Reconciliation Compliance Workflow for Administrators

Service Administrators perform some tasks during each period.

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

Set Up Profiles for the Period

For each period, you need to 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 setup function that is performed on the Application, then Profiles page.

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.

Check for Missing Reconciliations

The Check for Missing Reconciliations action double checks to ensure that reconciliations exist for all profiles that should have them.

For example, if you reconcile Equity on a quarterly basis, this account will not show up as a missing reconciliation during the January and February periods, but it will show up for the March period (assuming March is your quarter end).

Missing reconciliations can occur if you forget to create reconciliations for profiles. This can happen if you add profiles later in the period after reconciliations have been created, or if reconciliations were created and subsequently deleted. It is important that you check for missing reconciliations to ensure completeness.

Prepare Account Reconciliations

Prepare account reconciliations by entering balances, transactions, and currency rates, and ensuring no unmapped balances exist.

Balances, transactions, and currency rates may be imported at any time, as long as the period is not locked. You can even import the data before you have created reconciliations.

If you import data after work has begun, remember that there may be an impact to the reconciliation status.

If the reconciliation status is "Open with a reviewer" or "Closed", it will revert to "Open with the Preparer" if you run an import of pre-mapped transactions, or if you import balances (either unmapped or pre-mapped) that differ from balances currently existing on the reconciliation.

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 the Preparer.

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.

• 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.

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

Other Ongoing Administrative Tasks

There are other ongoing administrative tasks that may be needed:

• Submitting, approving and rejecting reconciliations

• Updating reconciliations or reconciliation attributes
• Add new profiles
• Reopen reconciliations

• Manage reassignment requests

• Manage teams

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..

You can find many of these actions on the Application, then Periods. Click the Actions button associated with the period for which the action should be performed. See Closing and Locking Periods