on 09-08-2022 02:37 PM
In this article, you will learn about new features and functionality within the Account Reconciliations solution and why they matter. Learn more about enhanced controls and auditability features released in April 2022.
The new user friendly dialog provides an easy and intuitive way to update multiple reconciliations at once with real time transparency into which changes can and can’t be made.
When you click on an Account Group on the top dashboard, you will be able to see all child recs apart of that account group in the dashboard below – which allows the admin to able to conveniently see both on the same page instead of having to switch back and forth between two screens. You can also create a new Account group or use the Clone option which will display the attributes of a selected Account Group that can be used as a template or base to create a new Account Group so they don’t have to create from scratch.
Primaries is now moved out of access group and onto the rec itself, which results in less maintenance and potentially fewer access groups. This will also improve performance since the system will not have to loop through each Access Group to determine if you have the proper credentials, but will instead, look directly to the reconciliation table. Platform security groups has now been added to access groups in addition to individual users so that setup of security groups does not have to be done twice but instead can piggyback off of what already exists.
Existing state descriptions and also added more states has improved, which provides greater transparency into where the reconciliation is in the preparation and approval process. If you're looking to auto reconcile something, but still require someone to review it, this update allows you to do so. For example, many users ask if you could require approval only on quarter ends. In this case, make an auto prepare rule and assign it within the inventory for months 3, 6, 9 and 12. For all other months, assign a rule that will auto approve, thus requiring no approval.
You can now see what changes were made and which user made the change as well as what time they made it – helpful for internal use and for audit purposes.
With the copy feature, preparers can now use the prior detail item as a base or template to create a new item for current period. For example, if you have a recurring rec item where the explanation remains the same every month, but the balance may change, you could copy this forward and only update the balance each time instead of having to type out all of the information again.
If you're interested in watching the Platform Power Hour webinar on this topic, view it here.
Source: Platform Power Hour: Account Reconciliations Webinar
Author: Kelly Darren & Jessica McAlpine of OneStream