ARCS: Account Reconciliation Cloud Service – An Intro (part 1)

ARCS (Account Reconciliation Cloud Service) is the cloud counterpart for Oracle’s Account Reconciliation Manager (ARM). A complete and detailed account reconciliation is part of a month end financial close process in an organization. Typically, the finance department needs to identify any/all fraudulent, improper and excessively aged transactions as part of the process.

Oracle’s Account Reconciliation provides real-time visibility into the performance of reconciliations, and ensures that all reconciliations prepared are properly qualified. It also helps companies streamline and optimize performance by automating certain reconciliation tasks along with a workflow process to manage the whole process.

Oracle Account Reconciliation Cloud consists of two modules:

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Reconciliation Compliance – Reconciliations can be automated and/or manual. Administrators can create mapping rules which can be auto checked once data has been imported. After that, manual reconciliations can be managed using a work flow process.

Essentially, reconciliation involves the following steps:

1. Load data
2. Auto Reconciliations
3. Notify
4. Prepare
5. Review
6. Monitor

Transaction Matching – The transaction matching module allows companies to automate high volume / labor intensive reconciliations. Depending on an organization, you may have a balance matching within accounts i.e. Net balance or matching transactions between two different sources of data. Admins can define reconciliation types for different accounts that allows for deeper analysis and control.

Matching rules and frequency/timing of the transactions can also be controlled by the admin.

Steps involved in the process are as follows:

1. Load data
2. Run the auto match process
3. Confirm suggested matches
4. Create manual matches
5. Run balancing reports

We will dive deeper into the Reconciliation Compliance in my next post. Stay tuned!