1. Setting Up and Configuring Account Reconciliation
  2. Setting Up Reconciliation Compliance
  3. Defining Formats
  4. Using Standard Formats

Using Standard Formats

Sample formats are provided to save time in configuring. You can edit or remove any of the standard formats.

Formats for Reconciliation Compliance

The standard formats have been created at the Account type level and include common accounts types, for example: Accounts Payables, Account Receivables, and Accruals.

In addition to the formats by Account type, there are also two tracking only format variations. These formats can be used for reconciliations where the work is still being performed in Microsoft Excel based reconciliations and the results are uploaded for tracking:

  • The "Tracking Only" format allows only uploading the spreadsheet.
  • The "Tracking with Reconciling Items" format supports uploading a spreadsheet and documenting any reconciling items. This approach can be useful if you want to report on the magnitude of reconciling items across all reconciliations.

The method column indicates whether the format uses a Balance Comparison, Account Analysis or a Variance Analysis method:

  • The "Balance Comparison" method is appropriate for accounts where the balance is validated by comparing it to another balance.
  • The "Account Analysis" method requires preparers to explain or justify the balance.
  • The "Variance Analysis" method requires preparers to explain or justify the variance between balances across periods.

The "Prior Period Balance" and the "Net Activity" are not displayed across our Standard formats. If your policies or preferences require the display of this information, change this configuration by clearing the "Hide" checkbox.

The design for reconciliation transactions including Source System Adjustments, Subsystem Adjustments, and Explained Balance Transactions has been simplified. Review these configurations and change them as needed to match your policies and preferences.

Formats for Transaction Matching

Formats are associated with a Match Type in Transaction Matching and the Match Type has to have been created before you define formats and then profiles.

There are three format methods that you can use for Transaction Matching:

  • The "Balance Comparison with Transaction Matching" method is appropriate for accounts where the balance is validated by comparing it to another balance.
  • The "Account Analysis with Transaction Matching" method requires preparers to explain or justify the balance.
  • The "Transaction Matching Only" method is used when you are not using period end reconciliations but need to match transactions.

Watch Using Standard Formats Video

Click this link to watch the video:

Using Standard Formats video link