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Reconciliation account: there are many Vendor codes in the Vendor Master right?

So now, if you would like to include the balances of each vendor to the Balance sheet, what do you do? Do you include all these vendor "codes" into the balance sheet? No you cant do that, it will make your Balance Sheet have 100 pages. This is why we have a Recon Account.. where it shows the balances for each vendor according to the Vendor Account Group. These balances according to account group will then be brought into the Balance Sheet. Reco account is the account where postings for several vendors are reconcilled. When ever you post the MIRO document the entry goes to the reco account of the vendor. This helps FI to reconcile the debits and credits for several vendors Reconcillation account is a sub-ledger account with in the general ledger account, The reconciliation account in G/L accounting is the account which is updated parallel to the subledger account for normal postings (for example, invoice or payment). For special postings (for example, down payment or bill of exchange), this account is replaced by another account (for example, 'down payments received' instead of 'receivables'). The replacement takes place due to the special G/L indicator which you must specify for these types of postings. when we talk abt recon accnt, it actually the account tat is coming in playat the time of MIRO. actually when we say that wat ever transactions we r doing, the balance at each of the transactions should be zero, lets start from (for a normal purchasing cycle) MIGO---when we are doin at the time MIGO, first and for most the material stock accnt is getting debited, ut as i just said above that the balance at each n ever transaction should b zero therefore another accnt is supose to some in play i.e GR/IR account is debited and hence therefore the transaction becomes zerobut we have somthin left in the GR/IR accnt. so now we come to MIRO(remember that still at the time of MIRO we r not paying anything to vendor.) at that point of time we need to nullify the GR/IR accnt. so at that time the recon accnt comes in play, i.e for nullifyin GR/IR accnt as well as for creating vendor liability reconcillation accnt is coming in picture. therefore at this MIRO GR/IR wll b debited(making it zero, at it was creditted at the time of MIGO) and Vendor accnt will b credited(making a liability towards, the vendor). now this transaction wll b finished. now the FI ppl wll do the final settlement, there-on debitting the vendor accnt and creditting the bank accnt by paing the money to the vendor. this is how the cycle runs. at the end of the cycle only accnts remain 1: material accnt 2: vendor payment accnt.

Reconcillation account is a sub account which is assign to vendors and it is parallely updated along wiht the vendor account, Fi person use it to divide the debit credit amount on some bais, like for domestic vendors we may have created one account,, for forein vednor we may have different reoconcillation account for for courier vendor we may have different reconcillation account with those account finance person can plan or

act accordingly as they will get detail oinformation how much they have to pay for domestic vendor and how much for others like this reconcillation account is use.

First, you must understand the definition of general ledger. General ledger is the main accounting record of a business which uses double-entry bookkeeping. In SAP, the central task of G/L accounting is to provide a comprehensive picture for external accounting and accounts. Transactions that have a financial impact are captured by the general ledger. The transactions could be orinated from other modules. Example, posting of goods receipt (MIGO) performed by purchaing personnel (MM module) have already a financial impact. It increases the inventory balance and increases the GR/IR clearing account. The accounting journal entry the transactions MIGO create is debit (dr) Inventory account (G/L) and credit GR/IR clearing accounts (G/L). The general ledgers summarize all financial transactions of a Company. It is the the basis of the preparation of the Companys Financial Statements. Now, lets dig it further. Reconciliation Accounts are G/L accounts that receive postings from a subsidiary ledgers. Meaning, transactions data are not posted directly to recon accounts. Example of recon accounts are Accounts Receivable, Accounts Payable and Fixed Assets G/L. For accounts receivable G/L the subsidiary ledger is the customer account. All transactions with the customers are posted directly to the customer account and the recon account is automatically updated. How this thing happen? Well, when you create a customer account you specify under the Company Code data the reconciliation account. So, all normal transactions to the customer e.g. sale of goods are posted to the recon account defined in the customer master data. Next question would be, what G/Laccount should be updated for postings of customer down payment (advance collection)? For proper accounting, downpayment should not be posted to Accounts Receivable trade. It should be posted to different G/L account e.g. Advances from customer. Well, how would the said transaction be posted to Advances accounts. This is one of the cases where the idea of special G/L indicator comes in. With the use of special G/L indicator you can specify in the set-up what G/L account advances transactions be posted. Standard posting key of customer transaction with special G/L indicator are 09 (dr) and 19 (cr). The system will always require you to indicate the special G/L indicator when you use the said posting keys.

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