Introduction

Account Reconciliation is a crucial step within the financial close process. It ensures the accuracy and completeness of a company's records and involves comparing the balances in the General Ledger (GL) with external documents statements such as bank or credit card statements. Any disparities are investigated and addressed through adjusting journal entries, thereby maintaining the integrity of the financial records.

In this guide, preparers and approvers will learn how to:

Use the dashboard. The dashboard is the central hub of the application, offering a snapshot of key metrics and tasks.
Handle to do tasks. To do tasks are tasks that need to be done in preparation for account reconciliation. For example, ensuring that all checks have been cashed, calling the bank, etc.
Reconcile accounts. This section details the process of reconciling accounts, including identifying discrepancies, making adjustments, and ensuring that all transactions are accurately recorded and balanced.

In this guide, administrators will learn how to:

Set up and manage close periods. This section explains the process of setting up and managing close periods within the application.
Set up and manage entity master list. This section details how to create and maintain the entity master list, which is crucial for organizing and managing different entities within your financial consolidation process. This section provides detailed instructions on adding, editing, and removing entities.
Add and manage accounts. This section explains how to add new accounts, update existing ones, and organize them into the appropriate categories, ensuring a structured and efficient chart of accounts.
Set up layouts. Here, you will learn how to create and customize layouts to present adjustments and supporting items.
Import general ledger balances. This section provides detailed instructions on preparing data files, and verifying the accuracy of imported data.
View trial balance. Learn how to generate, view, and analyze the trial balance.
Create and manage workflows. This section explains how to define workflows and monitor progress to ensure efficient completion.
Create and manage workflow tasks. This section explains how to define tasks, assign tasks, and monitor progress to ensure efficient task completion.
Set up data integration source. Learn how to set up data integration sources to import data from external systems into the application.
Manage users and permissions. This section covers how to manage user and permissions, ensuring that the right people have access to the appropriate features and data.
Review audit log. Use the audit log to track changes and activities within the application.
Generate close package reports. The close package report consolidates all financial data for a reporting period. This section details how to generate, review, and distribute the close package report.