One of the most time-consuming and important internal control is reconciliation of your accounts. These include general ledger, balance sheet, bank, investment and inventory accounts. Standardise and automate as many types of reconciliation as possible by leveraging the BlackLine Reconciliation Management Solution.
The BlackLine system can be configured to auto-certify reconciliations, typically between 40-60% of certifications can be accomplished this way. Auto-certification is setup to follow configurable certification rules based on the organisational requirements. Standard template types are also available.
Upload your existing spreadsheets to simplify the process. Drill down to your data, or drill through to your ERP system to view transactional data at its source.
Where anomalies exist the system identifies and highlights these for the user. The user can then investigate and use in-built system journals to correct the anomalies where applicable. Accounts can be classified into high, medium and low risk. For example a bank account would be classified as high risk and normally has a high number of transactions. A high risk account requires reconciliation every accounting period.
An example would be to set up the system to compare the GL bank account with the actual bank records and running the automated reconciliation. The data can be automatically uploaded into the Blackline product. The majority of the transactions will be automatically matched based on date, cheque number and value. The remaining anomalies will be highlighted for investigation. By selecting a transaction you can look into the detail and follow up for reconciliation.
The dashboard provides meaningful information regarding the reconciliation process. A global picture, or local pictures can be seen.