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Best
Practice
Financial
Processes:General
Ledger2GeneralLedger-
BestPractice
ObjectivesOrganisationPeopleMeasuresInformation
SystemsGeneralLedgerObjectivesTo
be
the
primary
source
offinancial
informationTo
ensure
theintegrity
of
financial
managementinformationTo
apply
period
end
(e.g.
monthly)disciplines
androutines
toproduceperiodic
financial
andmanagementaccountsTo
support
thepreparation
of
statutoryaccountsand
comply
with
fiscal
reportingrequirements
(e.g.
VAT)Centralised
processingEconomies
of
scaleProcessesMaintain
costcodesMaintain
standingdataRecord&
validatefinancialdataCarry
out
periodend??
andreportingPreparecashflowreportsPreparestatusreportand
taxreportAnswerqueriesControlsProcedures
manualCalendar
timetableQuality
ofdataMonthly
routinesDaystoproduceaccountsManualJournalentries
perperiod.(i.e.notsystem
-
automated)JVs
per
headSingle
sourceIntegratedwithotherledgersDataaccurate
andtimelyControl
awarenessLegalframeworkawarenessProvisionofqualityinformationtobusinessPwC175a3General
Ledger-
Best
PracticeFeaturesEstablish
andmaintainstandingdataEstablish
and
applyaccounting
controlsApply
andallocation
rulesProduceperiodicfinancial
reportingandinformationProducestatutoryaccountsProcessFeaturesCommonchartofaccountsMinimalnumber
ofaccounts
to
meetinformation
needsRegulated
controlofnewaccountcreationPeriodiccheck
ofinactive
accountsAllusers
offinancialsystemsfullytrainedinstandards
andcontrolsClearlydefinedprocedurescoverreconciliationof
control
accountsStandardjournalandauthorisedinputformsareusedClearmonthendcutoffprocessElectronicapprovalof
journalsClearauthoritylevelsManagementaccountinginformationissourcedfromGL(noreconciliationto
financialaccountsrequired)Level
ofdetailisdriven
bybusinessrequirementsAllocationrulesarebased
onagreedrates
orservicelevelagreementsConsistent
use
ofaccountcodesacrossbusinessallowingcomparisonof
costsRigorousperiodendandyearendroutinestoensureaccuracyofdataDetailedproceduresappliedtoreconciliations,accrualsandprepaymentsPeriod
andfinancialreportsproduced
within5
workingdaysof
period
endFlash
results
within1
dayCyclicalreconciliationofbalance
sheetaccountsBalancesheet
accountsallocatedtoGL
staffSoftclose
for
nonquarter
monthsRegularliaisonwithauditors
tominimiseadhoctrail
andreportingrequirementsfor
statutoryreportsCorporationdisallowableandallowable
taxdatacontrolled
throughuse
ofchartofaccountsPeriod
endtimetablecommunicated
toallrelevant
staffPwC175a4GeneralLedger
-Best
Practice
FeaturesEstablish
andmaintainstandingdataEstablish
and
applyaccounting
controlsApply
andallocation
rulesProduceperiodicfinancial
reportingandinformationProducestatutoryaccountsSystem
FeaturesIntegrated
systemeliminatesduplicationofmaintenanceLocal
variationtocommon
corechartofaccountsComprehensivesecurity
andaccesscontrolsEfficient
copy
andediting
facilitiesExtra
segment
(s)provided
for
futureexpansionofrequirements(fundamentalchangetobusiness)Systemallowscontrol
priorperiodpostingVariablejournalinputtypessuchasstandard,reversal,recurringSystemcontrolledmonthendprocedures
andprocessesOnlinetrainingandhelpfacilitiesSystemprovidescontrolovercombinationofaccountsandcost
centresControlsappliedforuseofbalancesheetand
profitandlossaccountsRealtimeallocationtocostcentresAutomaticreconciliationofmanagement
andfinancialaccountsAutomaticperiodendreportsproducedComprehensivereportwriterfacilitiesto
provideuserdefined
reportsOne
line
reportingofinformation
anddrill
downOnlinegraphicaldisplay
orlinkstoEISsystemScreenbasedexceptionreportingSystemallowsprioryear
postings
andautomaticbalancescarriedforwardSystemissolesourceofconsolidatedstatutory
reportingrequirementsandholds
nonfinancialdataDrill
downfacilitiesprovidesfullaudittrail
onfinancial
dataAdditional
periodused
solely
for
yearendaccountsMulti-currency,
multi-countryconsolidationPwC175a5GeneralLedger-
Measures/Cost
DriversMedian8days90percentile16days90percentileMedian10percentileNumber
ofjournal
entriesperFTE486,00066,6003,200or
less10percentileMedian90percentile£32General
LedgercostperBusiness
Unit
FTE
(in
£s)£157£57410percentilePwC175a3daysDaysto
producemonthly
managementaccountsCostdriversNumberof
