Every reconciliation has a defined workflow that can include one or more levels of review:
- Preparers perform reconciliations, including validating the account balance and providing all required documentation. Preparers submit reconciliations when they are finished working on them. Only preparers can submit reconciliations for review.
Before a preparer can submit a reconciliation, all required questions must be answered, and values must be supplied for all custom attributes configured as required. If the Unexplained Difference Must Be Zero option is enabled, the attributes Unexplained Difference row in the Balance Summary table must show all zeros before the preparer can submit the reconciliation.
- After preparation is complete, the reconciliation cycles through assigned levels of review until all reviews are completed. When a Preparer submits a reconciliation, responsibility passes to the first Reviewer in the workflow, and the status changes to Open with Reviewer. An email notification is sent to the reviewer. If the reconciliation has no reviewers, the status changes to Closed.
- In order to approve reconciliations, Reviewers must answer required questions and provide values for required custom attributes. Reviewers can add comments and attach documents during the review process, but once the reconciliation is approved and closed, comments cannot be deleted. Note that a reviewer cannot approve the reconciliation if they also prepared it.
- When a Reviewer rejects a reconciliation, responsibility passes back to the Preparer and the status reverts to Open with Preparer. Reviewers should add a comment to a rejected reconciliation.
Reviewers can flag transactions that need attention. Flagged transactions display a flag icon to enable preparers to find them easily. Reviewers can delete their own comments and comments added by other reviewers. After the reconciliation status changes to Closed; however, comments cannot be deleted.
Note:If an administrator has enabled this feature, preparers and reviewers are able to reopen a reconciliation to make a correction and return the workflow to themselves.
To approve or reject reconciliations:
- Select a reconciliation.
- Select Actions, and then Open.
- Approve or Reject the reconciliation. If you reject the reconciliation, you should add a comment explaining the rejection.