Reconciliation Compliance Task Flow for Service Administrators

Service Administrators perform some tasks during each period.

The key tasks for a Service Administrator for each period are:

1. Set up profiles for the period.

   You must set up profiles for new account combinations and manage preparer and reviewer assignments for the profiles. Managing user assignments on profiles or adding new profiles is a also setup function.

   See Creating Profiles in Setting Up and Configuring Account Reconciliation.

2. (Optional) Define currency rates.

   When required, you can either create currency rates or import them from a .csv file. Currency rates can be imported at any time, provided the period is not locked, but they should be imported before creating reconciliations and loading balances for a period.

   See Defining Currency Rates in Setting Up and Configuring Account Reconciliation.

3. Load balances into profiles.

   Balances can be loaded from pre-mapped files or by using Data Integration.

   See Integrating Account Reconciliation Data in Administering Data Integration and Importing Pre-mapped Balances or Transactions.

4. Create reconciliations.

   The Create Reconciliations action causes reconciliations to be created for the selected period for all active profiles that have a frequency that matches the period.

   If you create profiles in advance (for code combinations that are not yet active and not yet receiving balances), it’s best to deactivate these profiles on the Profile dialog box to prevent a reconciliation from being created from the profile. If at a later time a balance is imported for the profile, it will be set to Active status automatically and subsequently be included in future "Create Reconciliation " processes. You can perform this action multiple times in the same period because it won’t overwrite reconciliations for which work has begun. It simply updates any pending reconciliations or adds new reconciliations.

   See Creating Reconciliations.

5. Check for missing reconciliations.

   The Check for Missing Reconciliations action double checks to ensure that reconciliations exist for all profiles that should have them. It is important that you check for missing reconciliations to ensure completeness.

   See Checking for Missing Reconciliations.

6. Open the period.

   You should open a period when you are ready for preparers to start working on it. By setting the period status to Open, any reconciliation that has reached its start date will move from Pending to Open with Preparer.

   See Opening Periods in Setting Up and Configuring Account Reconciliation.

7. Monitor the status of reconciliations.

   Monitor the status of reconciliations and ensure change requests are processed:

   • Use the Overview dashboard to track the current status of reconciliations. Change your View By selections to view stats by different metrics.

     See Dashboards.

   • Use the Compliance Dashboard to monitor performance metrics, such as identifying which users or teams are at risk of missing their deadlines, or which reconciliations have warning indicators.

     If you configured your dashboard "Traffic Light" indicators, you’ll be able to see traffic light metrics.

     See Dashboards.

   • Use the Application, then Overview tab to see reconciliation activity.

     See Reconciliation Activity.

   • Create custom dashboards to monitor your reconciliation process.

     See Managing Custom Dashboards.

8. (Optional) Perform one or more ongoing administrative tasks, as required.

   See Other Ongoing Tasks for Service Administrators.

9. Close and lock the period.

   Closing a period prevents new reconciliations from being added to the period, but work can continue on existing reconciliations (including loading balances and transactions).

   Locking a period prevents any changes to reconciliations and also prevents Transaction Matching transactions from being loaded that have an Accounting Date that is less than or equal to the locked period’s End Date.

   See Closing and Locking Periods

Other Ongoing Tasks for Service Administrators

The following are ongoing administrative tasks that may need to be performed in each Period.

• Manage reassignment requests

  Preparers and reviewers can submit reassignment requests to the Service Administrator. After review, these requests can be approved or rejected.

  See Managing Reassignment Requests.

• Manage users

  Add or remove users who are required to work on reconciliations.

  See Managing Users.

• Update reconciliations or attributes

  Depending on the status of a reconciliation, Service Administrators can update the properties of a reconciliation. They can also update reconciliation attributes using one of the available methods.

  See Updating Reconciliations and Updating Reconciliation Attributes.

• Reopen reconciliations

  When required, Service Administrators can reopen closed reconciliations.

  See Reopening Reconciliations.