Account reconciliation is a crucial process for ensuring the accuracy and reliability of financial statements. It involves verifying the balances of accounts and transactions across different sources, such as bank statements, ledgers, invoices, and reports. Account reconciliation can be time-consuming, error-prone, and risky, especially when dealing with high-volume and complex data.

Oracle EPM is a cloud-based solution that helps you automate and streamline account reconciliation, saving you time and improving your financial performance. Oracle EPM offers two modules for account reconciliation: Reconciliation Compliance and Transaction Matching.

Reconciliation Compliance

Reconciliation Compliance is a module that helps you manage the end-to-end reconciliation process, from preparing and reviewing reconciliations to approving and reporting on them. Reconciliation Compliance allows you to:

• Define and assign reconciliation tasks to different users and roles
• Monitor the progress and status of reconciliations in real-time dashboards
• Automate the reconciliation of low-risk accounts using predefined rules
• Enforce compliance with internal and external policies and regulations
• Integrate with other Oracle EPM modules, such as Financial Consolidation and Close and Narrative Reporting

Transaction Matching

Transaction Matching is a module that helps you automate the matching of transactions from different sources, such as bank statements, general ledgers, sub-ledgers, and external systems. Transaction Matching allows you to:

• Import and map data from unlimited sources and attributes
• Apply flexible matching rules for one-to-one, many-to-one, and many-to-many matches
• Review and confirm suggested matches or manually match transactions
• Create journal entries to resolve variances and post them to the general ledger
• Generate reconciliation reports and evidence for audit purposes

Benefits of Account Reconciliation with Oracle EPM

By using Oracle EPM for account reconciliation, you can:

• Close faster by reducing manual work and errors
• Improve the efficiency and accuracy of your financial statements
• Address security and risk issues associated with the reconciliation process
• Gain visibility and insight into your reconciliation performance
• Leverage the power of the Oracle Cloud platform for scalability, reliability, and security