What are the steps of intercompany reconciliation in SAP?

For all three processes, you reconcile accounting documents in the following order:

1. Data selection. You select documents across SAP systems and clients and transfer the data to the reconciliation database.
2. Data assignment.
3. Data reconciliation.
4. Communication.
5. Correction posting.

How do you do intercompany reconciliation?

5 Ways To Improve Intercompany Reconciliation

1. Shift reconciliations from monthly to continuous.
2. Use real-time robotic process automation to speed matching.
3. Maintain a live, centralized intercompany transaction repository.
4. Cut latencies from approvals and disputes.
5. Improve visibility into the reconciliation process.

What is intercompany reconciliation with example?

Intercompany Reconciliation (ICR) stands for the reconciling of figures among two consecutive branches or legal entities under the same parent institute when a transaction takes place. Out of the two branches, one acts as a seller, while the other acts as the purchaser.

What is the purpose of intercompany reconciliation?

Intercompany accounting is a crucial process for any company that has at least one subsidiary. It involves removing from the financial books any transactions that occurred between the company’s entities. This intercompany reconciliation greatly reduces the chance of inaccuracies in the company’s financial statements.

How does sap intercompany reconciliation ( ICR ) work?

SAP Intercompany Reconciliation (ICR) provides you with periodic control over accounting documents that describe the accounting transactions within a corporate group.

What is the purpose of the intercompany reconciliation solution?

The Intercompany Reconciliation solution (ICR) provides periodic control of documents which describe the accounting transactions within the corporate group The purpose of ICR is to ensure that intercompany documents from accounting transactions within the corporate group correspond to one another . Component : FI-GL-GL-G.

How do you reconcile accounting documents in SAP?

For all three processes, you reconcile accounting documents in the following order: You select documents across SAP systems and clients and transfer the data to the reconciliation database. For more information, see Data Selection . The system automatically assigns data records according to the rules you have defined.

How to do g / l Open items reconciliation in SAP?

For G/L open items reconciliation and G/L account reconciliation: Financial Accounting (New) General Ledger Accounting (New) Periodic Processing Check/Count Cross-System Intercompany Reconciliation . You can also quickly navigate to the Cross-System Intercompany Reconciliation node by running transaction FBICIMG .