As part of the PeopleSoft Spotlight Series, the Oracle team gave an overview and walkthrough of the bank reconciliation feature within PeopleSoft.

Feature Overview

The bank reconciliation feature was introduced in PeopleSoft Image 18. Bank reconciliation for PeopleSoft Treasury involves comparing and matching your recorded business transactions with your bank’s corresponding transactions. The bank reconciliation feature helps maximize match rate, minimize manual user intervention, and reduce customizations while PeopleSoft provides different methods to reconcile balances.

Setting Up Bank Reconciliation

Before you can initiate bank reconciliation processing, you must define reconciliation tolerances, specify reconciliation rules, run the reconciliation sequel process, and associate reconciliation rules with bank accounts.

Parsing Addenda on Bank Statements

The data export/import utility is used to extract information from addenda on a bank statement by breaking down the unstructured addenda information into its component parts and storing it in a structured format. This information can then be used to help find matches between bank transactions and system transactions. The import utility uses PeopleSoft delivered source and target documents for parsing addenda. The data export/import utility allows users to configure transformations through an online mapping component. Bank reconciliation rules can then be configured to use the parsed addenda information to more effectively reconcile bank statement lines.

Reconciling Bank Statements

To reconcile bank statements, you’ll need to test bank reconciliation rules first. Then, deploy your map definitions and reconciliation rules to a production environment. The last step is to run the bank reconciliation process. PeopleSoft recommends configuring reconciliation rules in a test database, validating the rules, and then moving them into a production environment.

For a demonstration, check out the video below.

Additional Resources

Want more resources like this, all in one place? Discover everything available at COLLABORATE 19, the Technology and Applications Forum for the Oracle Community, April 7-11, 2019, in San Antonio. Learn more and follow #C19TX on Twitter to stay up-to-date on all things COLLABORATE 19!

If you’re looking for more PeopleSoft content, join us at RECONNECT 19, the premier deep-dive PeopleSoft focused event of the year! The event will take place July 16-18 in Rosemont, Illinois. Register by June 19 to take advantage of Early Bird prices!