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Open Reconciling Items Control for Datasync Job

Period end close can be a challenging and stressful time for companies, as the goal is to report accurate and reliable financial statements. A large part of the period end close is to perform and manage account reconciliations, which can open up more challenges as companies have different policies on how to handle reconciliations as well as open items for those reconciliations.  Trintech’s Cadency solution provides a robust System of Controls, and takes what was once a very manual and repetitive process of performing and managing account reconciliations, into a streamlined process and helps customers automate specific accounts leveraging Risk Intelligent RPA™ (RI RPA), housed inside Trintech’s System of Accounting Intelligence™, ensuring the right accounts are being automated. That same System of Controls also provides greater visibility into the status of reconciliations, as well as configurable open item management options so companies can ensure that their policies are being followed.

Matching Policy to Technology
While we have Open Item Management available in Cadency, some of our customers that utilize both our ReconNET and Cadency solutions were unable to gain efficiencies in the automation of eligible account reconciliations with open items. Customers were having to either under automate, or automate and make corrections, as all eligible accounts, even those with open items would auto-reconcile, which would cause rework and increase the cost of the period end close. Now with the Cadency 8.1 release, those same controls and configurations are available with the integration of ReconNET and Cadency. This includes a new configurable option on the Datasync job to enable controls to prevent the auto-reconciliation of accounts with open items. This feature helps drive deeper efficiencies by giving customers the confidence to automate more reconciliations knowing that RI RPA is controlling which accounts are eligible for account reconciliations, at a more specific level than ever before.

Why Is this Important?
Our “Matching Policy to Technology” feature enhances the reconciliation controls in place, ensuring that accounts are being reconciled per company policy, whether open items are allowed or not. With this control enabled, accounts with open items, even those eligible for auto reconciliation, will not automatically certify. This decreases the risk of any misstatement as well as decreases the cost of rework, as RI RPA is ensuring that only the right account reconciliations are being automated. The efficiencies gained in knowing that technology is driving policy and risk frees staff to focus on other high-risk activities during the period end close process.

Feature Capability
A new configurable option of the Datasync job rule is to disable the rule when there are open items. This new configuration controls how the System of Controls and System of Integration interact and drive RI RPA in the System of Automation all inside the System of Accounting Intelligence to better understand what accounts are eligible for auto-reconciliation. When the option is enabled, accounts with open items, will not auto reconcile and will go through the normal assigned workflow.

Customers with ReconNET and Cadency will be able to gain more efficiencies due to higher automation due to use of the job rules, while maintaining oversight on open items as per the control policy. This will allow your organization to:

  • Further decrease the risk of any misstatement
  • Increase reconciliation controls, which helps drive increase in effectiveness
  • Provide additional configuration options to help ensure account reconciliations are being done in accordance with company policy
  • Gain confidence knowing that RI RPA is ensuring that only the right accounts are being automated

To learn more about Cadency, read our brochure here.

 

Written by: Ryan Atkin