Posted on August 13th, 2010 by Sanjit Anand | Print This Post
| Email This Post
Have you heard about the product called "ASSURENET" , this is one of good product for reconcilation activity getting attention now a days by Accountants , Auditors ,controllers because the good capability of managing Finance accounts reconciliation and Audits trials feature. No matter its Balance sheet account or bank account, this product have great functionality which will add lot of value to business.
What is AssureNET
AssureNET GL is a web-based process management system for the general ledger account reconciliation & certification function. It is designed to strengthen the account reconciliation internal control while making the process much more efficient and SOX compliance.
This Product normally comes with three major functional modules like:
- Complete Assigned Tasks & Activities Module
- Prepare or Monitor Quality Assurance Reviews Module
- Manage or Monitor Task & Activities Module
Using this software you can get the advantage of following benefits:
- This will Simplified the account reconciliation process , as most of the ERP does not have enough capability keeping the auditors in mind.
- This will reduced the amount of time necessary for Internal Audit's testing of account reconciliations.
- This enhanced the visibility into the performance of the control across the entire enterprise which may include detailed analysis by department, location, products or region.
- Automated email notifications will help to inform participants of impending reconciliation and review dates or missed deadlines
- Automated summaries of exception statistics and extensive management reporting
- Last but not the least complete segregation of duties between the reconciliation, review, approve and certification functions
Typically this application is developed using
- .NET Framework
- IIS WSE
- ASP.NET , AJAX Extensions
- And SQL Server as database.
This comes with hosted solutions via vendors On-Demand business unit as well as you manage and own this this product at your site.
Check out this product at vendor site, if your department is ready to spend few thousand of dollar.
Posted in Oracle General Ledger, Oracle Product | 1 Comment »
Posted on November 10th, 2007 by Sanjit Anand | Print This Post
| Email This Post
Continuing my last post for AX , here is some more information for Global accounting Engine's Dual posting and Reporting need. Lets start with Dual posting.
Global Accounting Engine (AX) Dual Posting
The Global Accounting Engine's dual posting functionality allow simultaneous posting into two sets of books (a main and a secondary sets of books).The AX Dual posting (or multiple posting) functionality lets you meet reporting and accounting requirements when you have multiple sets of books with different charts of accounts, calendars, and rules sets.
The Global Accounting Engine automatically creates detailed balances for control accounts. The balances are calculated for each account with the control account status by period and third party when you run a subledger report. Control accounts are printed on summary and detail balance reports provided by the Global Accounting Engine.
A document sequence uniquely numbers documents generated by an Oracle Applications product. Using Oracle Applications, you initiate a transaction by entering data through a form and generating a document, for example, an invoice. Document sequences can provide proof of completeness. For example, document sequences can be used to account for every transaction, even transactions that fail.
Document sequences can also provide an audit trail. For example, a document sequence can provide an audit trail from the general ledger into the subsidiary ledger, and to the document that originally affected the account balance.
These are the additional tables which keeps the events data.
Below is a list of the most important AX Reports:
- The Daily Journal Book - Line Descriptions report displays fiscal year totals for specified sequences. For both manual and imported journals in General Ledger, the report shows the General Ledger accounting sequence number assigned at the time of posting, instead of the General Ledger document sequence number.
- The Daily Journal Book - Header Descriptions report is sorted by sequence name, General Ledger date, and accounting sequence number within the range of requested balancing segments. The report provides totals for the range of balancing segments requested, but not subtotals for each balancing segment.
- The Final Daily Journal Book - Header Descriptions report allow the review of all accounting entries for your set of books by sequence name and period.
- The Supplier/Customer Balance by Account/Accounting Flexfield report allows reviewing information about balances and period activities by account and supplier/customer for one or more accounting periods. This report lets you justify your balances in General Ledger, Payables, and Receivables.
Limitations of AX
- It has been designed based on primary transactions in Local GAAP.
- Its needs same calendar in primary and secondary set of books
- The other limitation is that no user access to account transformation rules that mean very limited functionality.
- Intensive setup and maintenance, that makes a technical difficulty.
- Separate release and patch sets. This support issue is yet another limitation.
- Non-Standard as it is replaced by GL posting process,separate additional tables.
- Not Complete as only limited to few like AP, AR and in some case France can use INVENTORY as sub-ledger modules
Posted in Functional, Oracle General Ledger, Oracle Product | 4 Comments »
Posted on November 9th, 2007 by Sanjit Anand | Print This Post
| Email This Post
Why is the Global Accounting Engine needed?
