What is external reconciliation in SAP SBO - SAP Business One?

SAP Term: external reconciliation

• Component: SBO

• Component Name: SAP Business One

• Description: The comparison of an account with external data.

Smart SAP Assistant

• Key Concepts: 
  External reconciliation is a process in SAP Business One (SBO) that allows users to compare and reconcile data from external sources with the data stored in the SBO system. This process helps to ensure accuracy and consistency of data across multiple sources.
  
  How to use it: 
  External reconciliation can be used to compare data from external sources such as banks, suppliers, customers, and other third-party systems with the data stored in SBO. The process involves comparing the data from both sources and then reconciling any discrepancies. This can be done manually or automatically using a reconciliation tool.
  
  Tips & Tricks: 
  When performing external reconciliation, it is important to ensure that all data is up-to-date and accurate. It is also important to ensure that all data is properly formatted for comparison. Additionally, it is important to keep track of any changes made during the reconciliation process so that they can be easily reversed if necessary.
  
  Related Information: 
  External reconciliation is an important part of maintaining accurate and consistent data across multiple sources. It is also important for ensuring compliance with regulatory requirements such as Sarbanes-Oxley (SOX) and other financial reporting standards. Additionally, external reconciliation can help improve operational efficiency by reducing manual errors and improving accuracy of financial reporting.