How robust is SAP's bank statement auto reconciliation program?
By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.
SAP can accept numerous bank statement formats, including BAI and MT940. SAP's import/reconciliation program is able to clear items automatically from the general ledger as well as the customer and vendor subledger using standard algorithms which look at amounts, value dates, invoice information, bank reference numbers or check numbers. SAP has also recently enhanced the process by providing extra configuration tables which can search the note to payee (remittance text) information in the bank statement to re-route specific transactions such as bank fees or other transactions which do not have corresponding items to clear in your system. This new functionality also allows you to attach controlling objects like cost centers or profit centers to the posting. These enhancements were made to increase the hit rates of incoming items on the bank statement because, in most cases, automatic clearing for outgoing items on your statements will be 90-95% since the whole outbound process is controlled by the system.
Dig Deeper on SAP financial management
Have a question for an expert?
Please add a title for your question
Get answers from a TechTarget expert on whatever's puzzling you.