What if you could create balance sheet specifications automatically when you choose, and using the data you choose? Our new web-based Account Reconciliation module automates the preparation and review of accounts, standardises the reconciliation process in line with corporate policies, and allows the process to be tracked. This makes the entire process highly visible for different stakeholders, such as the reconcilers themselves, financial controllers, shared service centre managers, business partners, internal auditors, and external auditors.
Our predefined account reconciliation templates are simple, but highly configurable. You can choose the header data and accounting segments that you and your auditors want to see. It’s easy to add comments and attachments at account level or against individual lines. Reconciliations can have priority and risk ratings, and they can be assigned to specific users and task groups. You can include instructions on the template itself, in an attachment, or add a hyperlink to an external document system.
Automatic reconciliation rules
You can use configurable automatic reconciliation rules to allow accounts to be reconciled automatically by Aico. This can happen, for example, when the closing balance or variance over the prior period is below a defined amount. These rules can be also be used to check the number, age, and value of individual line items.
Aico has pre-built connectors for the major ERP systems, which means that you can pull account data directly from your underlying ERP system without a need for exporting files. The account data is refreshed automatically based on a frequency that you specify or you can refresh the data in real time from your ERP. In addition, you can post journals and clear line items to your ERP system in real time.
Aico platform integrates to SAP with powerful native real-time connectivity. You can create account reconciliations based on line items (including open items), closing balances, or groups of accounts. If the open items of an account are included, you can match the rows you want with a single click and a clearing document is generated and posted to SAP.
In addition, you can create manual journals from rows with a single click, for example, to correct a transaction in the account reconciliation. If the account reconciliation is based on the closing balance, you can add reconciling items to explain the balance.
Aico offers advanced integration with Oracle eBS. You can create account reconciliations based on account transactions or on the closing balance. Transaction-based account reconciliations include new, non-reversed transactions of an account from a certain month and the rows from the previous account reconciliation along with supporting documentation and attachments. If you need to correct a transaction, you can create a manual journal from selected rows with a single click.
Copying prior period data
You can carry forward open items or reconciling items and their supporting explanations from a prior period. Aico will automatically recognise line items from a prior period, allowing you to concentrate on new items only or even reconcile the account automatically, if there has been no activity in the period.
Using Aico dashboards, you can monitor the workflow status, due dates, unreconciled accounts and balances, aged items, and other bottlenecks in the process. You can see all your reconciliation documents at a glance and filter them by any field. Prioritising the reconciliations becomes easier.
You can set up a multi-phase workflow with associated due date tracking. It is possible to either specify named users or pick users who are responsible for the preparation and approvals from a list of authorised users. Due date tracking makes it easy to monitor that reconciliations are completed on time.