The Global Accounting Engine is needed for European foreign subsidiaries as they are required to do reporting in foreign countries.
The Global Accounting Engine produces European reports not available in the standard accounting applications.
It is Legal compliance tool for some international accounting and audit requirements.
- Accounting transformation for inventory/purchasing
- Audit Trail:
- adds required sub-transactions (cash reversals,adjustments, and others)
- additional GL sequences across AR/AP
- Control accounts for sub-ledger-GL reconciliation
What is functionality of the Global Accounting Engine ?
The Global Accounting Engine provides you with features to satisfy the following basic business needs. You can:
- Comply with accounting regulations of any country. Some accounting entries are legal in one country but not in another.
- The Global Accounting Engine lets you choose the right accounting schemes for your country.
- Define accounting rules per set of books.
- Post different accounting rules to different sets of books.
- Generate different accounting entries from the same business transaction into different sets of books.
- Perform synchronous multiple set-of-book accounting. The multiple set-of-book accounting is synchronous because it ensures that a Business transaction is either posted in all related set of books or is not posted in any set of books.
- Comply with legal and fiscal audit trail requirements.
- Store all accounting entries in the same structure and format for all applications. An accounting entry always consists of a header and two or more accounting entry lines. The Global Accounting Engine uses this information to provide accurate reconciliation reports in applications such as Payables and Receivables.
- Reconcile your subledger accounting system with General Ledger. The Global Accounting Engine provides additional reports such as daily journal reports. Reports are used when a company needs to match the amounts in the subledgers such as Payables, Receivables, and General Ledger.
- Define journals rather than using hard-coded categories. These journals are numbered sequentially to comply with legal requirements.
- Assign sequential numbers to the defined journals across applications.
- Each accounting entry has a unique identifier as well as other header information. This accounting number is the primary key for your accounting lines. You can use the same numbering in applications such as Payables and Receivables.
- Audit and control period and fiscal year closing procedures.
- The Global Accounting Engine provides a new mechanism for closing periods that ensures a complete and gapless numbering is generated as required in some countries.
- Create journal entries and detailed balances for control accounts.
- Control accounts are General Ledger accounts that you can access only from subledger applications such as Payables and Receivables. The balances are calculated for each account with the control account status and third party period and identification. A third party can be a supplier in Payables or a customer in Receivables. The Global Accounting Engine uses these structures to provide legal balance reports that are the same across all applications.
- Secure subledger accounting entries. You can either secure accounts individually or secure the procedure to create accounting entries. To secure subledger accounting entries, use control accounts to define accounts. A control account is only accessible from the subledgers. Securing your entries ensures a valid audit trail is on paper. The secured posting makes sure that you are only given access to a range of steps involved in the posting cycle.
- Print reports that correspond to country-specific accounting practices.
- Print legal subledger accounting reports .
Which are potentially implementation using global accounting Engine(AX)?
AX is mainly used to comply with the European legislations mainly.Any European Implementation which is operating in more countries will have options to use.
Is Global Accounting Engine mandatory for Italy, France, Greece or Portugal?
Oracle has suggested for 6 countries (France, Italy,Greece, Portugal, Spain, Austria)
- AX has replaced localizations for France, Italy.
- AX provides legal report formats for specified countries.
How Global Accounting Engine works:
Operationally, the Global Accounting Engine changes the way in which transactions are posted from the sub-ledger to the General Ledger. For transactions from AR, AP, the standard GL Interface is switched off and postings are done via the Accounting Engine translator. A sub-ledger accounting entry is created for each Event, which represents a change in state of a document, e.g. an Invoice. Accounting Rules are used to translate these events and to create entries in the AX tables. A report is run to create the sub-ledger balances in AX by Third Party and accounting period. After AX translation is run, the accounting entries are transferred to the General Ledger via the normal GL interface tables.
The big difference in using AX is that instead of posting transactions direct to the GL Interface table, they are transferred via the AX Engine where they are translated before being transferred to the General Ledger. This can be shown as:
This ends of Global Accounting Engine(Product AX) discussion, will see some more information on dual posting and some important technical details in next post. Till than keep watching this space :)
Posted in Functional, Oracle General Ledger, Oracle Product | 7 Comments »