What is central reconciliation in SAP BNS-CON - Concur?

SAP Term: central reconciliation

• Component: BNS-CON

• Component Name: Concur

• Description: A UI for an accountant to view invoices to the company that are matched to travel requests. The accountant would approve them for payment based on the match to the original expected expenditure in the travel request.

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• Key Concepts: 
  Central reconciliation is a process used in SAP Concur to ensure that all financial transactions are accurately recorded and reported. It involves comparing the financial records of two or more entities, such as a company and its suppliers, to ensure that all transactions are accounted for and that the records match. This process helps to ensure accuracy and consistency in financial reporting.
  
  How to use it: 
  Central reconciliation in SAP Concur is used to compare the financial records of two or more entities. This process involves comparing the records of each entity to ensure that all transactions are accounted for and that the records match. The process can be done manually or automated using SAP Concur's built-in reconciliation tools. Once the reconciliation is complete, the results can be used to generate reports and analyze discrepancies.
  
  Tips & Tricks: 
  When performing central reconciliation in SAP Concur, it is important to ensure that all transactions are accurately recorded and reported. To do this, it is important to review all transactions carefully and make sure that they are correctly entered into the system. Additionally, it is important to review any discrepancies between the records of two or more entities and take corrective action if necessary.
  
  Related Information: 
  Central reconciliation is an important part of financial reporting in SAP Concur. It is also related to other processes such as accounts payable, accounts receivable, and inventory management. Additionally, it is important to understand how central reconciliation works in order to ensure accuracy and consistency in financial reporting.