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Question from Arshadalijaved on Jul 29 at 3:06 AM What controls are built-in in SAP FICO to verify if the Bank Reconciliation is happening correctly? To put it differently how to check correctness and completeness of bank reconciliation in SAP-FICO
In traditional bank reconciliation we ensured its correctness when balance as per the bank statement and balance as per GL on a certain date reconciled. The reconciliation was possible by eliminating the effect of cheques issued but not presented, deposits not yet cleared etc. However in SAP-FICO balance as per GL is same as the GL balance because entries in bank main account are made by uploading the bank statement.
In financial accounting, bank reconciliation statement played an important role as a tool of internal control to ensure if
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