Bank Account Reconciliation

In this topic, we discuss the options for the external reconciliation of a G/L bank account. Note! a mandatory prerequisite for this topics is a good understanding of SAP Business One financial processes and general accepted accounting principles.

Here are some key points:

1. You need to match the house bank transactions as registered in the bank account in SAP Business One with the bank statement data you receive from the bank and adjust where needed. 
2. This matching process is called Bank Reconciliation, where you make comparison of an account with external data. 
3. In SAP Business One we call this process External Reconciliation. After doing this, SAP Business One flags those transactions as externally reconciled.
4. In SAP Business One you have three options for performing external reconciliation: 
   1. Reconciliation 
   2. Manual Reconciliation
   3. And Bank Statement Processing (BSP).
5. To avoid creating duplicate reconciliations, the user should choose one option and use it to perform external reconciliations.

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