Docs

RevRec

RevRec Premium - Closing Reports

Introduction

Closing Reports in RevRec Premium provide detailed financial insights to support accurate month-end and period-end reconciliations. These reports help ensure that all journal entries, revenue, expenses, and other financial activities align with the transaction sources, enabling a smooth and error-free closing process.

Use these reports to identify and resolve discrepancies, validate GL balances, and maintain audit-ready financials. You can drill down to invoice-level or customer-level data to investigate and resolve anomalies.

Reviewing the Closing Reports

Accessing and reviewing the Closing Reports allows you to:

  • Verify that journal entries align with transaction sources.
  • Reconcile revenue, expenses, and receivables.
  • Identify discrepancies before closing books.

Note:

The users can drill into invoice or customer-level details on these reports.

Invoice Reconciliation

This report compares the invoice transactions between the source system and RevRec Premium for a given period, enabling users to reconcile transaction values accurately.

Credit Note Reconciliation

This report compares Credit Note transactions between the source system and RevRec Premium for a given period, enabling users to reconcile transaction values accurately.

Payment Reconciliation

This report compares payment transactions, such as payments and refunds, between the source system and RevRec Premium for a given period, enabling users to reconcile transaction values accurately.

Journal Entry Reconciliation

Compares Detailed Journal Entries (transaction-level) with Posting Journal Entries (system-posted aggregates) to ensure they match for each accounting period, GL account, and currency.

  • Detailed Journal Entries are created at the transaction or event level and then aggregated to show balances.
  • Posting Journal Entries are aggregated journals that the system generates through automated or manual posting schedules (daily, weekly, monthly, or manual).

The reconciliation compares both sets of entries at the level of Accounting Period, GL Account Number, GL Account Name, and Currency.

Revenue Reconciliation

Compare recognized revenue in RevRec with recognized revenue in RevRec Premium. It helps validate that both systems are aligned and highlights any variances that may need review.

Expense Reconciliation

Compare the recognized expense in RevRec with the recognized expense in RevRec Premium. It helps validate that both systems are aligned and highlights any variances that may need review.

Detailed Journal Entries

This report allows the user to view all journal entries booked for the transactions for the business event group. Users can compare the net amount against the billing or payment control to reconcile the balance.

Note:

Detailed transaction-level journal entries are only used for the reconciliation and not directly posted to the accounting system. Navigate to the Monthly Close > Post Journals > Journal Entries to view the aggregated journal entries used for posting.

Trial Balance

This report allows the user to view the activity for each GL account in the selected accounting period, broken down by currency, and to verify that debit and credit entries reconcile.

Note:

This report retrieves data from aggregated journals, not from detailed journal entries. Before running the report, ensure that detailed transaction-level journal entries have been aggregated into journals for the selected period.

AR Aging Summary

This report categorizes outstanding receivables grouped by transaction currency based on the age of the invoice, typically in 30-day buckets (e.g., 0-30 days, 31-60 days, 61-90 days, and 90+ days). Users can see the individual invoices by clicking the buckets. Additionally, users can create new past due buckets by clicking on the settings button.

Monthly AR Roll Forward

This report provides a summary of changes in accounts receivable over accounting periods, tracking the movement of balances due to billings, collections, and adjustments. This report ensures reconciliation between the beginning and ending A/R balances for accurate financial reporting. Additionally, the user can drill to the customer level by adding the customer ID or name from the column chooser.

Sales Tax Roll Forward

This report tracks the movement of sales tax liabilities over an accounting period, ensuring accurate reconciliation of tax obligations. This report provides insights into the new tax from billings, tax reversal due to credit notes, and the ending balance of sales tax payable. Additionally, the user can drill to the transaction level by clicking on the amount visible on the grid.

Was this article helpful?