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!

About the Author

Nandini Nehru is a Sr. Solutions Architect at Perficient in the Oracle EPM group. She has worked for ten plus years on various projects performing analysis, design, development, configuration and testing of applications. She has implemented Oracle Hyperion planning, HFM and Essbase applications for various industries like Healthcare, Public sector, Manufacturing and Oil and gas. She is a certified Oracle Trainer for Oracle Hyperion Financial reports, Planning Create and manage and Administrator class. She is also Oracle Hyperion Planning 11 Certified Implementation Specialist and Oracle Enterprise Planning and Budgeting Cloud Service 2017 Certified Implementation Specialist. Nandini works closely with the financial planning team at her clients across different industry verticals and implements IT solutions to meet their financial planning and budgeting needs. Nandini holds an honors degree in Bachelor of Engineering in Information technology and an MBA in Finance from Rice University. She was also a recipient of the renowned Jones Scholarship at Rice University, Houston.

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