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- Intercompany Reconciliation
- Process
- Journal to period review
Journal to period review
Period review draws together charges, settlements and accounting entries for a trading entity. Senior Accountant examines journal lines and unresolved pairs. Controller checks the open period and its decision trail before recording the close conclusion under the group's finance procedure.
Step by step
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Open period Controller
Controller selects the period and confirms its date boundaries and Open state for the cycle.
- Establish review dates and state
- Updates Reconciliation periods
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Review journal Senior Accountant
Senior Accountant checks each draft journal's source, entity, account lines, debit total, credit total and out-of-balance result.
- Check accounting detail and balance
- Updates Reconciliation journals, Journal lines, GL accounts
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Compare pair Senior Accountant
Senior Accountant follows the payable and receivable references and checks any released settlement against their balances.
- Explain remaining intercompany position
- Updates Intercompany payables, Intercompany receivables, Settlements
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Review period Controller
Controller examines open charges, draft journals, sign-off decisions and operation receipts before entering close notes.
- Record the review context
- Updates Reconciliation periods, Sign off decisions, Reconciliation receipts
Who does what
Roles and permissions- Senior Accountant
- Reviews journals and pairs; Controller owns the period decision; Payables Accountant, Receivables Accountant and Settlement Analyst resolve items from their desks.
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