated reconciliations, the subsidiary to the right of that. These generated reconciliations will show in NetClose > Reconciliations. See our guide on re-running auto reconciliations after generating the reconciliations and preparing and reviewing reconciliations once generated.