Transcription
Data SheetAccount reconciliation inOracle Cloud EPMAccount Reconciliation is a purpose-built business processavailable in the Oracle Fusion Cloud EPM designed to manage theglobal reconciliation process. It provides real-time visibility into theperformance of reconciliations, ensuring that all reconciliationsprepared are properly qualified. It also helps companies streamlineand optimize performance by automating certain reconciliationtasks, including high volume transactional reconciliations andvariance analysis. Account Reconciliation includes two modules:Reconciliation Compliance and Transaction Matching.Reconciliation ComplianceReconciliation Compliance manages the tracking and performance ofreconciliations. With Reconciliation Compliance, organizations ensureaccounts are properly reconciled using the correct format and containingthorough and complete justifications. Approval workflow captures evidence ofsign-off and email notifications keep the entire team on track.Key business benefits Efficiently manage andimprove global accountreconciliation by exploitingautomation andcomprehensivelyaddressing security and risktypically associated withthe process Improved finance staffefficiencies throughautomation of keyreconciliation functions Reduced frequency ofreconciliation withoutcompromising accuracy orincreasing risk Collaboration assists gettingreconciliations done quicklyand accurately Clear responsibilities andtimescales Shrink the time it takes forthe financial close Trust and reliability that thenumbers are accurate No need to change existingsystems Peace of mind thatimportant, confidential datais only visibleto authorized usersThe integrated document repository secures access to supportingdocumentation, providing global auditability and access while ensuringreconciliations are never lost or misplaced. The Reconciliation Compliancerisk-based preventive control structure ensures organizations can optimizeworkflow without sacrificing quality.Compliance dashboard helps monitor how the company is doing based ondefined processes and deadlines1Data Sheet / Account reconciliation in Oracle Cloud EPM / Version 2.1Copyright 2021, Oracle and/or its affiliates / Public
Auto-reconciliationsMost organizations process thousands of reconciliations per year. Often timesa percentage of these reconciliations are zero balance, low threshold or otherminor risk types which could easily be done by the system instead ofmanually. Account Reconciliation provides the ability for customers to definetheir own automatic reconciliation rules and have the system process these atthe beginning of the cycle. The efficiency, and accuracy, gain of leveragingthis feature in the system can be quite significant for most customers.Reconciliation Compliancekey features Balance integration usingwith a variety of ERPsystems Mapping features tosummarize low-levelbalances to the levelappropriate forreconciliation Configurable autoreconciliation rules basedon user-defined filters Easy to use features formaintaining reconciliationassignments, includingmass update and importcapabilities Configurable frequenciesand unlimited levels ofapprovalPrebuilt reports are available for a variety of reporting needs.Flexible formatsFormats are a key component of the reconciliation process. Each organizationhas a different strategy for how many and how detailed their formats need tobe based on their goals. Account Reconciliation offers prebuilt formats butalso includes the ability for customers to build custom formats based on theirinternal needs and business practices.Whether you want to leverage best practice prebuilt formats or go withcustom developed ones is a business choice that the software supports out ofthe box. This flexibility is also key for growing organizations that can leveragethe software to evolve their processes.Pre-built dashboards for monitoring status, aging, performance metrics, and compliance metrics.2Data Sheet / Account reconciliation in Oracle Cloud EPM / Version 2.1Copyright 2021, Oracle and/or its affiliates / Public Flexible formats adaptableto each type of account Powerful filtering andreporting capabilities
Reporting/analyticsThere are two key aspects to the reconciliation cycle – operational andcompliance. The operational aspect is about how the process is working, arereconciliations getting done, what is the aging, etc. The compliance aspectfocuses more on how the organization is doing versus policies andprocedures. It allows you to analyze the quality of the process not just thequantity. Account Reconciliation provides out of the box dashboards thatfocus on both areas. The dashboards enable process monitoring, immediateaction on errors and delays and process analysis to evaluate and improveclose-cycle effectiveness.Variance analysisBuilt into the Reconciliation Compliance process, the Variance/Flux Analysisprocess can be automated to assist with identifying outliers and requireexplanations, if needed, on unexpected balance changes period over period.The process can be configured for any variance period your organizationrequired/s, for