Topic Revision (Financial Process Part 3)

You added an Incoming payment but forgot to choose the invoice in the payment and a reconciliation was not made. What is the best practice to solve this issue?

It is possible to reconcile transactions of two business partners with each other.

You added an Incoming Payment for partial payment of an A/R invoice. How does this affect reconciliation?

As the accountant in your company, you spend a lot of time reconciling open customer debts and payments. Which 2 options can help you make the procedure shorter?

A manual reconciliation is a type of user reconciliation.

You need to perform internal reconciliation manually after running the Payment Wizard.

Once you reverse a reconciliation, all the related postings are reversed as well.

An internal reconciliation is performed in the local currency if the business partner account currency is set to All Currencies.

Partial reconciliation can be only done manually.

Which two of these transactions trigger a system internal reconciliation?

What can be a result of creating an internal reconciliation? There are 2 correct answers

Internal reconciliation refers to the matching and clearing of open credit items to open debit items within an account.

When an invoice is reconciled with a payment, the debit side of the business partner is reconciled with the credit side.