Skip to main content

Conceptually : Record to Reporting Cycle – R2R

Conceptually : Record to Reporting Cycle – R2R

Record to report or R2R is the management process for providing strategic, financial and operational feedback to understand how a business is performing.
This process involves collecting, transforming and delivering relevant, timely and accurate information to all stakeholders inside and outside the organization, to provide insight into how their expectations have been met.
It covers the steps involved in preparing and reporting the overall accounts which are typically stored in a general or nominal ledger and managed by a comptroller. The detailed steps involved are:
  • data extraction
  • data collection
  • data validation
  • data transformation (generation of voucher)
  • voucher posting (to general ledger)
  • storing vouchers in de-normalized and compressed format
  • generating analysis account trial balance or consolidated analysis account trial balance
  • generating user-defined financial and management reports
In ERP systems , This is part  month end  process in which basically user will close all the periods  and import all the journals in GL from other modules
(Payable, Receivable, Fixed Assets etc.). Then run all the month end GL reports like Trial Balance, Account Analysis  etc.
Following are broader division of activity involved in Record to Report Cycle
Reconciliations
  • Intercompany
  • Multiple systems
  • Bank
  • Subsidiary to main set of books
  • Customer
  • Vendor
General Accounting
  • Journal Entries
  • Intercompany accounting
  • Book closures
  • Trial Balance preparation
  • Accruals
  • Consolidations
  • Cost Accounting
Record to Report process might seem simple but it require considerable efforts. It is the only process scrutinized by outside auditors who draw conclusions about controls in place during financial close and reporting cycle.
Labels:

Comments

Post a Comment

Popular posts from this blog

Oracle Subledger Accounting (SLA) Tables, Views

Oracle Subledger Accounting (SLA) Tables, Views Oracle Subledger Accounting Tables: TABLE NAME DESCRIPTION XLA_AAD_GROUPS The XLA_AAD_GROUPS table stores the merge dependencies analyzed during the merge analysis.  All application accounting definitions with the same GROUP_NUM must be merged together. XLA_AAD_HDR_ACCT_ATTRS The XLA_AAD_HDR_ACCT_ATTRS stores standard, system and custom sources assigned to an accounting attribute at the AAD level. XLA_AAD_HEADER_AC_ASSGNS Store the analytical criteria for the application accounting definitions. XLA_AAD_LINE_DEFN_ASSGNS This table stores the journal lines definitions for the application accounting definitions. XLA_AAD_LOADER_DEFNS_T The XLA_AAD_LOADER_DEFNS_T table is the interface table that facilitates the data transfer from data files and the database. XLA_AAD_LOADER_LOGS The XLA_AAD_LOADER_LOGS table stores the errors and logs generated by the application accounting definitions loader. XLA_AAD_SOURCES XLA_AAD_SOURCES table stores a...
1 comment
Read more

O2C Cycle with Accounting Entries

  ORDER    TO  CASH  PARTICULARS  DR  CR SPL NOTES ACCOUNT IS PULLED FROM Sales order entry No Accounting Sales Order Pick From Sub Inventory A/c 100 At Standard Cost Sub-inventory Material A/c Setup To Sub Inventory A/c 100 At Standard Cost(Staging) Sub-inventory Material A/c Setup Sales Order Issue COGS 100 It can be fetched from five places Master Item/Org/Order Type/Line Type/Shipping Params To Sub Inventory A/c 100 At Standard Cost Sub-inventory Material A/c Setup Transaction level Receivable A/c 120 Auto Accounting Tax A/c 10 Auto Accounting Freight A/c 10 Auto Accounting Revenue A/c 100 Auto Accounting Receipts Receipts with no remittance method Cash 100 Before application of the receipt Receipt class Unapplied A/c 100 Receipt class Unapplied A/c 100 After application of the receipt to the transaction Receipt class Receivables A/c 100 Receipt class Cash A/c 100 Receipt class Unidentified A/c 100 In case of receipt without customer...
Post a Comment
Read more

R12 Oracle E-Business Tax Configuration Guide

Applies to: Oracle E-Business Tax - Version: 12.0 to 12.2 Information in this document applies to any platform. Abstract R12 Oracle E-Business Tax Configuration Guide Document History R12 Oracle E-Business Tax Configuration 1. Tax Basic Tax Configuration Tax Definition: comprises the tax data that you set up for each tax regime and tax that your company or institution is subject to. The Tax Authority designates the regulations and rates that apply to the tax regime. Required Task List a) External Dependencies Create First Party: Legal Entity and Establishments Create Reporting and Collecting Tax Authorities b) Tax Configuration Create Tax Authorities Party Tax Profiles Create Tax Regimes Create First Party Legal Entity Party Tax Profile Create Tax Create Tax Status Create Tax Jurisdictions Tax Rate Responsibility: Tax Manager Path: Tax Managers -> Tax Managers -> Home Complete the following setup tasks: -Legal Entities and Establishments -Reporting and Collecting Tax Authorities ...
1 comment
Read more