How to Setup PeopleSoft Account Reconciliation

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Reconciliation Prepared by: Erin Mitchell

1 How to Setup PeopleSoft Account Reconciliation Session ID: Better Streamline Close Process and Make Auditors Happy with PeopleSoft Account Reconciliation Prepared by: Erin Mitchell Manager Grant Thornton Presented by: Tyson Moore Director Grant Thornton

2 Agenda About Your Presenter and Grant Thornton What is PeopleSoft Account Reconciliation? Benefits of Using PeopleSoft Account Reconciliation Setting Up PeopleSoft Account Reconciliation Reconciliation Configurations Reconciliation Sets Understanding and Updating Reconciliation Assignments Reviewing Account Reconciliations on the Workbench Questions

Your Presenter Tyson Moore Director, Grant Thornton Kansas City, MO Executive Summary Tyson Moore is a director with Grant Thornton s Advisory Services practice in Kansas City, specifically aligned

3 Your Presenter Tyson Moore Director, Grant Thornton Kansas City, MO Executive Summary Tyson Moore is a director with Grant Thornton s Advisory Services practice in Kansas City, specifically aligned with the Enterprise Resource Planning (ERP) Technology Solutions group. Prior to joining Grant Thornton, he was a director with MarketSphere Consulting until its acquisition by Grant Thornton in September Moore has more than 10 years of experience and specializes in providing financial and implementation consulting solutions across a broad range of industries. His product expertise includes PeopleSoft Financials & HCM, Oracle Planning, Hyperion Financial Management, Data Relationship Management, Business Intelligence Applications (OBIA/OBIEE), and Microsoft SharePoint. He brings extensive experience managing multiple solution implementations, ranging from custom development to packaged systems. Moore has led numerous complex multisite implementations and has a proven track record of delivering projects on or ahead of time, and on or below budget. Presentations and Publications KC RUG, User Enablement, 2012 RECONNECT 13, WorkCenters and Dashboards, 2013 Standing Ovation Award Winner COLLABORATE 14, BI in 4 Weeks with Oracle PeopleSoft & DRM and PeopleSoft: An Unlikely Pair, 2014 RECONNECT 15, User Enablement & Drilling URL in PeopleSoft Query, 2015 COLLABORATE 16, The Spectrum of Workflow & Payment Requests, 2016 RECONNECT 16, Configuring Journal Approval Workflow & Account Reconciliation,

4 About Grant Thornton One of the world's leading organizations of independent audit, tax and advisory firms Grant Thornton LLP 2 (U.S.) $1.4 billion revenues 6,456 personnel partners 38,000 people in over 100 countries 65% of Forbes Global 100 companies served by Grant Thornton International member firms 57 offices Grant Thornton International Ltd 1 US $4.7 billion revenues 40,197 personnel 3 2,975 partners 6 th largest global accounting and consulting firm 58% of of Fortune Fortune offices 4

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8 What is PeopleSoft Account Reconciliation? PeopleSoft's Account Reconciliation is a flexible tool used to configure and manage the account reconciliation business process. It streamlines and accelerates the reconciliation of accounts to be performed for each accounting period so that organizations can provide supporting documentation to external auditors as well as identify and correct errors in a timely manner in preparation of monthly financials. The Account Reconciliation Tool can be used to reconcile accounts between subsystems and the General Ledger or for verification and compliance, ensuring that individual transactions are recorded correctly and have proper supporting documentation. 8

9 Benefits of Using Account Reconciliation The PeopleSoft Account Reconciliation functionality enables you to: Easily identify specific ChartField value combinations to be reconciled Assign reconciliation responsibility to an individual or group of ChartField owners Allow each user to have high visibility into their assigned reconciliation Automate sign-off to indicate that a ChartField value combination has been reconciled Capture and retain documentation associated with the reconciliation Define and use approval workflow throughout the process to notify users of reconciliation responsibility 9

