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