What is reconciliation key in SAP FI-CA - Contract Accounts Receivable and Payable?

SAP Term: reconciliation key

• Component: FI-CA

• Component Name: Contract Accounts Receivable and Payable

• Description: A key used to record totals records from contract accounts receivable and payable, for later transfer to downstream accounting systems such as the general ledger.

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• Key Concepts: 
  Reconciliation key is a feature in the FI-CA Contract Accounts Receivable and Payable component of SAP. It is used to reconcile the accounts receivable and payable of a customer or vendor. The reconciliation key is a unique identifier that is assigned to each customer or vendor account. This allows for easy identification and tracking of transactions between the two parties. 
  
  How to use it: 
  The reconciliation key is used to identify and track transactions between customers and vendors. It is assigned to each customer or vendor account when the account is created. This allows for easy identification of transactions between the two parties. The reconciliation key can be used to reconcile accounts receivable and payable, as well as to track payments and invoices. 
  
  Tips & Tricks: 
  When creating a new customer or vendor account, make sure to assign a unique reconciliation key to the account. This will make it easier to identify and track transactions between the two parties. Additionally, it is important to keep track of the reconciliation keys for each customer or vendor account, as this will help ensure accurate reconciliation of accounts receivable and payable. 
  
  Related Information: 
  The reconciliation key is an important part of the FI-CA Contract Accounts Receivable and Payable component of SAP. It is used to identify and track transactions between customers and vendors, as well as to reconcile accounts receivable and payable. Additionally, it can be used to track payments and invoices.