12/7/2016

ExploringOracleEPM:AccountReconciliations
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ExploringOracleEPM
Tuesday,August9,2016

AboutMe

AccountReconciliations
AccountReconciliationswithinHyperion

Overview
MonthlyaccountreconciliationsaresomethingallAccountantslovewithapassion.Usually,theyareperformedwithinExcelandpostedtoan
internalSharePointsiteforreviewandapproval.Whatdoestheprocesslooklikewhenperformingreconciliations?Well,itdependsonwhichstyle
ofreconciliationthattheaccountantisperforming.
ReconciliationTypes:
ExplainedBalance:Wearedescribingthetransactionsfromthesubledgerandledgerthatmakeuptheendingbalanceoftheaccount.
Thisprocessusuallycontainsdatafromhistoricalperiodsandcurrentactivity.
BalanceComparison:Requiresloadingbalancesfromtwodifferentsystemsthatneedtohavethesamevaluesfordataintegrity.
TypesofComparisons:
SubLedgertoLedger
SubSystem(AR/AP)toSubLedger
BankTransactionstoLedgerBankAccounts
LedgertoConsolidationTool(HFM)

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ManualReconciliationProcess
Let'stakealookattheExplainedBalanceforthesakeofthisdiscussion.Typically,anenduserisrequiredtopreparetheexplainedbalanceofthe
accountforagivenfiscalperiodandfiscalyear.Thedataandsupportingdocumentationnecessaryfortheexplanationscanresideinvarious
places(subledger,ledger,subsystem).Theaccountantsrunreportsandquerythevarioussourcesystemstocompileallthenecessarydata.
Oncethedataiscompiledtherealfunbegins.Theaccountantsstartfilteringandsortingthedatatodetermineitemsthatarenotpertinenttothe
endresult.Oncetheaccountantsfinishexplainingtheinformation,thefileissavedanduploadedtoSharePointoremailedforreviewandapproval.
Thisprocesscanberelativelybriefforsomeaccountswithlowactivityorverytimeconsumingforaccountsthathavethousands,ifnothundreds
ofthousands,oftransactions.

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Reconciliations
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HyperionAccountReconciliationManagerSetup
LeveragingHyperionAccountReconciliationManager(ARM)helpscompaniesbuildacentralizedrepeatableprocess,withbuiltinapprovalprocess
flow.Therearevariouswaystobreakdownadefinitionofareconciliation.
BusinessUnitAccountDepartmentProduct(Verygranular)
BusinessUnitAccountDepartment
BusinessUnitAccount
BusinessUnitWildCardtheAccount

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Weusuallyseethedefinitionofareconciliationfallsomewhereinthemiddle,butitisbasedonthecontrolsthecompanyhasforeach
reconciliation.WithinARMwecandefineandmaintainthesereconciliationswithalltheworkflowuserandreviewerassignments.Each
reconciliationcanhaveaspecificprioritiesandduedatesdependingonthataccountcombination.TherearesettingthatalsoenableAuto
Reconciliationtooccurifcertaincriteriaaremet.

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ExploringOracleEPM:AccountReconciliations

Aclientmightdobusinessinothercurrenciesforwhichtherewillbeanadditionalrecon.AslongasthedatasupportstheadditionalcurrencyARM
willhandlethereconprocess.HyperionARMwillnaturallybreaktheMonetarybalancesintotheirindividualISOcurrency.Eachcurrencybalance
mustthenbeexplainedpertheaccountreconciliationcriteriaspecified.

AdditionaldetailcanbecapturedwithintheExplainedBalancetab.WithintheTransactionDetailtab,attributesthatweresetupcanbecaptured,
optionallyflaggedasrequired,tosupporttheexplanations.IoncehadanAccountantbestdescribetheproperuseoftheTransactionDetailwith
thefiveW's(Who,What,When,Where,andWhy).Ifwecancapturethosedetailstheneveryonethatreviewsthereconwillhavethenecessary
informationtomakedecisions.

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ExploringOracleEPM:AccountReconciliations

Withoneclient,weevensetupadditionalattributestohelptrackvariouspropertiesandenablebetterreportingforinternalaudit.Thisallowedusto
trackandreportonvariousstylesofreconciliationsindependentlyfrommonthtomonth.Allofthevarioustasksperformedoneachreconciliation
iscapturedwithintheHistorytab,abigplusformanagersandauditors.
Insummary,HyperionAccountReconciliationManagerisapurposebuiltenterprisetooltocentralizethemonthlyreconciliationprocess.Hyperion
ARMcancreateinsightandefficienciesduringthecloseandreportingcyclesforaccountants,managers,andauditors.Wehavehelpedclients
gainbackhoursofresearchanddataminingbybuildingtheappropriatelevelofreconciliationsandcapturingthedetailedsupportingdata.

Summary
LeveragetheappropriatetoollikeHyperionAccountReconciliationManagertobuildefficiencieswithinthereconprocess
EliminatetheuseofExcelandExcelMacroswithinthereconciliationprocess
DeterminethebestbreakdownoftheBusinessUnitAccountcombination
Discussanddeveloptheappropriatelevelofdatadetailforthemonthlybalances
Drivecentralizedprocessesviathesetupandworkflow
Leverageinstructionsandquestionstocentralizeandmaintaindetailedreconciliationinformation
ImplementAttributeswithinARM,whereitisfeasible,forreportingandfiltering

PostedbyBeauReynoldsat6:16PM

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Labels:account,arm,balance,explanations,hyperion,ledger,reconciliation,recons,subledger

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