You’ve been assigned to prepare the reconciliation for one of your company’s accounts.
Your company needs you to uphold its financial integrity—and inspire confidence in its numbers with stakeholders, auditors and regulators. Can your current account reconciliation process quickly identify a variance and its cause? With Vena’s Account Reconciliation Solution and Excel-based account reconciliation templates, you can reconcile accounts faster—in just four steps. Here’s how:
1. Check Unreconciled Dollar Amounts
Vena automatically calculates your total dollar amount in unreconciled accounts. Your unreconciled accounts are instantly identified and you can quickly see their Unidentified Difference amounts. For every unreconciled account, you can also view its:
- Beginning GL balance
- Current period activity
- Reconciling items
- In period additions
- Projected ending GL balance
- Balance per GL load
2. Reconcile With Transaction-Level Details
Need more visibility into transaction-level details? No problem. With Vena, you can see the history of activity and adjustments of every unreconciled account, as well as their respective expected GL balances against the actuals.
To reconcile a variance, you can use Vena’s drill feature to view its transaction-level details. You can quickly discover which transaction(s) caused that variance and can proceed to make the adjustment(s) to reconcile the account. Vena can support thousands of transactions for each account per month.
(Read how the Arizona Cardinals implemented Vena to turn 10 days of work into five seconds and accelerated their month-end close.)
3. Submit Your Adjustments
To track your activity so auditors can easily review your work, Vena automatically records your adjustments into journal entries. These adjustments are time stamped and added to a detailed audit trail report. All you need to do is approve and submit.
4. Certify Your Review Checklist
After reconciling your account, all that’s left for you to do is update your account reconciliation review checklist—you’ll get all green checkmarks—to let auditors know you’ve completed your assigned task.
(Read how Vena helped Capstone Infrastructure cut their month-end close times by 50%.)
Closing Faster With Vena’s Account Reconciliation Software
Vena integrates your AP systems, capital asset management systems and bank statements with Excel to add your subledger data and automatically identify unreconciled accounts. Our Account Reconciliation Solution also facilitates automated workflows, stores transactional data with enterprise-level security and provides Excel-based account reconciliation templates for all your standard and specialized reconciliations.
With Vena, you’ll be able to uphold your company’s financial integrity, provide confidence in your numbers to your stakeholders, auditors and regulators—and reconcile faster.