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Oracle Cloud EPM Account Reconciliation
Close faster by automating account reconciliations and transaction matching. Improve the efficiency and accuracy of your financial statements while addressing security and risk typically associated with the process.
Oracle Cloud EPM Account Reconciliation
Transaction matching
Automate high volume transactional reconciliations
High-transaction volume, labor intensive reconciliations require sophisticated transaction matching features. The auto-match engine can match millions of transactions in minutes. It is tightly integrated into period-end reconciliation to provide evidence of reconciliation at a point in time and meet compliance requirements.
Confirm or decline auto-suggested matches
Our intelligent automated match feature will suggest matches for you, which you can choose to accept or discard, speeding up the transaction matching process.
Apply matching rules for faster performance
Speed up performance by creating flexible matching rules for individual transactions or groups of transactions (one-to-one, many-to-one, and many-to-many matches).
Support complex reconciliations
Unlimited data sources and unlimited attributes per data source can be defined to support the most complex reconciliations in your organization.
Automate journal entries
Journal entries can be automatically created to resolve variances found in the matching process, again saving you time.
Reconciliation compliance
Leverage flexible formats
Every organization has a different strategy for how many and how detailed their reconciliation formats need to be, based on their goals. Use our pre-built formats, created from best practices, or create your own custom formats, and gain the flexibility to meet your needs.
Manage the process efficiently
Built-in workflow captures when a reconciliation has been signed off, by whom, and notifications help keep your entire team on track. View the status of all reconciliations, and stay in control of the entire process, from financial close to disclosure.
Define your own rules and account profiles
For each of your accounts, create a profile containing the risk rating, workflow assignments, currency to be used, and rules to use for auto-reconciliation and for dealing with variances. No custom VB scripts or custom code needed—just point and click.
Automate certifications
Save time without compromising accuracy or increasing risk by automating time-consuming, repetitive reconciliations, such as ledger to sub-ledger, zero-balance, or accounts with low or no activity.
Automate intercompany reconciliations
Don’t waste time manually reconciling intercompany reconciliations; automate them to increase accuracy and save time.
Evaluate and improve close cycle effectiveness
Improve close cycle effectiveness with operational and compliance dashboards. See which reconciliations are open, late, due today or due shortly, as well as variance details and comments about them. Understand how the organization is doing versus policies and procedures.
Easily identify outliers
Automated variance reports help you focus energy on reconciliations that are outliers, requiring explanations and potentially slowing down the financial close.
Provide audit support
The secure, document repository ensures reconciliations do not go missing or lost and provides global auditability. Evidence for reconciliations is audited and logged in the application to meet your compliance needs.
Connected financial close process
Modernize your entire close with Cloud EPM
Not a standalone solution, Account Reconciliation is fully integrated with Oracle Cloud EPM, including financial consolidation and close and narrative reporting, for a complete, end-to-end financial close process.
Connect automatically to data from many sources
Readily connect to other Oracle Cloud EPM business processes and ERP applications such as Oracle Cloud ERP, E-Business Suite, or SAP ERP. Leverage your existing IT investments in Oracle and non-Oracle applications by connecting to data and metadata from many sources, including data from spreadsheets.
Streamline your journals process
Oracle Cloud EPM’s enterprise journals capability streamlines the creation, management, and posting of journal entries from your account reconciliation adjustments to any cloud or on-premises ERP system. Know precisely where your journals process stands—track, manage, and post journals from a central location.
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Account Reconciliation Key Benefits
Close faster by automating reconciliations
There are often many accounts that are zero-balance, low activity, and therefore low risk. Automatically detect and reconcile those low risk accounts for a faster close process.
Video: Take a Tour of Account Reconciliation in Oracle Cloud EPM (6:38)
Save time and increase accuracy by automating complex reconciliations
A small percentage of reconciliations can cause the majority of time spent on the overall reconciliation process. Use transaction matching to automate them. Intelligent automated matching can suggest even more matches beyond the basics.
Video: Manage the Reconciliation Process in EPM Cloud (4:38)
Automate journal entries to resolve variances and meet compliance needs
Variances happen, and for those you deem appropriate you can automatically generate journal entries to resolve them, still meet compliance needs, speed up the process and maintain accuracy.
Make reconciliations part of your close system to speed up your close
Account Reconciliation is part of the overall Oracle Cloud EPM system, not a stand-alone application, so it is already integrated with Financial Consolidation and Close and Narrative reporting. There is no need to waste time moving data or building interfaces.
Video: Best Practices in the Account Reconciliation Business Process (3:15)
Use a solution, not a toolkit, so finance does not have to rely on IT
Account Reconciliation is a solution that is part of the Oracle Cloud EPM suite which can be configured by the business; there are no custom VB scripts or custom code needed from IT.
Video: Getting Started with Account Reconciliation (3:44)
Resources
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