Overview of Account Reconciliation

Reconciliations ensure that a company's financial accounts are validated by checking to see if the balance in the account is correct. Oracle Account Reconciliation Cloud Service makes this process simpler and faster for companies by automating the process and helping users involved in the process collaborate effectively.

Because account balances are valid at a point in time, and business conditions change, it is critical that reconciliations occur. In addition, companies face stiff penalties for failing to reconcile.

Account Reconciliation consists of two modules: Reconciliation Compliance and Transaction Matching.

Watch this video to get an overview of Account Reconciliation.

Video icon Overview Tour Video

Reconciliation Compliance

Reconciliation Compliance helps you manage account reconciliation processes, including balance sheet reconciliations, consolidation system reconciliations, and other reconciliation processes in effect.

Reconciliations can be performed at whatever level makes sense for the business. For example, you could perform some reconciliation by business unit or company code, while performing other reconciliations at the department level. An administrator can create mapping rules to assign the account balances to the reconciliations, and when balances are imported, ensure they appear in the correct reconciliation based on these rules.

The administrator sets up the reconciliation lists that contain the balances to be reconciled, as well as account descriptions, instructions, due dates, and completed dates. Email notifications are sent, reminding other users that due dates are approaching, or that reconciliations can be acted upon.

Transaction Matching

Transaction Matching is an integrated module of Account Reconciliation and the perfect complement to the existing Reconciliation Compliance feature set.

With Transaction Matching, companies can automate performance of high volume/labor intensive reconciliations, and seamlessly integrate those results into the tracking features within Reconciliation Compliance.

With the addition of this powerful new module, companies save additional time on the performance of reconciliations, while improving quality and reducing risk.