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ReconArt Journal Entries

ReconArt is an integrated, fully web-based, best practice solution designed to automate and manage all aspects of business data reconciliation. It is fully configurable, scalable, fast, and a technology leader in the complex high-volume transaction matching.

A regular reconciliation process often highlights the need for the creation of specific entries to the GL. Most often, these journal entries are legitimate exceptions (versus timing delays that will resolve on their own within a few days) which have not been logged to the GL and thus were not “expected” by the business. It is important that the JE posting process be controlled by accounting and finance teams to ensure that the entries are indeed correct, that the appropriate manager has approved them, and that they are actually posting to the correct account.

In order to support best practice and driven by customer demand, ReconArt solution has been enhanced with a fully configurable and audit-proof workflow around Journal Entry postings that result from the reconciliation process. ReconArt software allows you to automatically collect these items, push them through an approval flow based on their amount threshold, and prepare them for automatic posting to any ERP, General Ledger or other downstream system. Additionally, we expanded even further on this functionality, adding the ability to generate JEs not just from exception transactions, but also from matched items, or even from items that are not part of the reconciliation process itself.

Core capabilities

Ensure that all JEs (Journal Entries) posting to the GL are correct

Configure approval workflows based on amount thresholds for different risk levels

Set up as many approvers as needed

Ensure double-entry posting back to any ERP

Ensure controlled and audit-proof JE posting process

Key benefits

Business users are self-sufficient in working with the system

Increased operational efficiency

Seamless integration with ERPs, internal systems and platforms

100% web based

Increased visibility to progress and issues, flexibility and scalability

 

Find out more: https://www.reconart.com/solution/enhanced-control-journal-entries/

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