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Journal Entry - Best Practices — Cloud Customer Connect
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Journal Entry - Best Practices

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edited Jul 9, 2020 6:15PM in Account Reconciliation 7 comments

Summary

What is the best method for reclassing transactions?

Content

We have a case where there are multiple reclasses being made in a customer's home-grown account reconciliation tool today. The tool can both (a) recognize through logic cases requiring reclasses, create an equivalent "adjustment", generate the journal entries, and then send to their G/L and (b) have a user create a reclass "adjustment" that is approved in the system, system auto-generates journal entries, and send to the G/L.

My understanding is that ARCS does not have a workflow for requiring the approval of an adjustment. These are the steps the client wants:

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