RevRec Premium: General Ledger & Accounting Close

Introduction

The General Ledger and Accounting Close process in RevRec Premium provides finance teams with a structured, auditable, and automated framework for period-end accounting. It ensures precise and controlled validation, journalization, review, and posting of all revenue, tax, payment, and receivable transactions.

This process is essential for maintaining the accuracy of your financial statements, reducing manual errors, and ensuring compliance with ASC 606/IFRS 15 standards. RevRec Premium streamlines the closing process by serving as a unified accounting sub-ledger that integrates seamlessly with your accounting system.

The Five-Step Closing Workflow

To guide users through the closing cycle, RevRec Premium structures the process into five distinct and sequential steps:

1. Review Data Validation

Use RevRec Premium to validate the completeness and accuracy of incoming transaction data (invoices, credit notes, payments, etc.). The built-in error detection flags issues such as unmapped accounts, unbalanced journal entries, or mismatched postings for review and resolution before proceeding.

2. Generate Journals

After validation, RevRec Premium aggregates and transforms raw transaction data into structured journal entries using GL mapping rules and journal configurations. Journals can be generated manually or on a schedule (daily, weekly, or monthly).

3. Review Closing Reports

Before posting, users can access purpose-built reports to ensure accuracy and reconciliation. These include the Billing Control, Payment Control, Journal Entry Detail, Trial Balance, AR Aging, Sales Tax Rollforward, and Monthly AR Rollforward reports.

4. Manage and Post Journals

Users can review journal statuses, correct or delete draft journals, and post them either automatically via accounting integration or manually via report export. Journals follow clear statuses such as Ready to Post, In Progress, Success, Failed, or Deleted, giving you full visibility and control.

5. Close the Period

Once all journals are successfully posted, the accounting period can be closed. This action locks transactions for that accounting month and freezes the results for financial reporting. If adjustments are needed, users with appropriate roles can reopen the period, regenerate journals, and reclose as necessary.