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author's profile photo Former Member
Former Member

Reconciliation?

HI,

what is reconciliation ? what should i type there ? coz it is asking me reconciliation no?is there any relationship with g/l account?

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    author's profile photo Former Member
    Former Member
    Posted on Apr 10, 2008 at 02:10 PM

    Hi,

    Reconciliation account is maintianed in customer master and vendor master.

    Functions of the Reconciliation Account: Customer Master Records

    When you post items to a subsidiary ledger, the system automatically posts the same data to the general ledger (see the following illustration). Each subsidiary ledger has one or more reconciliation accounts in the general ledger. These reconciliation accounts ensure that the balance of G/L accounts is always zero. This means that you can draw up balance sheets and profit and loss statements at any time without having to transfer totals from the subledgers to the general ledger.

    Prase

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  • author's profile photo Former Member
    Former Member
    Posted on Apr 10, 2008 at 02:12 PM

    Thanx for the Reply

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