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BestPracticeFinancialProcesses:
GeneralLedgerBestPracticeFinancialProcesGeneralLedger-BestPracticeObjectivesGeneralLedgerObjectivesOrganisationPeopleProcessesControlsMeasuresInformationSystemsTobetheprimarysourceoffinancialinformationToensuretheintegrityoffinancialmanagementinformationToapplyperiodend(e.g.monthly)disciplinesandroutinestoproduceperiodicfinancialandmanagementaccountsTosupportthepreparationofstatutoryaccountsandcomplywithfiscalreportingrequirements(e.g.VAT)CentralisedprocessingEconomiesofscaleMaintaincostcodesMaintainstandingdataRecord&validatefinancialdataCarryoutperiodend??andreportingPreparecashflowreportsPreparestatusreportandtaxreportAnswerqueriesProceduresmanualCalendartimetableQualityofdataMonthlyroutinesDaystoproduceaccountsManualJournalentriesperperiod.(i.e.notsystem-automated)JVsperheadSinglesourceIntegratedwithotherledgersDataaccurateandtimelyControlawarenessLegalframeworkawarenessProvisionofqualityinformationtobusinessGeneralLedger-BestPracticeGeneralLedger-BestPracticeFeaturesEstablishandmaintainstandingdataEstablishandapplyaccountingcontrolsApplyandallocationrulesProduceperiodicfinancialreportingandinformationProducestatutoryaccountsProcessFeaturesCommonchartofaccountsMinimalnumberofaccountstomeetinformationneedsRegulatedcontrolofnewaccountcreationPeriodiccheckofinactiveaccountsAllusersoffinancialsystemsfullytrainedinstandardsandcontrolsClearlydefinedprocedurescoverreconciliationofcontrolaccountsStandardjournalandauthorisedinputformsareusedClearmonthendcutoffprocessElectronicapprovalofjournalsClearauthoritylevelsManagementaccountinginformationissourcedfromGL(noreconciliationtofinancialaccountsrequired)LevelofdetailisdrivenbybusinessrequirementsAllocationrulesarebasedonagreedratesorservicelevelagreementsConsistentuseofaccountcodesacrossbusinessallowingcomparisonofcostsRigorousperiodendandyearendroutinestoensureaccuracyofdataDetailedproceduresappliedtoreconciliations,accrualsandprepaymentsPeriodandfinancialreportsproducedwithin5workingdaysofperiodendFlashresultswithin1dayCyclicalreconciliationofbalancesheetaccountsBalancesheetaccountsallocatedtoGLstaffSoftclosefornonquartermonthsRegularliaisonwithauditorstominimiseadhoctrailandreportingrequirementsforstatutoryreportsCorporationdisallowableandallowabletaxdatacontrolledthroughuseofchartofaccountsPeriodendtimetablecommunicatedtoallrelevantstaffGeneralLedger-BestPracticeGeneralLedger-BestPracticeFeaturesEstablishandmaintainstandingdataEstablishandapplyaccountingcontrolsApplyandallocationrulesProduceperiodicfinancialreportingandinformationProducestatutoryaccountsSystemFeaturesIntegratedsystemeliminatesduplicationofmaintenanceLocalvariationtocommoncorechartofaccountsComprehensivesecurityandaccesscontrolsEfficientcopyandeditingfacilitiesExtrasegment(s)providedforfutureexpansionofrequirements(fundamentalchangetobusiness)SystemallowscontrolpriorperiodpostingVariablejournalinputtypessuchasstandard,reversal,recurringSystemcontrolledmonthendproceduresandprocessesOnlinetrainingandhelpfacilitiesSystemprovidescontrolovercombinationofaccountsandcostcentresControlsappliedforuseofbalancesheetandprofitandlossaccountsRealtimeallocationtocostcentresAutomaticreconciliationofmanagementandfinancialaccountsAutomaticperiodendreportsproducedComprehensivereportwriterfacilitiestoprovideuserdefinedreportsOnelinereportingofinformationanddrilldownOnlinegraphicaldisplayorlinkstoEISsystemScreenbasedexceptionreportingSystemallowsprioryearpostingsandautomaticbalancescarriedforwardSystemissolesourceofconsolidatedstatutoryreportingrequirementsandholdsnonfinancialdataDrilldownfacilitiesprovidesfullaudittrailonfinancialdataAdditionalperiodusedsolelyforyearendaccountsMulti-currency,multi-countryconsolidationGeneralLedger-BestPracticeGeneralLedger-Measures/CostDriversNumberofreportingperiodsNumberofmanualinterfacesNumberofaccountsandcostcentresComplexityofcostingandreportingstructureApprovalprocessforjournalsMechanismtocalculateaccrualsandprepaymentsMedian8days90percentile16days90percentileMedian10percentileNumberofjournalentriesperFTE486,00066,6003,200orlessGeneralLedgercostperBusinessUnitFTE(in￡s)10percentileMedian90percentile￡32￡157￡57410percentile3daysDaystoproducemonthlymanagementaccountsCostdriversSource:StatisticstakenfromBenchmarkingdatabase:21January1997GeneralLedger-Measures/CostGeneralLedger-TrendsFromToSeparateGLAnalysisviaspreadsheets/manualinputMultiplesourceofdataacrossmultiplesystemsManualreconciliationPerformedbyfinancedepartmentIntegratedglobalsystemsandcomplianceGraphicsandanalysis/drilldowntoolSinglesourceofdataviadatawarehouseAutomaticreconciliationSharedoroutsourcedservicesGeneralLedger-TrendsFromToSeGeneralLedger-CriticalSuccessFactorsTheseareasummaryofthekeybusinessrequirements,whichmustbemettoachievetheobjectives.Authoritylevelsclearlydefinedforjournals/accrualsGeneralLedgerproceduresandguidelinesdocumentedStafftrainedinGLprocessandhaveclearrolesandresponsibilitiesPeriodclosingandreportingcalendarestablishedandcommunicatedtoallstaffChartofAccountsandcostcentresdefinedStatutoryaccountingrequirementsunderstoodBudgetresponsibilitiescommunicatedtostaffReconciliationproceduresinplaceGeneralLedger-CriticalSuccGeneralLedger-Level0ContextDiagramGeneralLedgerAccountsReceivableAccountsPayablePurchasingPayrollCostCentres/OperatingDepartmentsFixedAssetsProjectAccountingInventoryAuditCompany/Group/HQBoardandExternalAgencyLegalEntitiesBillingAccrualsAccountsReceivabledetailsConsolidation/ManagementReportsBudget&FinancialReports,ManagementReportsAssetsdata(Depreciationetc.)ProjectdetailsInventorydetailsCheckReconciliationStatutory,Tax&Regulatory,ManagementAccountsreportsPayrolldetailsCommitmentsAccountsPayabledetailsAccountingPoliciesBillingAccrualsBudgeting&forecastingBudgetdataCashManagementCMdetailsGeneralLedger-Level0ConGeneralLedger-Level1OverviewPrepare
Forecasting
&Cashflow
ReportingGL1.6Answer
queriesGL1.8BusinessneedsProceduralreview
Periodchanges
PersonnelchangesCOAdataUpdateddataManagementAccountant,
GLsystemdatabases
Reportgenerators,and
querytools,spreadsheets,Systemcontrols,Timetable,
SystemaccessrightsRequestprocedures,COAstructureandrules,GLrules-NotificationproceduresMgt.Acct.User,DBA,
G/Ld/basePrescribedJournalformat,
Systemcontrols,&
Timetables.OnlineGL
datavalidationManagementAccountant
Systemclockand
processes
Sourceinfo.Departments
SubledgermanagersAudittrail/
Basic
financial
dataReconciliationprocedures,
OnlineGLdatavalidation
Systemcontrols
Accountingguidelines,
Varianceanalysis
ReviewdataFinancialresultsManagementAccountant
G/LSystem
Spreadsheetreports
LedgersReportingcontrolsReview
ManagerapprovalReportsManagementAccountantG/LSystem,prioryearstats.FinancialsResponsesQueryhandlingprocedureMgt.Acct.Auditors,G/Lsystem,Ledgers,Onlie
queryanddownloadtools,Auditors,Mgt.reportsFinancialresultsBasicfinancialdataLocalGAAPrules,
ReportingFinancials
ManagementSignoff
TaxrulesFinancialAccountant,ManagementAccountantG/LSystem,FDPriorYearStats.TaxexpertsUserdepartmentsOptionalPrepare