example month over month, month over quarter, month overyear, etc. Account movement that is within expected range can beautomatically certified, while outliers require explanations and adjustingjournal entries if needed. Workflow can also be applied if additional sign-offfrom another team member is required.Transaction MatchingTransaction Matching automates performance of transaction intensivereconciliations, supporting balance comparison reconciliations processes likeintercompany, subledger, and bank reconciliations, as well as single sourcereconciliations like high volume accrual and suspense accounts. The matchingprocess begins with the import of transactions, followed by the execution ofthe auto match process, confirmation of suggested matches, and creation ofmanual matches. Periodically, according to business needs, reconciliations areautomatically created based on the transactions, providing the evidenceneeded to satisfy reconciliation compliance.Transaction Matching keyfeatures Unlimited data sources andunlimited attributes perdata source can be definedto support the mostcomplex reconciliation yourorganizations has Auto match engine capableof matching more than amillion transactions aminute User friendly interactivematching for confirmingsuggested matches andcreating manual matches Flexible matching rulessupporting 1 to 1, 1 tomany, many to 1, and manyto many rule types Robust data enrichmentand normalization functionsimprove match success rate Automated adjustment andjournal entry creation basedon variance valuesMatch rules are defined by Administrators for each Match Type and can takeadvantage of calculated attributes optimized for performance.3Data Sheet / Account reconciliation in Oracle Cloud EPM / Version 2.1Copyright 2021, Oracle and/or its affiliates / Public Fully integrated into periodend reconciliation in orderto provide evidence ofreconciliation at a point intime and satisfy compliancerequirements
These attributes are created using functions designed to normalize or enrichthe original data and provide significant value through higher auto matchrates.Related EPM businessprocessesOracle Fusion Cloud EPMprovides the followingcapabilities: Narrative Reporting Financial Consolidationand Close Account Reconciliation Planning Profitability and CostManagement Tax Reporting Enterprise DataManagementInteractive matching supports confirmation of suggested matches or creation of manual matchesOther related solutions Oracle Fusion Cloud ERP Oracle Fusion Cloud SCM Oracle Fusion Cloud HCM Oracle Fusion Cloud CXReconciliation summary for monitoring progress within reconciliationsOracle Fusion Cloud EPMOracle Fusion Cloud EPM is the only complete and connected EPM solutiondelivering the agility you need to outperform in today's constantly evolvingbusiness landscape.4Data Sheet / Account reconciliation in Oracle Cloud EPM / Version 2.1Copyright 2021, Oracle and/or its affiliates / Public
Connect with usCall 1.800.ORACLE1 or visit oracle.com. Outside North America, find your local office at: acleCopyright 2021, Oracle and/or its affiliates. All rights reserved. This document isprovided for information purposes only, and the contents hereof are subject tochange without notice. This document is not warranted to be error-free, nor subjectto any other warranties or conditions, whether expressed orally or implied in law,including implied warranties and conditions of merchantability or fitness for aparticular purpose. We specifically disclaim any liability with respect to thisdocument, and no contractual obligations are formed either directly or indirectly bythis document. This document may not be reproduced or transmitted in any form orby any means, electronic or mechanical, for any purpose, without our prior writtenpermission.This device has not been authorized as required by the rules of the FederalCommunications Commission. This device is not, and may not be, offered for sale orlease, or sold or leased, until authorization is obtained.5twitter.com/oracleOracle and Java are registered trademarks of Oracle and/or its affiliates. Other names maybe trademarks of their respective owners.Intel and Intel Xeon are trademarks or registered trademarks of Intel Corporation. All SPARCtrademarks are used under license and are trademarks or registered trademarks of SPARCInternational, Inc. AMD, Opteron, the AMD logo, and the AMD Opteron logo are trademarksor registered trademarks of Advanced Micro Devices. UNIX is a registered trademark of TheOpen Group. 0120Disclaimer: If you are unsure whether your data sheet needs a disclaimer, read the revenuerecognition policy. If you have further questions about your content and the disclaimerrequirements, e-mail REVREC US@oracle.com.Data Sheet / Account reconciliation in Oracle Cloud EPM / Version 2.1Copyright 2021, Oracle and/or its affiliates / Public
developed ones is a business choice that the software supports out of the box. This flexibility is also key for growing organizations that can leverage the software to evolve their processes. Reconciliation Compliance key features Balance integration
