Configuring bank account reconciliation in Oracle Fusion Cash Management involves a series of steps to ensure that the data in Oracle matches the data from your bank statements. The process helps in identifying any discrepancies between the bank’s records and your company’s records in the Oracle Fusion application. Here’s a detailed and precise guide for configuring bank account reconciliation:
Define Bank Transaction Codes:
- Go to the “Manage Bank Statement Transaction Codes” task in the Cash Management offering.
- Create bank transaction codes that correspond to the codes provided by your bank. These codes categorize different types of transactions, such as deposits, withdrawals, and fees.
Define Reconciliation Matching Rules:
- Navigate to the “Manage Bank Statement Reconciliation Matching Rules” task.
- Create rules that the system will use to automatically match bank statement lines with system transactions. This can be based on criteria like amount, date, and reference numbers.
Manage Bank Statement Transaction Creation Rules
Define Tolerance Rules:
- Use the “Manage Bank Statement Reconciliation Tolerance Rules” task.
- Define tolerance levels for auto-reconciliation. For instance, you can set a rule that allows the system to automatically reconcile transactions if the difference between the bank statement and the system transaction is within a specific amount or percentage.
Manage Bank Statement Reconciliation Rule Sets:
- Create and add rules.
Import Bank Statements:
- Use the “Load and Import Bank Statement” process.
- Upload your bank statements into Oracle Fusion Cash Management. This can be done manually or automatically, depending on your bank’s capabilities and integrations.
- Once bank statements are imported, run the AutoReconciliation process. This will attempt to match bank statement lines with system transactions based on the rules you’ve defined.
Review and Manually Reconcile:
- Navigate to the “Manage Bank Account Reconciliation” task.
- Review unmatched transactions. Here, you can manually match bank statement lines with system transactions, or create new system transactions if needed.
Review Reconciliation Reports:
- Generate reconciliation reports to review matched and unmatched transactions. This helps in identifying discrepancies and ensuring that all transactions are accurately recorded.
Periodic Review and Update:
- Periodically review and update your reconciliation rules, tolerance levels, and other configurations to accommodate changes in business processes or bank requirements.