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Currently in OFBiz an Account Reconciliation can be created even if the accounting transaction has already been posted to the general ledger.

IMPORTANT NOTE: There is a bug here because appear to be a couple of possible bugs here as follows:

1. if the transaction is posted before the account reconciliation takes place then the accounting transaction keeps re-appearing in the account reconciliation screen. This means that you can create multiple account reconciliations for the same entry....which shouldnt be the case..... Do you need to switch off the automatic posting to the GL if the transaction hasnt been reconciled?????
2. when you create a new account reconciliation for the same account it doesnt take into account any previous reconciled balance (this means that you dont have an ongoing current balance for an account as at a particular date. You could use the Income Statement restricted by date criteria but then would have to sift through all the transactions to see which ones were part of your reconciled balance...)

What is it used for?

All businesses will need to reconcile and validate the entries in their chart of accounts for tax or fiscal purposes. Account Reconciliation is used to verify the balances of each account as at a certain date. Usually a fiscal year is broken down into smaller periods (eg month, quarter etc) and a business would normally want to ensure that their accounts are validated and reconciled from one month to the next. This is extremely important for processing things such as VAT or GST.

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How do I delete an Account Reconciliation

NOTE TO CHECK: Havent seen an option to delete an account reconciliation yet. Need to do some testing with accounting transactions that have not yet been posted to the general ledger.An Account Reconciliation cannot be currently deleted through the user interface. (NOTE: Not sure if this is recommended but it probably could be removed using Webtools / Entity Data maintenance but you would need to be very careful)