Balance Sheet Account Reconciliation

­­General Discussions
1

Has anyone utilized any aspects of Prophix to help with improving balance sheet reconciliations? Or use another application to streamline the process?

2

Hello, Allison!

Great question~

We exclusively use Prophix for their consolidation reporting which helps us match our financials and close our End of Month process faster than manually matching up these accounts across our multiple platforms.

In 2023, our company hopes to dedicate time and attention to create the items below to streamline our balance sheet account reconciliation even more:

  • Reporting and Transaction Matching Between Platforms: Currently, with our bank, we download the excel file to compare to our ERP system. Ideally, we would want to upload our bank statement into Prophix and match the transactions to ensure all were placed in the period and recorded properly in the system.
  • Correct Classification Matchup: this will allow us to better monitor our accounts and ensure entries made in the period are classed correctly between companies.
  • Final Review Approval: this step, once all items are either entered/adjusted as needed, would be great to implement within Prophix to allow for better ownership of outstanding items.

I believe we have a call with Vincent Cornil next week to discuss our options further to get some of these items implemented within Prophix. Of course, I can follow-up with any more areas of advice/suggestion that further helped our End of Month process that could be beneficial to you as well.

Talk soon,
Sabrina DeYoung

2 Likes
3

Hi Allison,

Is there a specific aspect of BS recon that you are looking for? We can use one of many methods to accomplish this. Some of them being:
Having a cube that goes down to the ledger level,
Data transformation in our staging db,
Automated version that compare data with transactions.

Hope this helps,
Navin

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4

What specifically within a balance sheet Rex would you like to explore further?

5

Interesting, thanks for sharing!

6

That is insightful, thank you for sharing this info.

7

Thanks , I like your simple ideas.

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8

We use the drill across feature to view details at the transaction level. We have also built reports for specific balance sheet accounts that contain more details that require further review.

9

Hi Allison,

We use a software called FloQast. It has been life changing for month-end and year-end close. Our audit last year was streamless! We actually were referred to Prophix from FloQast. If you would like to check it out, I can have my representative reach out to you or provide more information.

10

Interesting, thanks for sharing!

11

Interesting, I’ll have to see how we can use this too.

12

Thanks for sharing. We want to increase our use of Prophix to help with accounting processes.

13

Thanks for sharing - great information.

14

Thank you for sharing.

15

We have not used it yet

16

Thank you for sharing these options.

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17

Thanks for sharing - we are always looking for ways to leverage Prophix to improve existing accounting processes.

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18

Interesting, thanks for sharing!