Account & Inventory Reconciliation

Account Reconciliation

One of your tasks during the month-end close procedure is an accurate specification of the suspense accounts. Compiling this specification often takes a great deal of time. AIR is the Oracle JD Edwards add-on that will help you optimize this process. The tool reduces the number of errors in your financial books and even allow you to reconcile automatically. For instance each night, weekend, month end or on demand.

All reconciled transactions are marked with a unique reference. This groups the reconciled transactions for track and trace and a reconciled date that can be used for ‘as-of’ reporting. With AIR you can always explain the account balance for each period, even past periods. For more complex situations, multiple accounts can be reconciled as one, advanced tolerance settings can be used and document types can be grouped.

• Automatic and manual reconciliation
• Automatically create tolerance entries
• Automatically record exchange rate differences
• Verification and registration of the reconciliation-date in order to produce an ‘As-Of’ balance specification
• Easy account maintenance for accounts to reconcile
• Easily add accounts to reconcile to the automatic (batch) process
• Tolerance and exchange rate variance bookings are created interactively

Inventory Reconciliation

Using the full power of the Account Reconciliation functionality, Inventory Reconciliation extends the general ledger transaction with the inventory transaction from you Item Ledger, allowing you to match the general ledger with inventory on transaction level.

The benefits are huge because your inventory should match your general ledger every day. This allows you to setup your inventory accounts to automatically reconcile each night and spot the differences the next day. This means no surprises month end, correcting setup and master data or costing issues much earlier so less damage is done and less corrections are needed. Small rounding differences can be corrected automatically so you can focus on the real differences.

• Reconcile by inventory account
• Match inventory transactions with general ledger transactions (and vice versa)
• Supports intercompany transactions (SK/OK)
• Supports cycle billing transactions
• Supports work order transactions
• Runs automatically using a scheduled process
• Automatic correction for rounding differences (journal entry)
• Workbench for reviewing/correcting unreconciled transactions

Inventory Reporting

To report your inventory, AIR contains an ‘Advanced Item As-Of’ reporting solution. Generate your inventory As-Of based on your inventory transactions (retroactively, as far back as needed) and review the results with the application. You review this by inventory account, by branch or drill down to item/lot/location level or even down to the individual transactions.

For each year or period, you’ll have a beginning balance, the inventory movement of that period, and your ending balance. The accounted totals match your General Ledger account for that period and if not, the variance is explained by the unreconciled transactions. Simple as that!

• Detailed inventory report to explain your inventory balance.
• Online inventory report by period or year (As-Of)
• Generate a report retroactively based on inventory transactions (supports accurate reporting in a 24/7 environment)
• Financial and logistic beginning and ending balances in one report
• Report inventory that is not yet included in your General Ledger
• Online inquiry of your inventory by account, period, branch, column by item, lot and location. Drill down to transaction level
• Generate a report up to any date to validate your inventory during the current period.

Inventory Integrity

With the Account & Inventory Reconciliation module you can monitor your inventory integrity to spot issues quickly. Automate the inventory integrity to validate the changed inventory each night or weekend to see if the transactions still match the totals, both for quantity and value. This is important, since all logistic processes and users will use the inventory balance (current on hand quantity) to drive their processes, but the General Ledger is driven by the inventory transactions. A mismatch indicates a potential problem.

Validating your Inventory Integrity is also a normal part of the month end process. The inventory integrity solution embedded in Account & Inventory Reconciliation is created to make this process as easy as possible: no lengthy PDF report to sift through, but an application to review the errors and warnings. Another big benefit: no need to shut down your operation to validate your integrity! Just run the report or recalculate an item interactively.

• Validate the on-hand inventory with the inventory transactions
• Run automatically (e.g. daily, weekly)
• Designed for a 24/7 operation (no need to stop all processing)
• Can be run for new transactions only (incremental)
• On-line inquiry to view errors and warning (no lengthy PDF)
• Recalculate interactively to verify current integrity

Fully integrated with JD Edwards

Account & Inventory Reconciliation is developed with the Oracle JD Edwards tool set and integrates seamlessly with your JD Edwards environment(s).

This means a familiar look and feel for the end-user, no need for additional servers, databases or knowledge to maintain the application. Standard JD Edwards security rules apply, making it very easy to incorporate the module in your current JD Edward landscape. Data is stored in the same database as your other JD Edwards data and is automatically part of your data set. Your normal reporting tools can be used to create additional reports and software updates move from development all the way to production just like your other JD Edwards upgrades and modifications.

Use queries, personalized grids, watchlists, notifications and orchestrations as you see fit to enhance user experience and improve your processes even further.