Feature Overview

The benefits of managing reconciliations in General Ledger are that it streamlines and accelerates the reconciliation process for each accounting period, provides supporting documentation required by external auditors, identifies errors and corrects mistakes promptly. All of these help to prepare monthly financial statements, audit reports, external filings and disclosures.

Primary transactions:

• Create reconciliations
• Approve reconciliations
• Assign reconciliations
• Calculate reconciliation balances
• Change reconciliation status
• Add comments and attachments to a reconciliation transaction

Setting Up Reconciliations in PeopleSoft GL

Some setup is required, such as roles attributes, rules, assignment levels, status and reason, and security. This allows reconciliations managers to track the progress of reconciliation transactions.

Creating Reconciliations

To create reconciliation transactions, you must define a reconciliation set and then run the reconciliation process.

Managing Reconciliations with Demonstration

After the reconciliation process runs, you can optionally use the reconciliation assignment page to search, review and change who is assigned to a reconciliation.

Reconciling General Ledger to Sub-Ledger with Demonstration

The process of reconciling the general ledger to a sub-ledger is a control and audit requirement. This process is critical and time-consuming at period end. PeopleSoft 9.1 provided ledger to sub-ledger reconciliation. PeopleSoft 9.2 added more features such as the ability to identify transactions not yet posted within a sub-ledger at period end, identify accounting entries not displayed in the general ledger and drill down to transactions yet to be posted within a subsystem.

Additional Resources for PeopleSoft GL

You can review PeopleSoft online help for PeopleSoft general ledger, which is available at Peoplesoftinfo.com and the PeopleSoft Information Portal.

For more information on this subject, check out this video: PeopleSoft Spotlight Series: Managing Reconciliations in General Ledger.