Statutory&TaxreportingGL1.7Maintain
standingdataGL1.2MaintainCOAcodes/reportsGL1.1Recordand
validate
financialdataGL1.3UserquerySystemConsolidation
ofdataforGrpreportingGL1.4Carryout
periodend
routinesand
reportingGL1.5GeneralLedger-Level1OveGeneralLedger-Notes-CarryoutperiodendroutinesandreportingBestpracticefeatures(CarryOutPeriodEndRoutines)SingleledgerSinglecalendarProceduresforinterfaces(bothinternalandexternal)EliminatemanualentriesasmuchaspossibletoavoidreconciliationproblemsAutomaticjournalsforrecurringdocuments(seeGL01)tominimisethemanualdatainputJournalswithautomaticreversalpostingsBalancesheetaccountsallocatedtoGLstaff(integrationwithrelatedsubledgers)Atmaximum5daysforclosingAutomaticdownloadsavailableforefficientexternalreportprocessing.Bestpracticefeatures(Reporting)Calendar/reportscheduleMinimumnecessarynumberofreportstoeliminateduplicationofinformationprovidedAutomaticreportprocessingenabledbyflexiblereportwriterRegularcontactwithauditortominimiseadhocqueriesSamedataformanagementandstatutoryreportsFlashreportwithin1day,monthly/preliminaryyearendreportswithin5days.GeneralLedger-Notes-CarryGeneralLedger-Notes(cont…)InternalControlRequirementsAlltheinterfacedataandunderlyingdocumentationhastobeapprovedbyresponsibleseniormanager.Theprocessofacc.operationscoverspartoftheinternalcontrolprocesses-thereconciliationofthebalanceswiththeotherprocesses.ThereconciliationrulestobecoveredbytheAccountingManual.Theuniformityoftheprocessprocedureswithinthecompanyhastobeachievedaswell.Eachbalancehastobeapprovedbyappropriateseniormanager.ThereportreconciliationwiththeactualGLdatahastobeinplace.Allthereportshavetobesignedbyseniormgt.KeyperformanceindicatorsProcessingtimeNumberofqueriesGeneralLedger-Notes(cont…GeneralLedger-Notes-AnswerqueriesBestPracticeFeaturesSinglecontactpointforallqueries.Althoughthequeryprocessingcanbedistributedthereareobviousinefficienciesindirectingenquiriestoanumberofcontactpoints.Haveaccesstosufficientdatatobeabletohandlethemajorityofquerieson-line.InternalcontrolrequirementsInordertooperateaneffectivehelpdesk,staffwillrequiretohaveaccesstomostpartsoftheothersubsystems.Whereverpossible,thisshouldbeona‘readonly’basisinordertominimisethepotentialforfraudtakingplace.KeyPerformanceIndicatorsNumberofqueriesreceived.Averagetimetakentoprocessqueries.Numberofoutstandingqueriesatperiodend.GeneralLedger-Notes-AnsweGeneralLedger-Appendix1:IDEFProcessFlowThediagrambelowprovidesakeytotheprocessdiagramsusedinthisdocument.Controls(i.e.ProceduresStandardsRequirementsforrework)InputOutputResources(i.e.InformationMaterial)(i.e.PeopleFunctionsITsystemsMachines)(i.e.InformationMaterial)Process/activityGeneralLedger-Appendix1:BestPracticeFinancialProcesses:
GeneralLedgerBestPracticeFinancialProcesGeneralLedger-BestPracticeObjectivesGeneralLedgerObjectivesOrganisationPeopleProcessesControlsMeasuresInformationSystemsTobetheprimarysourceoffinancialinformationToensuretheintegrityoffinancialmanagementinformationToapplyperiodend(e.g.monthly)disciplinesandroutinestoproduceperiodicfinancialandmanagementaccountsTosupportthepreparationofstatutoryaccountsandcomplywithfiscalreportingrequirements(e.g.VAT)CentralisedprocessingEconomiesofscaleMaintaincostcodesMaintainstandingdataRecord&validatefinancialdataCarryoutperiodend??andreportingPreparecashflowreportsPreparestatusreportandtaxreportAnswerqueriesProceduresmanualCalendartimetableQualityofdataMonthlyroutinesDaystoproduceaccountsManualJournalentriesperperiod.