Bank reconciliation in SAP can be done with the help of two kinds of bank statements; manual and electronic. If it is a manual statement than you need to enter the details of the statement manually into SAP, but if it is an electronic statement you can just upload the statement to SAP.
Before we dive into the steps, let’s back up and make sure you understand what bank reconciliation is.
Bank reconciliation is a term that describes the process of reconciliation between the account maintained by the bank and the account maintained by you. There may be some instances when these accounts may not tally. There are a few reasons why this may happen and when it does, the bank’s accountant is responsible for preparing a bank reconciliation statement and presenting it to the management of the bank in order to find out the discrepancies that are present in the accounts.
The Steps
1. Creating a general ledger accounts for the bank reconciliation statement. This may include the following:
- Check wire transfer
- Check issued out or issuing a cheque to the vendor.
- Check received from the customers
- Check for other interim posting
The accounting entries for bank reconciliation in SAP are:
- For checking issued out, Vendor account debit to check issued out account
- The clearance of check issued out account debit to bank account
Both of these entries help in clearing the check issued account. Similarly, the other accounts are also cleared after being entered at the time of preparing the bank reconciliation statement.
2. For the configuration of the bank reconciliation statement you have to make the global settings for the electronic bank statement after which you can enter your chart. Then you need to create the account symbol as these will be assigned to general ledger account for the purpose of posting when you are preparing the bank reconciliation statement. You need to create account symbols for different accounts which include account, check issue, check received, bank charges, wire transfer and other items.
3. Creating keys for posting rules is done to name the different accounts for posting in the bank reconciliation statement. Then you have to define the posting rules for all the keys that have been defined in the earlier steps.
4. Define posting rules for the keys to the new entries which includes credit posting key, debit posting key, account symbol, posting type and document type to be used.
5. Create transaction type that is only required for the electronic bank reconciliation statement where you can enter the transaction type that you want and save it.
6. Assign external transactions type to the posting rules- this is also required only for the electronic bank reconciliation statement. Here you can enter your posting rule for the external transactions that you have created and save it.
7. Assign account to transaction type- here you have to enter the key, transaction type, account and company code.
You may also require extra configuration for the manual bank reconciliation in SAP for which you may require to use two different paths which includes defining variants for the manual bank reconciliation statement, creating and assigning the business transactions.