Reconciliation Management

Reconciliation management is the financial process performed at the end of each period where general ledger account balances are reconciled, including auditing any balances that have discrepancies, determining the causes of discrepant balances, correcting them and posting the reconciled items to the general ledger. It is typically a labor-intensive process requiring a high attention to detail, numerous emails and multiple versions of Excel spreadsheets and other tracking documents. This inefficient, distributed approach typically has no audit trail, lacks a formal workflow process, and makes it difficult to get an up-to-date view of the overall reconciliation process. The current manual processes can lead to an increased risk of errors and make it challenging to confidently reconcile a balance sheet during the financial close process.

Reconciliation Management Using CLARITY FSR™

CLARITY FSR Reconciliation Management automates daily, monthly, and periodic reconciliation and account balancing processes utilizing business rules that control how items should reconcile. When they don't reconcile, FSR manages these exceptions using automated workflow, facilitating electronic sign-off of manual journal entries and seamless creation, approval and posting of these journals to the General Ledger or ERP system. FSR manages all of these account reconciliation activities and provides executives with status monitoring through reports and dashboards. A full audit-trail is also provided when anything is edited and/or approved. Collaboration, complete visibility and a reduced risk of errors makes CLARITY FSR Reconciliation Management the ideal solution to automate this critical and recurring process.