10 Setting Up Account Reconciliation Configure Recon Structure: - Attributes - Roles - Assignment Levels - Statuses & Reasons - Security Reconciliation Rules: - Specify CF's to Reconcile - Ledger Options - Default Assignments Reconciliation Set / Create Reconciliation: - Associates Rule w/ Assignments - Creates Recon with Bal and Responsibility GLRN_CREATE App Engine Query and Update Assignments Update/Recalculate Ledger Balances: - Add Reconciling Items - Recalculate or delete and recreate recon YES Update Balances for Recon? NO Review, Maintain and Approve Recon: - Add Comments and Attachments *Note: This makes auditors happy GLRN_CALC App Engine 10

11 Account Recon Configuration - Attributes Navigation: Main Menu > General Ledger > Perform Reconciliation > Configuration Account Reconciliation Attributes are user-defined and used to query or monitor the reconciliation processes. For example, you can query all reconciliations that are pending approval and have a risk attribute value of Very High. Please note that if you add, modify or enable Attributes after the Rules are created, the system does not add the attributes to the existing rules. 11

12 Account Recon Configuration Reconciliation Roles Navigation: Main Menu > General Ledger > Perform Reconciliation > Configuration The Reconciliation Roles defines the user roles to be assigned to each reconciliation process. The roles should be setup based on the company's organizational requirements and policies. 12

13 Account Recon Configuration - Assigments Navigation: Main Menu > General Ledger > Perform Reconciliation > Configuration Assignment Levels define how ledger balances are summarized for each reconciliation that is created. For each Assignment Level required to support your reconciliation process, define the combination of fields and level of summarization for each field. 13

14 Account Recon Configuration Statuses & Reasons Navigation: Main Menu > General Ledger > Perform Reconciliation > Configuration Reconciliation Statuses are used to identify what stage the reconciliation is in. The reasons are status-dependent and each status contains an action. The most common statuses are Not Assigned, New/Assigned, Reconciliation In Progress, Hold, Waiting for Approval, Approved, Denied, Cancelled, Deleted and Pushed Back. 14

15 Account Recon Configuration Security Access Navigation: Main Menu > General Ledger > Perform Reconciliation > Configuration Security must be defined in order to configure Workbench access for each enabled Reconciliation Role. Security control applies after assignments are done and for each reconciliation. It ties the reconciliation statuses to a role. 15

16 Account Recon Configuration Reconciliation Rules Navigation: Main Menu > General Ledger > Perform Reconciliation > Configuration The Reconciliation Rule allows you to specify what ledger balances are to be reconciled and how often the reconciliation should occur, the users involved, due dates and other attributes. 16

Defining Reconciliation Sets Navigation: Main Menu > General Ledger > Perform Reconciliation > Reconciliation Set & Create Reconciliations The Reconciliation Set associates the Reconciliation Rules

17 Defining Reconciliation Sets Navigation: Main Menu > General Ledger > Perform Reconciliation > Reconciliation Set & Create Reconciliations The Reconciliation Set associates the Reconciliation Rules with one or more Business Units to create the actual reconciliation. This page also allows creates the reconciliation by running the GLRN_CREATE application engine process. The Create Reconciliation process populates the assignments of responsibility with the defaults that are defined in the Reconciliation Rule. GLRN_CREATE populates the Account Recon Table (GLRN_RECON_TBL) and Reconciliation Assignments Table (GLRN_RECON_ASSN) 17

18 Reconciliation Assignments Navigation: Main Menu > General Ledger > Perform Reconciliation > Assignments The Reconciliation Assignments are created from the Create Reconciliation process, however can be modified if personnel changes have occurred. This page also allows you to query a reconciliation to identify the owner and update reconciliation due dates. When the assignment for Reconciler has been saved or applied, the status for that reconciliation becomes Newly Assigned. 18

