Home >  Term: reconciliation account
reconciliation account

A G/L account, to which transactions in the subsidiary ledgers (such as in the customer, vendor or assets areas) are updated automatically.

Typically, several subledger accounts post to a common reconciliation account. This ensures that the developments in the subledger accounts are accurately reflected in the general ledger (that is, in line with balance sheet conventions). For example, a reconciliation account for all overseas customers.

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  • Kalbos dalis: noun
  • Pramonės šaka / sritis: Software
  • Category: ERP
  • Company: SAP

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