Processes

The Processes pane in the Consolidation Control Panel consists of the below options. Click on each option to explore more on it.

• Standard Journals - Standard journal entries are created to process one-time journal entries. You can add Standard Journals to Budget scenarios.

• Recurring Journals - Recurring Journal Entries are those that will not vary across time and can be automated and consistent for each period within your process. For example, if you have an annual expense (such as rent) you can accrue the expense in twelve equal payments every month with a Recurring Journal Entry. A debit and credit to the appropriate segment intersections will be created every month.

• Dynamic Journals - Dynamic Journal Entries are used when entry balances fluctuate from period to period. For example, as a financing strategy, you take out a loan with a variable interest rate. This means that the principal and interest payments will likely fluctuate from period to period based on the loaded rate for the period.

• Reclassifications - Reclassification Entries are usually used to correct financial information that has been incorrectly posted against an intersection within the database. For example, if $500 was recorded in the wrong GL account, you can move the amount to the correct GL account with a Reclassification Entry.

• Eliminations - Elimination Sets are comprised of Flow and Balance accounts that make up an intercompany transaction. Eliminations are processed individually or together as part of the Consolidation Process. The Elimination Process calculates and posts Elimination Entries at Eliminating Companies within your legal entity hierarchy to ensure the proper aggregation of financial information at consolidated reporting levels. For example, a transaction that involves the sale of an item manufactured by a subsidiary to another subsidiary should be eliminated when reporting consolidated results.

• Validations - Validations ensure proper data values and general accounting standards exist within the application.