Basic Concepts of Oracle Account Reconciliation Cloud Services I Cloud Applications I Reconciliation Compliance I Transaction Matching
What is a Reconciliation? Validation that the balance in an account is “accurate”. Different types of accounts are validated or reconciled differently Cash – Compare the GL balance to the bank balance AP – Compare GL to sub-ledger AR – Compare GL to sub-ledger and analyze the aging of receivables Fixed Assets – Compare GL to sub-ledger and perform a roll-forward Pre-paids (e.g. Insurance) – Document the composition of the balance and justify Accruals (e.g. Bonuses) – Document the composition of the balance and justify Provisions and Reserves – Document the composition of the balance and justify Challenges in the Account Reconciliation Process 1 non-data-related delay in the close process Honest questions ̶ What percentage of the close time are you spending on account recs? Is it even happening? hat tools are you using? Excel? Emails back and forth? Is every account truly being reconciled? Are we reconciling at the correct level(s)? Are recs update...