Want a Financial system that can handle complex consolidations, translations and even provide a central place to provide account reconciliations and control of reconciliations? OneStreamXF provides this seamless platform.
OneStreamXF provides a platform to load many different source systems and transform into a singular chart of accounts for translation and consolidation.
The user maintains visibility in being able to drill back from the aligned singular chart of accounts into the source data. Within just a few clicks, the user can see the detail that makes up an account balance.
Within the OneStream XF marketplace solution Reconciliation Control Manager, the users can provide explanation on activity within the accounts and proof of review.
Capabilities of Reconciliation Control Manager
The accounts to be reconciled can be identified and controlled. As the data source is the original load data, should subsequent loads occur after initial reconciliation driving the need for further reconciliation explanations, the system will indicate this change. An approval process is provided in which managers may reject or approve the explanations provided.
By setting up defined input templates, consistency of communication and format occurs of the reconciliation data across the organization. Report templates can assist in reporting the status of account reconciliations organization-wide and provide a confirmation that the account balances are based on a material percentage of accounts having been reconciled.
A few items to consider when implementing the Reconciliation Control Manager:
1)What level of security will be required to handle the reconciliations?
2) The number of accounts and account types that may drive the number of account templates?
3)Do other data entry points exist than trial balance loads that should be considered in reconciliation as OneStream form data input or Journal entries? “Out of the box” features data from Staging but with a few minor changes, Journals and Form data will be incorporated.
For more information, see OneStream XF MarketPlace Solutions – Reconciliation Manager (http://www.onestreamsoftware.com/)