Journal Entry Reconciliation

Key Benefits

  • Harness the results of your reconciliations to generate Journal Entries
  • Support multiple levels of approval for prospective Journal Entries
  • Support workflows and booking into any subsystem
  • Add controls to the Journal Entry process

 

Overview: The reconciliation process often prepares or highlights the need for specific entries destined for the General Ledger. The ReconArt solution allows you to automatically collect these items, push them through a configurable approval workflow, and prepare them for the General Ledger or other downstream system.

Purpose: ReconArt is a comprehensive solution to help identify/create Journal Entries as part of the reconciliation process. Outputs from reconciliations can flow seamlessly into prospective Journal Entries. The Entries can follow a user-defined approval workflow including logic for thresholds, clip-levels or overrides. Once the JE is approved, it can be prepared and distributed to target systems automatically or reported on for action.

 

Challenges:

  • Lack of integrated solution. Often the lack of a comprehensive and integrated solution is an encumbrance when trying to inform and manage Journal Entries. Multiple systems and limitations therein make it difficult to allow the outputs of the reconciliation process to flow into new items destined for other systems – such as the GL – with automation and other forms of efficiency.
  • Tool limits. Some General Ledgers do not provide the level of control that is demanded by many organizations. In particular, having an approval process for Entries involving multiple people based on business logic is difficult – and often not supported at all.

 

Journal Entry Capabilities:

  • The integrated solution. ReconArt’s integrated solution ensures that the outputs of reconciliation are readily available to drive new entries destined for other systems – in particular, Journal Entries. The single platform makes it possible to automate many aspects of the process allowing new efficiencies, higher quality and better control.
  • The configurable solution. ReconArt is highly configurable to allow the business team to define appropriate rules for the approval process of prospective Journal Entries. This addresses the lack of support for such aspects in the General Ledger itself. This provides all the configurability needed for control as well as the important accompanying audit trail.

 

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