Account & Inventory Reconciliation
Accelerate your monthly and annual closing and have your logistic inventory match your accounting inventory.
About Account & Inventory Reconciliation
Cadran has developed the Reconciliation module especially for the ERP-package Oracle JD Edwards. It allows you to match journal entries (and inventory transactions) automatically, while the information is recorded in Oracle JD Edwards, ensuring that the balance of the suspense accounts and inventory accounts is always kept up-to-date. Variance can be corrected by creating a correcting journal entry with just one click! By combining multiple accounts into a single reconciliation process, more complex process like validating intercompany transactions, can be monitored as well.
With the included inventory reporting you will also have an accurate view on your inventory per financial period. The build-in inventory integrity software supports an automated periodic integrity check, so you will know if your inventory is reliable, both for the quantities as for total value. For ad-hoc inventory reporting requirements, there is the option to calculate the inventory as of a date (even mid period), both for the on hand as the financial inventory.
This will save you time and money in your financial close process, preparing your financial statements and audit process. It will help you reduce errors in your G/L and optimize your processes. With over 20 years of experience, Cadran Consultancy is highly qualified to support you with this process
More about Account & Inventory Reconciliation
Fully integrated within your JD Edwards environment(s)
Account & Inventory Reconciliation is developed with the Oracle JD Edwards tool set and integrates seamlessly with your JD Edwards environment(s).
- Launch applications and reports from within you own JD Edwards environment(s)
- The user interface your users are familiar with
- No additional servers or databases required
- No data storage outside your organization
- No external access required from 3rd party systems
- Data accessible form your own reporting tools
- Available in all your JD Edwards environments
- Control your software updates
- No additional application maintenance effort
- Secure access like any other JD application (using standard JD Edwards security)
- Use standard available JD Edwards tools, e.g. queries, personalized grids, watchlists, notifications and orchestrations.
One of your tasks of the month-end close procedure is a specification of the suspense accounts. This specification must be compiled accurately and often takes a great deal of time. The Reconciliation module is an Oracle JD Edwards add-on that will help you optimize this process. It will also enable you to reduce the number of errors in your financial books.
- Automatic and manual reconciliation
- Reconcile by transaction currency or company currency
- Automatic creation of tolerance entries
- Automatic recording of exchange rate differences
- Individual reference code is assigned to each reconciliation
- 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
- Classification of accounts by type and responsible
- Define you own sorting/grouping for reconciliation
- Combine information from multiple columns for reconciliation (by document type)
- Reconcile within a group of accounts
- Tolerance and exchange rate variance bookings are created interactively
- Registration reconciled information in Oracle JD Edwards ERP
Match your inventory with your G/L by validating your inventory transactions with your G/L transactions and save time each period by spotting issues right away. A detailed analysis of the mismatches between inventory and G/L will also help you improving your processes and spot costing issues.
- Reconcile by inventory account
- Match inventory transactions with G/L transactions (and vice versa)
- Supports intercompany transactions (SK/OK)
- Supports cycle billing transactions
- Supports work order transactions
- Runs automatically (scheduled process)
- Automatic correction for rounding differences (journal entry)
- Workbench for reviewing/correcting unreconciled transactions
- … and almost all options for account reconciliation
Advanced Item As-Of reporting
Report your inventory by period and/or year. This reporting tool will ease your periodic and annual reporting process by providing a detailed inventory report to explain you inventory balance.
- Inventory by account, period/year and online compare to you G/L
- Financial and logistic beginning and ending balances in one report
- Report inventory that is not yet included in your G/L (e.g. shipments and work order issues)
- Create multiple report and specify up to 14 columns to group transaction, e.g. ‘Purchased’, ‘Manufactured’ and ‘Sold’ to gain insight in how your inventory value changes over time
- Online inquiry of your inventory by account, period, branch, column by item, lot and location. Drill down to transaction level
- Online inventory report by period/year (As-Of)
- Supports intercompany transactions (SK/OK) to determine the correct G/L date
- Supports cycle billing transactions to determine the correct G/L date
- Generate a report retroactively based on inventory transactions (supports accurate reporting in a 24/7 environment)
- Generate a report up to any date to validate your inventory during the current period.
The current (on-hand) quantity for an item in JD Edwards is recorded in an item balance table and is, or should be, the result of the inventory transactions for that item.
Both the total quantity for the inventory transactions as the total value of those transactions should match the current value (quantity * cost). The inventory Integrity functionality shows the discrepancies that may occur by errors in your inventory processes.
- Validate the on-hand inventory with the inventory transactions (and vice versa)
- 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
- Record variances as a result of changed UoM or conversion factorr
Ad-hoc Inventory (As-Of)
Calculate the on-hand quantity and value and the financial quantity and value as of a date for an item, an entire warehouse, company or based use data selection to determine the items to calculate. Multiple calculation methods available.
- Independent of the Advanced Item As-Of reporting
- Multiple calculations methods, e.g ‘current on-hand minus transactions from ‘as-of date’.
- Calculates the logistical on-hand quantity and value based on the transaction date
- Calculates the financial quantity and value based on the G/L date for an accurate financial valuation
- On-line inquiry to review the results, with interactive recalculation
Advice about our solutions?
Henny Berends, Financial Directeur / Principal Consultant Finance at Cadran, would be happy to talk about the possibilities for your organization.