PeopleSoft Spotlight Series: Managing Reconciliations in General Ledger



welcome to our spotlight on managing reconciliations in general ledger we'll begin with a future overview followed by how to set up and create reconciliations then we will demonstrate how to manage reconciliations and how to reconcile the general ledger to a sub ledger last we'll look at where to find additional resources first a feature overview the reconciliation feature lets you configure and manage the account reconciliation process the benefits of this feature are its streamlines and accelerates the reconciliation process for each accounting period it provides supporting documentation required by external auditors it identifies errors and allows you to correct the errors in a timely manner and it does all this so that you can prepare monthly financial statements audit reports external filings and disclosures and so on the primary transactions are creating and approving reconciliations assigning an administrator reconciler owner reviewer or an approver to a specific reconciliation transaction calculating balances changing the reconciliation status of a transaction and adding comments and attachments to a reconciliation transaction now let's review how to set up reconciliation some setup is required such as roles attributes rules and so on this allows reconciliation managers to track the progress of reconciliation transactions the reconciliation roles page determines the assignment type which can be user ID or user role you can create as many as you like enter a description and determine if the role can reconcile transactions which also determines the approver you also need to determine whether the role is enabled and whether the role is required roles are used when you define a reconciliation rule the account reconciliation rule attributes page determines one or more attributes that you want to assign a value enter a description one attribute value is assigned as the default attributes are used when you define a reconciliation rule and query and monitor reconciliation transaction the reconciliation rule page is where you set up parameters for an entry such as Ledger's chartfield values and default options frequency options include daily monthly quarterly weekly and yearly determine when the reconciliation is due in the ledger options group box determine ledger and ledger group and how the system handles the reconciliation if there is no activity you can have the system automatically approve a reconciliation if the balance is within a certain range for example if you enter 50 USD then any balance between negative 50 and plus 50 is approved automatically use the other options section to select the value for each attribute select chart field value sets that are included in the reconciliation for the rule in the default assignment section select the user ID or user role for the individual to be assigned to each reconciliation assignment the chart field value set is based on the combination of tree nodes for example the tree nodes could be account Department and detail fund value the define assignment levels page is used to associate a level to each chartfield combination used to reconcile click the chart field icon to access the assignment level page for that assignment level the assignment level page determines the ledger template and how the assignment is performed for the field assignment done at options are single reconciliation across all values which is available for the business unit field only when you select this option a single reconciliation is created for the business units being processed when you select nodes at selected level a reconciliation is created for each tree node and the specified level for this chart field when you select detail values a reconciliation is created for each detail value for this chart field when the reconciliation process runs the transactions that match these chartfield values are selected you can select more than one field to include in the reconciliation process for example if you create an assignment level called DF and select field names Department and fun then the create reconciliation process creates reconciliation transactions that match the department and fund combination the reconciliation statuses and reasons page is used to set up potential statuses of a reconciliation and reasons why a status may change the security access control page is used to determine access to the work bench based on a reconciliation role select the fields that the user can update a super user role ID assignments that the user can update and at the bottom of this page select the actions that the user can perform for each status the user security access control page is used to determine access to the workbench at the user ID level the setup options are the same as the security access control page this page shows user ID GL a one which is Ana Brown who can update the due date start date completion date and reason at the bottom of the page Ana can perform the selected actions for each status now that we've discussed the steps to set up the reconciliation feature let's discuss how to create reconciliations to create reconciliation transactions you must define a reconciliation set and then run the reconciliation process use the reconciliation set page to define one or more account reconciliations specify the business unit from and business unit to reconciliation rule and assignment level then click the Create reconciliations button the run control page appears this process can be scheduled on the process monitor in our next topic will demonstrate how to manage reconciliation after the reconciliation process runs you can optionally use the reconciliation assignment page to search review and change who is assigned to a reconciliation the search criteria section provides many fields to use you can also save search criteria to use in the future in this example we are signed into the system as Cynthia Adams Cynthia has saved this search criteria so we'll click the third button notice that the search criteria section has collapsed and the reconciliation section is displayed there are two tabs to the reconciliations section the chart fields tab displays chartfield values assignment values and the reconciliation status the assignments tab displays the user IDs assigned to the reconciliation you can change the user IDs the start date and the due date let's say that user vp1 is not available to review both rows Cynthia wants to change the reviewer for both