NetClose - Reconciliations Overview

Overview

Account reconciliations are one of the pillars of the month-end close. Supporting the balances in your general ledger is what keeps financial statements complete and accurate, and most teams enter the close with a long list of accounts to reconcile. The NetClose Reconciliations module consolidates that work: it groups your accounts, automatically reconciles the ones that qualify, and gives you a structured record for the rest.

Reconciliations Setup (video)

Watch this walkthrough to set up the Reconciliations module: building account groupings across your general ledger, assigning a preparer and reviewer to each group, and configuring auto-reconciliation rules.

Utilizing Reconciliations (video)

Watch this walkthrough for the monthly cycle: generating reconciliations, running the auto-reconciliation rules, and preparing and reviewing the accounts that remain - attaching reconciling items to explain the balance and bringing the unexplained amount to zero.

More detail and next steps

The articles below go deeper on setting up and working reconciliations.

Setting up reconciliations

• Account Grouping Basic Configuration
• Account Grouping Subsidiary Configuration
• Auto-Reconciliation Saved Search Setup
• Auto-Reconciling AP, AR, and NetClose Amortizations
• Create Email Notifications for Reconciliations and Flux Analysis

Working reconciliations

• Generate Reconciliations
• Auto-Generate Reconciliations
• Prepare and Review Reconciliations
• Reconciliation Items
• Reconciliation Journal Entries
• Reconciliation Reports