(i.e.notsystem-automated)JVsperheadSinglesourceIntegratedwithotherledgersDataaccurateandtimelyControlawarenessLegalframeworkawarenessProvisionofqualityinformationtobusinessGeneralLedger-BestPracticeGeneralLedger-BestPracticeFeaturesEstablishandmaintainstandingdataEstablishandapplyaccountingcontrolsApplyandallocationrulesProduceperiodicfinancialreportingandinformationProducestatutoryaccountsProcessFeaturesCommonchartofaccountsMinimalnumberofaccountstomeetinformationneedsRegulatedcontrolofnewaccountcreationPeriodiccheckofinactiveaccountsAllusersoffinancialsystemsfullytrainedinstandardsandcontrolsClearlydefinedprocedurescoverreconciliationofcontrolaccountsStandardjournalandauthorisedinputformsareusedClearmonthendcutoffprocessElectronicapprovalofjournalsClearauthoritylevelsManagementaccountinginformationissourcedfromGL(noreconciliationtofinancialaccountsrequired)LevelofdetailisdrivenbybusinessrequirementsAllocationrulesarebasedonagreedratesorservicelevelagreementsConsistentuseofaccountcodesacrossbusinessallowingcomparisonofcostsRigorousperiodendandyearendroutinestoensureaccuracyofdataDetailedproceduresappliedtoreconciliations,accrualsandprepaymentsPeriodandfinancialreportsproducedwithin5workingdaysofperiodendFlashresultswithin1dayCyclicalreconciliationofbalancesheetaccountsBalancesheetaccountsallocatedtoGLstaffSoftclosefornonquartermonthsRegularliaisonwithauditorstominimiseadhoctrailandreportingrequirementsforstatutoryreportsCorporationdisallowableandallowabletaxdatacontrolledthroughuseofchartofaccountsPeriodendtimetablecommunicatedtoallrelevantstaffGeneralLedger-BestPracticeGeneralLedger-BestPracticeFeaturesEstablishandmaintainstandingdataEstablishandapplyaccountingcontrolsApplyandallocationrulesProduceperiodicfinancialreportingandinformationProducestatutoryaccountsSystemFeaturesIntegratedsystemeliminatesduplicationofmaintenanceLocalvariationtocommoncorechartofaccountsComprehensivesecurityandaccesscontrolsEfficientcopyandeditingfacilitiesExtrasegment(s)providedforfutureexpansionofrequirements(fundamentalchangetobusiness)SystemallowscontrolpriorperiodpostingVariablejournalinputtypessuchasstandard,reversal,recurringSystemcontrolledmonthendproceduresandprocessesOnlinetrainingandhelpfacilitiesSystemprovidescontrolovercombinationofaccountsandcostcentresControlsappliedforuseofbalancesheetandprofitandlossaccountsRealtimeallocationtocostcentresAutomaticreconciliationofmanagementandfinancialaccountsAutomaticperiodendreportsproducedComprehensivereportwriterfacilitiestoprovideuserdefinedreportsOnelinereportingofinformationanddrilldownOnlinegraphicaldisplayorlinkstoEISsystemScreenbasedexceptionreportingSystemallowsprioryearpostingsandautomaticbalancescarriedforwardSystemissolesourceofconsolidatedstatutoryreportingrequirementsandholdsnonfinancialdataDrilldownfacilitiesprovidesfullaudittrailonfinancialdataAdditionalperiodusedsolelyforyearendaccountsMulti-currency,multi-countryconsolidationGeneralLedger-BestPracticeGeneralLedger-Measures/CostDriversNumberofreportingperiodsNumberofmanualinterfacesNumberofaccountsandcostcentresComplexityofcostingandreportingstructureApprovalprocessforjournalsMechanismtocalculateaccrualsandprepaymentsMedian8days90percentile16days90percentileMedian10percentileNumberofjournalentriesperFTE486,00066,6003,200orlessGeneralLedgercostperBusinessUnitFTE(in￡s)10percentileMedian90percentile￡32￡157￡57410percentile3daysDaystoproducemonthlymanagementaccountsCostdriversSource:StatisticstakenfromBenchmarkingdatabase:21January1997GeneralLedger-Measures/CostGeneralLedger-TrendsFromToSeparateGLAnalysisviaspreadsheets/manualinputMultiplesourceofdataacrossmultiplesystemsManualreconciliationPerformedbyfinancedepartmentIntegratedglobalsystemsandcomplianceGraphicsandanalysis/drilldowntoolSinglesourceofdataviadatawarehouseAutomaticreconciliationSharedoroutsourcedservicesGeneralLedger-TrendsFromToSeGeneralLedger-CriticalSuccessFactorsTheseareasummaryofthekeybusinessrequirements,whichmustbemettoachievetheobjectives.Authoritylevelsclearlydefinedforjournals/accrualsGeneralLedgerproceduresandguidelinesdocumentedStafftrainedinGLprocessandhaveclearrolesandresponsibilitiesPeriodclosingandreportingcalendarestablishedandcommunicatedtoallstaffChartofAccountsandcostcentresdefinedStatutoryaccountingrequirementsunderstoodBudgetresponsibilitiescommunicatedtostaffReconciliationproceduresinplaceGeneralLedger-CriticalSuccGeneralLedger-Level0ContextDiagramGeneralLedgerAccountsReceivableAccountsPayablePurchasingPayrollCostCentres/OperatingDepartmentsFixedAssetsProjectAccountingInventoryAuditCompany/Group/HQBoardandExternalAgencyLegalEntitiesBillingAccrualsAccountsReceivabledetailsConsolidation/ManagementReportsBudget&FinancialReports,ManagementReportsAssetsdata(Depreciationetc.)ProjectdetailsInventorydetailsCheckReconciliationStatutory,Tax&Regulatory,ManagementAccountsreportsPayrolldetailsCommitmentsAccountsPayabledetailsAccountingPoliciesBillingAccrualsBudgeting&forecastingBudgetdataCashManagementCMdetailsGeneralLedger-Level0ConGeneralLedger-Level1OverviewPrepare
Forecasting
&Cashflow
ReportingGL1.6Answer
queriesGL1.8BusinessneedsProceduralreview
Periodchanges
PersonnelchangesCOAdataUpdateddataManagementAccountant,
GLsystemdatabases
Reportgenerators,and
querytools,spreadsheets,Systemcontrols,Timetable,
SystemaccessrightsRequestprocedures,COAstructureandrules,GLrules-NotificationproceduresMgt.Acct.User,DBA,
G/Ld/basePrescribedJournalformat,
Systemcontrols,&
Timetables.OnlineGL
datavalidationManagementAccountant
Systemclockand
processes
Sourceinfo.Departments
SubledgermanagersAudittrail/
Basic
financial
dataReconciliationprocedures,
OnlineGLdatavalidation
Systemcontrols
Accountingguidelines,
Varianceanalysis
ReviewdataFinancialresultsManagementAccountant
G/LSystem
Spreadsheetreports
LedgersReportingcontrolsReview
ManagerapprovalReportsManagementAccountantG/LSystem,prioryearstats.FinancialsResponsesQueryhandlingprocedureMgt.Acct.Auditors,G/Lsystem,Ledgers,Onlie
queryanddownloadtools,Auditors,Mgt.reportsFinancialresultsBasicfinancialdataLocalGAAPrules,
ReportingFinancials
ManagementSignoff
TaxrulesFinancialAccountant,ManagementAccountantG/LSystem,FDPriorYearStats.TaxexpertsUserdepartmentsOptionalPrepare
Statutory&TaxreportingGL1.7Maintain
standingdataGL1.2MaintainCOAcodes/reportsGL1.1Recordand
validate
financialdataGL1.3UserquerySystemConsolidation
ofdataforGrpreportingGL1.4Carryout
periodend
routinesand
reportingGL1.5GeneralLedger-Level1OveGeneralLedger-Notes-CarryoutperiodendroutinesandreportingBestpracticefeatures(CarryOutPeriodEndRoutines)SingleledgerSinglecalendarProceduresforinterfaces(bothinternalandexternal)EliminatemanualentriesasmuchaspossibletoavoidreconciliationproblemsAutomaticjournalsforrecurringdocuments(seeGL01)tominimisethemanualdatainputJournalswithautomaticreversalpostingsBalancesheetaccountsallocatedtoGLstaff(integrationwithrelatedsubledgers)Atmaximum5daysforclosingAutomaticdownloadsavailableforefficientexternalreportprocessing.Bestpracticefeatures(Reporting
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