19 Reconciliation Assignments Cont. Navigation: Main Menu > General Ledger > Perform Reconciliation > Assignments 19

20 Reconciliations on the Workbench Navigation: Main Menu > General Ledger > Perform Reconciliation > Workbench The Reconciliation Workbench allows you to review, maintain and approve reconciliations. Additionally, you can attach supporting documentation and add detailed comments regarding any issues. Approved: Recon is complete Cancelled: Recon no longer needs to be completed for the period but retained for audit purposes. Deleted: Recon is physically removed. Usually created by mistake. Denied: Approver has denied approval. Reconciler must make changes and resubmit. Hold: Recon has been temporarily suspended. New/Assigned: No action has been taken yet. Not Assigned: No assignments have been made. Pushed Back: Recon cannot proceed until issue is resolved. Use reason field or comments to explain. Reconciliation In Progress: Reconciler selected to indicate recon has started. Waiting for Approval: Reconciler or approver has completed work and submitted for further approval. 20

Reconciliation Workbench Chartfields Navigation: Main Menu > General Ledger > Perform Reconciliation > Workbench Select an Action from the drop-down list to communicate what stage the reconciliation

21 Reconciliation Workbench Chartfields Navigation: Main Menu > General Ledger > Perform Reconciliation > Workbench Select an Action from the drop-down list to communicate what stage the reconciliation is at. Please note the security assigned at the Security Access Control page derives what Actions are allowed by your role If your user id has proper security access, you can define a Reason for your selected action Users can also review the Due Date, update the Start Date of the reconciliation and eventually the Complete Date when the recon is complete 21

Reconciliation Workbench Work Reconciliations Tab Navigation: Main Menu > General Ledger > Perform Reconciliation > Workbench The Work Reconciliation tab allows the user to view the reconciliation

22 Reconciliation Workbench Work Reconciliations Tab Navigation: Main Menu > General Ledger > Perform Reconciliation > Workbench The Work Reconciliation tab allows the user to view the reconciliation instructions, enter the expected amount for the specified Account and Business Unit, provide comments and attach documentation If an additional entry has been made which impacts the Ledger Balance, click the Calculate button to recalculate the Calculated Amount and Base Amount for the reconciliation 22

23 Reconciliation Workbench Assignments Tab Navigation: Main Menu > General Ledger > Perform Reconciliation > Workbench Review and update the current assignments as security allows. These assignments are derived from the Reconciliation Rule or updated on the Reconciliation Assignments page 23

24 Approval Framework All Account Reconciliations require approval using Approval Framework. The reconciliation enters the Workflow process when the Reconciler selects Submit For Approval on the Reconciliation Workbench Once the reconciliation is submitted for approval, an is sent to the Approver and the reconciliation information including Expected Amount, Calculated Amount, Instructions, Attachments and Comments are available on the Approver's Worklist Once the Approver approves the Reconciliation, the reconciliation is complete. Please note if you save a change to an approved reconciliation, the status is set back to Reconciliation In Progress and the reconciliation must be re-approved The delivered Approval Framework structure for the Account Reconciliation process is GLReconciliationApproval 24

25 PeopleSoft Account Reconciliation Recap Configure Recon Structure: - Attributes - Roles - Assignment Levels - Statuses & Reasons - Security Reconciliation Rules: - Specify CF's to Reconcile - Ledger Options - Default Assignments Reconciliation Set / Create Reconciliation: - Associates Rule w/ Assignments - Creates Recon with Bal and Responsibility GLRN_CREATE App Engine Query and Update Assignments Update/Recalculate Ledger Balances: - Add Reconciling Items - Recalculate or delete and recreate recon YES Update Balances for Recon? NO Review, Maintain and Approve Recon: - Add Comments and Attachments *Note: This makes auditors happy GLRN_CALC App Engine 25

26 Questions?

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1 University Deposit Reconciliation - Central Offices 3. Overview - University Deposit Reconciliation and Approval 4

Table of Contents 1 University Deposit Reconciliation - Central Offices 3 Overview - University Deposit Reconciliation and Approval 4 Approving Standard University Deposits - Cashier 6 Reviewing Standard