reporting
periodsNumberof
manual
interfacesNumberof
accounts
and
costcentresComplexity
ofcostingandreportingstructureApproval
process
forjournalsMechanism
to
calculate
accrualsandprepaymentsSource:
StatisticstakenfromBenchmarking
database:21
January19976GeneralLedger-TrendsFromPwC175aToSeparate
GLAnalysis
via
spreadsheets/manual
inputMultiple
sourceof
dataacrossmultiplesystemsManual
reconciliationPerformedby
financedepartmentIntegratedglobalsystemsandcomplianceGraphics
and
analysis/drill
downtoolSingle
source
of
dataviadatawarehouseAutomaticreconciliationShared
oroutsourcedservices7General
Ledger-
CriticalSuccess
FactorsPwC175aThesearea
summaryof
the
keybusinessrequirements,
whichmustbe
met
toachievethe
objectives.Authoritylevels
clearlydefined
for
journals/accrualsGeneral
LedgerproceduresandguidelinesdocumentedStafftrained
in
GLprocess
and
have
clear
roles
and
responsibilitiesPeriod
closingand
reporting
calendar
establishedand
communicated
toall
staffChartof
Accounts
and
cost
centresdefinedStatutoryaccountingrequirements
understoodBudget
responsibilities
communicated
tostaffReconciliationproceduresin
place8General
Ledger-
Level
0ContextDiagramGeneralLedgerAccountsReceivableAccountsPayablePurchasingPayrollCostCentres/
OperatingDepartmentsFixedAssetsProjectAccountingInventoryAuditCompany
/Group/
HQBoardandExternalAgencyLegalEntitiesBilling
AccrualsAccounts
ReceivabledetailsConsolidation/ManagementReportsBudget&FinancialReports,ManagementReportsAssetsdata(Depreciationetc.)Project
detailsInventorydetailsCheckReconciliationStatutory,
Tax&
Regulatory,Management
AccountsreportsPayroll
detailsCommitmentsAccounting
PoliciesBillingAccountsPayabledetailsAccrualsBudgeting&forecastingBudgetdataCash
ManagementCMdetailsPwC175a9General
Ledger-
Level
1OverviewPrepare
Forecasting
&
Cashflow
ReportingGL
1.6Answer
queriesGL
1.8Business
needsProcedural
reviewPeriohangesdchangesPersonnelcCOAdataUpdated
data,Management
Accountant,GL
systemdatabasesReport
generators,
andquerytools,spreadsheetsSystem
controls,
Timetable,
Systemaccess
rightsRequest
procedures,COA
structure
and
rules,GL
rules
-Notification
proceduresMgt.Acct.User,
DBA,
G/Ld/basePrescribedJournal
format,System
controls,
&Timetables.
On
line
GLdatavalidationManagementAccountant
System
clockand
processesSourceinfo.
Departments
Sub
ledgermanagersReconciliationprocedures,
OnlineGL
data
validationSystemcontrolsAccountingguidelines,
Variance
analysisReview
dataFinancialresultsManagementAccoun
tantG/LSystem
Spreadsheetreports
LedgersReportingcontrols
ReviewManager
approvalReportsManagementAccountant
G/LSystem,
prioryearstats.
FinancialsResponsesQueryhandlingprocedureMgt.Acct.Auditors,G/Lsystem,
Ledgers,
Onlie
queryand
download
tools,Auditors,Mgt.reportsFinancial
resultsBasicfinancialdataLocalGAAPrules,
Reporting
Financials
ManagementSignoff
Tax
rulesFinancialAccountant,
Management
Accountant
G/L
System,FD
PriorYearStats.
Taxexperts
User
departmentsAudittrail
/BasicOfinpatinocnialldataPrepare
Statutory
&
Tax
reportingGL
1.7Maintain
standing
dataGL1.2Maintain
COA
codes
/
reportsGL
1.1Record
and
validate
financial
dataGL
1.3UserquerySystemConsolidation
of
data
for
Grp
reportingGL
1.4Carryout
period
end
routines
and
reportingGL
1.5PwC175a10endroutinesand
reportingPwC175aBest
practicefeatures
(Reporting)Bestpractice
features
(CarryOut
PeriodEndRoutines)Single
ledgerSingle
calendarProceduresforinterfaces(both
internalandexternal)Eliminatemanual
entriesas
much
aspossibleto
avoid
reconciliationproblemsAutomaticjournals
for
recurring
documents
(see
GL01)
tominimisethemanual
data
inputJournals
with
automatic
reversal
postingsBalance
sheet
accounts
allocated
toGLstaff(integration
with
relatedsubledgers)At
maximum
5
daysforclosing
Automatic
downloads
available
for
efficient
external
report
processing.
11PwC175aGeneral
Ledger
-
Notes(cont…)Internal
Control
RequirementsAll
the
interfacedata
and
underlying
documentation
has
to
beapproved
by
responsible
senior
manager.The
processofacc.operationscovers
part
of
the
internalcontrol
processes-thereconciliation
ofthe
balanceswiththe
other
processes.Thereconciliation
rules
to
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