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Reply from Nikki Klein on Jul 29 at 11:34 AM HI
The Electronic Bank Statement is designed to upload the transactions that have happened out at the bank, during the period.
So at the start of (say) March, your bank balance in the SAP main G/L account and in your actual bank account is $100,000. They match. During March, activities are happening in your actual bank account; and activities are happening in the SAP sub accounts that - hopefully - mirror the activity.
The bank statement is designed to re-align the main G/L account back to the bank account. You will know the upload is correct if this match happens. If it does not happen, you use the Post-Process tools to figure out what is missing - either missing in SAP or missing out in the bank - in order to match.
Nikki
| | | ---------------Original Message---------------
From: Arshadalijaved
Sent: Wednesday, July 29, 2015 3:14 AM
Subject: Verfication of Bank Reconciliation Statement in SAP-FICO
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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