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Recon Account & Special GL Account

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What is the difference between Recon Account & Special GL Account

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3 Answers

  • Posted on Oct 09, 2010 at 06:25 AM

    Reconciliation Account:- This is control account for Vendor/Customer sub ledger accounts. At the time of sub ledger creation you have to specify this account.

    Special GL account:-This is also a reconciliation account, but we dont assign this account to any sub ledger accounts. we assign this account to the above reconciliation account with special GL indicator. So that system posts the special transactions like advances, bad debts & BOE to this account when you use special gl indicator for posting.

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  • author's profile photo Former Member
    Former Member
    Posted on Oct 08, 2010 at 05:06 PM

    There is nothing special GL account, but there is special GL indicator.

    Reconc account is used to reflect the subsidiery ledger (Customer/ vendors etc.) into the main GL ledger, Whereas via special GL indicator you can divert the posting for a vendor/ customer to another reconciliation account instead of the reconciliation account defined in their master record.

    For example to track down payment separatly in GL

    Regards,

    SDNer

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  • author's profile photo Former Member
    Former Member
    Posted on Oct 11, 2010 at 02:55 PM

    Dear,

    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

    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.

    Regards,

    Tarek

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