rows – GLS – to do this select reviewer in the assign field and enter GLS – in the to field select both rows and click the apply button and then click Save we can also use the reconciliation workbench to view assignments however assignments can only be changed on this page let's access the reconciliation workbench page the reconciliation workbench page allows you to review reconcile maintain and approve reconciliations this page is useful to someone who has more authority than users who can access the reconciliation assignments page using Cynthia Adams sign in and saved search criteria will search for reconciliation the reconciliation section of this page allows you to review and take action on reconciliation transactions Cynthia Adams who is the reconciler can perform several actions by clicking on the action drop-down box in this example there are two assignments for Cynthia one for us 0 0 1 and 1 for us 0 0 4 to begin we must indicate that both reconciliations are in process to do this select both rows select mark progress in the actions box click the Go button and then click the Save button the reconciliation review for us zero zero one is complete and ready for approval we'll select the row enter today's date in the start date and completion date fields select submit for approval click go and click Save Changes the reconciliation is now ready to be approved which can be performed using this page or the fluid approval page the second road needs additional research let's select the work reconciliation tab where we can view instructions to review any special requirements added to the reconciliation click the calculate link and get a new amount in the calculated amount and base amount fields which could occur if an adjusting entry was made to the ledger after the reconciliation process has run and we can add comments or attachments to the reconciliation for reporting purposes the account reconciliation dashboard my reconciliation by status and my reconciliation by due date tiles are available to place on any PeopleSoft fluid home page these tiles provide the ability to perform quick reviews or reconcile transactions that need your attention the process of reconciling the general ledger to a sub ledger is a control and audit requirement this process is also critical and time consuming at period end PeopleSoft 9 1 provided ledger to sub ledger reconciliation PeopleSoft 92 added more features such as the ability to identify transactions not yet posted within a sub ledger at period end identify accounting entries not posted in the general ledger and drill down to transactions yet to be posted within a subsystem let's look at a demonstration about reconciling the general ledger to a sub ledger to reconcile data from a sub system the data has to be extracted into the general ledger the load reconciliation data page runs the process to load data by business unit and system source for a given time frame specify the parameters and click the Run button to load the data after the data is extracted from the sub system you can view it using the general ledger reconciliation page enter your search criteria and click the search button the system automatically takes you to the reconciliation overview page which displays real-time reconciliation data between subsystems and the general ledger the top-left displays summary activity or balance amounts of the subsystems the top-right displays the amounts of the general ledger the page compares both balances and calculates the difference the document not yet posted link provides transactions that have not posted in the sub ledger the lower portion of the page displays what is posted by system source what is not posted to the general ledger and the amount of journals not posted from a row in the grid you can click the detail icon to drill to more detail for example row 2 identifies sub ledger entries not posted to the general ledger let's drill to the detail for this row the drill to source page provides more detail about the transaction this example shows that the distributed amount is zero and the not distributed amount is twelve thousand five hundred and ten you can view the voucher ID amount and currency as well as document and chart field information in this example after confirming this information you should run the journal generator to post the voucher in general ledger now let's view documents that are not yet posted to do this we'll return to the overview page and click on the documents not yet posted like the subsystem document page allows you to search for documents not posted based on business unit system source and accounting date range this example tells you that there are two source documents in AP that could potentially have transactions that have not been posted in AP you need to determine whether the documents are legitimate and if so they should be posted to view additional information click the fetch button the document details section displays documents not processed to the general ledger these represent transactions not posted in the sub ledger based on source in this example a voucher has not posted in AP will click the drill to source icon to view more information the voucher enquiry page shows more detail in this example you would post the voucher in AP you can drill to subsystem source transactions in PeopleSoft payables receivables billing expenses assets and Treasury to reports are available in the general ledger workcenter for subsystem journals this is the run control page for the reconciliation by chartfields report this report lists data based on one or more selected chart fields that appear in the data that you loaded each of the subsystem amounts that fall within the chartfield combination is listed on the report total amounts for the chart fields and related Ledger's are also listed the reconciliation by system source report consists of subsystem and general journal transactions these transactions are aggregated to the business unit subsystem source ledger account or alternate account fiscal year and accounting period for example it lists data at the system source level such as accounts payable it then lists all activity for AP including what was posted and not posted for one or more selected chart fields that appear in the data you loaded for additional resources you can review PeopleSoft online help for PeopleSoft general ledger which is available at PeopleSoft infocomm and the PeopleSoft information portal using this link

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