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June 10, 2016

6/10/2016 06:21:00 AM

Reconciling Receivables
Reconciling Receivables Internal Reconciliation Internal reconciliation reconciles the Receivables opening to closing balance: (Opening Balance + Transactions) – (Payments) = Closing Balance
Reconciling Subledger Accounting Details Reconcile the period operational activity with Receivables subledger accounting data before posting to General Ledger. Use these reports to research transactions and receipts, and the different accounts that they affect, for a given period.

AR Reconciliation – Compares transactional data against accounting data. Use this report during the internal reconciliation process to see if the balances on the various registers match those on the journal reports.

You can also see which items affect aging, and which items affect GL account balances. This helps you to more easily reconcile your accounts receivable activities, before you post to General Ledger.  Potential Reconciling Items – Review suggested journal items that might potentially post to incorrect GL account types.        
 Journal Entries – Review the details that make up the

  •  General Ledger journal entries.  Aging - Review beginning and ending customer balances.  
  • Sales Journal by Account – Ensures that the Transaction Register matches the Sales Journal.   Transaction Register – Verifies that all items that can be posted are reflected on the Sales Journal.
  • The Sales Journal balance should match the total of the transactions here after adding the credit memo total twice (because it is a negative on the Transaction Register and a positive on the Sales Journal).  Adjustments Register – Identifies any adjustments that affect the transactions for the month.  Unapplied Receipts Register – Determines customer balance after taking into account all on-account and unapplied amounts. 
  •  Applied Receipts Register – Identifies receipts that reduce the outstanding opening balance. Reconciling Receipts Use register and journal reports to reconcile receipts according to the receipt life cycle (confirmed, remitted, cleared) from a cash perspective:  
  • Receipt Journal – View receipts that appear in the Journal Entries report.  Receipt Register – Review a list of receipts for a specified date range.  
  • Other Receipt Applications – View details about receipt activity that do not impact customer open receivables.
  • External Reconciliation External reconciliation reconciles the Receivables trial balance (i.e., Aging Report) to the Receivables control account (or accounts) in General Ledger. After you internally reconcile Oracle Receivables data and post to General Ledger, complete the external reconciliation process with the help of these reports: 
  •  Subledger Accounting Program – View the subledger journal entries created for successful events. 
  •  Journal Entries – Review the details that make up the General Ledger journal entries.  
  •  Journal Import Execution – Displays the total debits and credits for the journal created.  
  •  Posting Execution – Displays the total debits and credits that are posted.  
  •  Unposted Journal – Displays the total debits and credits that are not posted.  
  • AR to GL Reconciliation – Verifies that all Receivables journal entries were posted to the correct General Ledger accounts.              

Running Revenue Recognition
Running Revenue Recognition Receivables, Vision Operations (USA) (N) Control > Accounting > Revenue Recognition The Revenue Recognition program will automatically run as a part of the General Ledger transfer process. You can also run the
Revenue Recognition program manually at any time. The program generates the revenue distribution records for invoices and credit memos that use invoicing and accounting rules. Accounting rules determine the number of periods and percentage of total revenue to record in each accounting period. Invoicing rules determine when to recognize the receivable for invoices that span more than one accounting period. Distributions are created in the Receivables subledger and will pass to General Ledger during the appropriate accounting period. This is an essential process in accrual-based accounting.              
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