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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