How Can Reviewers Flag Reconciling Items for the Preparer’s Attention

While preparing period-end account reconciliations in Oracle EPM Cloud Account Reconciliation Cloud Service (ARCS), preparers can add reconciling items by balance explanations or adjustments to GL or SL or variance explanations. The reconciliations are then submitted to the reviewers to approve, or in some cases reject if there are any corrections to be made. Among the many reconciling items, the reviewer might want a few selected entries to be revalidated by the preparer.

How to flag specific reconciliations?

Oracle ARCS now allows reviewers to flag any reconciliation (balance explanations, adjustments, variance explanations) as ‘Needs Attention’ while rejecting the reconciliation. The preparer then can see the specific entries that need attention among multiple entries, and take action accordingly. When the rejected reconciliation is resubmitted to the reviewer after corrections, the reviewer can either remove the attention flag or keep it if needed for future reference.

Are any changes needed in the system configuration?

Existing customers don’t need any additional configuration to start using this feature. All reviewers now have the option to flag specific entries as ‘Needs Attention’.

Business benefits

  • The reviewer can focus only on the specific reconciling items that need attention
  • The preparer needs to revalidate only the marked entries among the vast number of reconciliations
  • The flag is useful for administrators or internal auditors to quickly identify the reconciling items that need attention

Account Reconciliation in Oracle EPM Cloud