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. With the included inventory reporting you’ll also have an accurate view on your inventory per financial period.
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
One of your tasks of the month-end close procedure is a specification of the suspense accounts. This specification must be compiled accurately and takes often 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. As of Q4, 2018, a large number of enhancements will be available for the Reconciliation module.
- 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
Available from Q4 2018: Inventory reconciliation. 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)
- Runs automatically (scheduled process)
- Automatic correction for rounding (journal entry)
- Workbench for reviewing/correcting unreconciled transactions
Advanced Item As Of reporting
Available from Q4 2018: Advanced inventory 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
- 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.
Advice about our solutions?
Henny Berends, Financial Directeur / Principal Consultant Finance at Cadran, would be happy to talk about the possibilities for your organization.