Finance24/04/2020 12:00:00 AM

2 min Demo: Intercompany Matching & Reconciliation

Watch this video to learn how CCH Tagetik's IC Cockpit provides a quicker and more accurate consolidation and close process by providing users across your accounting organization with an intelligent dashboard displaying the intercompany relationships and their impact on your consolidated financials.
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Transcript

CCH Tagetik’s rapid and reliable close consolidation tool speeds up your closing period while ensuring an accurate and auditable set of consolidated financials.

And it enables you to manage your business within IFRS and GAP regulations.

One way it improves speed is through the intercompany cockpit, also known as the IC cockpit. The IC cockpit is created by rolling through loaded trial balanced transactions in CCH Tagetik and creating a dashboard. Elimination rules are along the columns, and all the counterparty relationships are along the roles.

It's color-coded, so it's easy to view and understand the IC elimination transactions ready for your review and sign-off. Let's take a closer look.

Green represents those eliminations that are within acceptable thresholds.

Red represents those eliminations that have a continuing issue.

The system seeks to be transparent and auditable. We can drill into these relationships to see what accounts were identified by the elimination rule.

For example, we have the matching transactions, but clearly, there is an imbalance. This detail can be at the transactional-level or at the invoice-level.

The system is capable of generating this report in any currency relative to the transactional currency.

Now had this difference been within the accepted threshold, the system would have created a balancing transaction and placed it down here.

Alternatively, we can generate a new transaction by simply hitting the plus, filling in the information, and adding a note for further clarification. We can now add comments and attachments to any of these transactions to add further clarification for reviewers and auditors.

We can also see the current state of the workflow to the left. The entity and intercompany partners are highlighted with similar traffic light indicators.

In a decentralized process like this, where you have field offices around the country or around the world, the same tool is available to the other users. Thus, you have a real-time view of your colleague's current status and can review and sign-off on their IC cockpit.

This real-time transparency will ensure that the contributors have a complete understanding of the process across the organization. This approach ensures a coherent and consistent closing with maximum information being provided to your team. The result is a rapid and accurate close and consolidation that's inline with executive fiduciary goals and responsibilities.
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