The BlackLine reconciliation system eliminates the hassle of manual entry logs.
Take Control Of Every Account
Your financial statements are only valuable when the information they contain is accurate and has been verified. This is difficult to do when your business encompasses different divisions, multiple branches, and diverse subsidiaries in other countries that use different accounting treatments. This is a monumental task even for a professional finance department. When it is time to create financial statements, your business needs to consolidate systems, multiple general ledgers, or multiple systems, and it is necessary to ensure zero discrepancies.
In the past, this was accomplished through spreadsheets which leads to human errors and issues with computation. What is needed is an automated system that can organize, analyze and reconcile multiple accounts over multiple business units and currencies.
The BlackLine Consolidation Integrity Manager automates this process. Relationships are defined between the different systems so that, for example, all cash accounts in a general ledger might roll up to a single cash account in a consolidation system. If the totals match or are within a configurable tolerance threshold, the system automatically certifies that particular consolidated account reconciliation.
Without BlackLine, the consolidation integrity check and reconciliation process typically includes an extract and manual comparison of balances between various systems, a procedure often complicated by the roll-up process.
- System certification – Dramatically shorten the time needed to reconcile account balances. What was once a manual process done over multiple spreadsheets is now done automatically.
- Account roll-up – Group accounts together so you can easily map all general ledger accounts. This means all accounts are verified at every level. This allows you to easily identify relationships among different systems and reconcile at any level by grouping accounts together.
- Topside adjustment tracking – Real-time dashboards and embedded controls allow you to monitor every journal entry. Never miss another late adjustment.
- Supporting items – User-created supporting items are tracked and aged automatically.
Get the invaluable tool for companies with global operations.
BlackLine Consolidation Integrity Manager will consolidate financial statements.
Key Features And Benefits
- Import data from any third party system, including all major consolidation tools into BlackLine on a scheduled basis.
- Configurable relationships between source systems allow maximum flexibility when checking source documents for financial statements (tie-out).
- Auto-reconcile in-balance accounts.
- Full audit trail and records of all balances that tie out and are system certified.
- All account reconciliation records, including reconciling items and documentation, are fully searchable for research purposes.
- Clear identification of out-of-balance accounts.
- Email notifications of balance changes.
- Seamlessly correct any exceptions identified by the Consolidation
- Integrity Manager through an adjusting entry made through BlackLine’s Journal Entry module.
- Links to underlying reconciliations to assist in researching discrepancies.
- Save time spent on verifying the integrity of consolidated accounts.
- Achieve greater accuracy in financial statements by eliminating manual tie-out.
- Provide greater control and visibility with real-time account dashboards and reports.