Aico Account Reconciliation automates the preparation and review of accounts during the reconciliation process. These features support the employees involved in the reconciliation process and introduces consistency in the reconciliation process and control over who does what and when, making it easier to prioritize the reconciliations.
Typically, data to be reconciled is manually added to excel spreadsheets and this is done for all General Ledger (GL) accounts. Aico automates this work by connecting to data in the ERP through integration and by running that data through predefined auto-reconciliation rules. Only the accounts that do not pass rules are sent to be reconciled to responsible people in the workflow. To help you reconcile the accounts that do require your attention, Aico provides you with support for multi-phase approval workflows, real-time monitoring and dashboards through which you can drill-down directly into the underlying data.
Remediation actions take place and propagate in real time, so you don't have to wait for the next data upload, and can continue work within seconds of posting.
Easily monitor the status of all account reconciliation tasks - who is responsible for them and whether they are late, sort tasks by priority, risk, company code, and the assigned user. This makes the entire process highly visible for different stakeholders, such as the reconcilers themselves, financial controllers, shared service center managers, business partners, internal auditors, and external auditors.
The action log tracks all events that have occurred in Aico Account Reconciliation. You can view a history of the changes made to each document, track the document workflow and see all actions performed by users and the system. Comments and attachments can also be added to a specific action
Automatic reconciliation rules
You can use configurable automatic reconciliation rules to allow accounts to be reconciled automatically by Aico. This can happen, for example, when the closing balance or variance over the prior period is below a defined amount. These rules can be also be used to check the number, age, and value of individual line items.
Copying prior period data
You can carry forward line items or reconciling items and their associated supporting explanations from a prior period.
Automatic data extracts from ERP
Connect to and pull data directly in real time from the underlying ERP system or systems without any need for exporting files.
Completed documents are automatically moved to the "Waiting for Archiving" status and later archived. All transactions recorded to documents are saved in a format that meets legislative requirements.