OneStream Account ReconciliationHats off to the OneStream Account Reconciliation Development team. The enhancements in OFCpv660sv100 have brought the product to a state of maturity in just a few short years from its initial launch. In this article, I’ll discuss some of my favorite enhancements.

Account Reconciliation Time-Based Attributes

Account reconciliation attributes change over time. For example, a previously required reconciliation may no longer be needed following a chart of account restructuring. Risk level and approval levels may require adjustment as the behavior of the account signals a change in risk characteristics. Before the OFCpv660sv100 release, changes to most reconciliation attributes would apply retroactively to all periods, resulting in some unexpected outcomes.

With this new release, this behavior has been corrected. Reconciliation attributes, with the exception of Preparer/Approver assignments, are now period-specific. The Discover process is run each period to create the Inventory for that period, using attributes from the prior period as the current period default. Changes to the current period attributes have no impact on the preceding period values.

A word of caution, though. The Discover process is sequential. Once you have Discovered into a period, you can no longer Discover into prior periods. If the wrong period is chosen for initial Discovery, you must first delete all Inventory items created in order to proceed with Discovery into the correct period.

Child Reconciliation Inheritance of Group Reconciliation Attributes & State

At first glance, this enhancement to Account Reconciliations may not seem very exciting. However, it deserves a call out as it will alleviate one of the most frequent causes of support requests and user frustration: problems with group reconciliation maintenance. The incongruity between child reconciliation and group reconciliation states can prevent Administrators from completing account maintenance during critical reconciliation cycles. Administrators may notice that when attempting to remove a child reconciliation from a group reconciliation, the reconciliation balances do not change, even after running Process several times. With this new enhancement, changes to group reconciliation assignments occur as expected.

Suppose you are a OneStream client running an older version of Account Reconciliations, and you encounter a problem when attempting to remove a child reconciliation from a group reconciliation. In that case, the following procedures should resolve your issue:

  • Remove all Auto Reconciliation rules from the child reconciliations.
  • Run Process twice, “As Admin.”
  • Prepare and approve the group reconciliation all the way through to the final state of approval, then unapprove and recall it.

A New Reconciliation Inventory Edit Dialog

Account Reconciliation Administrators will be very excited about the new Reconciliation Inventory Edit Dialog, which replaces the mass update functionality in prior versions. It provides a much more intuitive and easier-to-use format for making changes to reconciliation attributes, either for a single reconciliation or for a selected set of reconciliations.

The addition of an Edit Dialog has a related benefit: the Inventory list is now able to use a Grid View component rather than a Table Editor component, which provides more flexibility around how information can be displayed and filtered. Overall, a significant improvement in usability!

Simplified User Maintenance

Primary preparer and approver assignments have been moved from Access Groups to the Inventory list, and Access Groups have been enhanced to support security groups in addition to named users. For companies who need only primary users (not backups) and follow a named user assignment structure, Access Groups are no longer needed. Access Groups are required if backup users are needed or if preparer or approver assignments use security groups rather than named users.

There’s a Lot More to See in OFCpv660sv100

The OFCpv660sv100 release of Account Reconciliations is a feature-packed release. There are many other enhancements beyond those few called out in this article. If you’re considering an upgrade to your Account Reconciliation software, reach out. Our “Account Reconciliation Health Check” program is designed to ensure you are maximizing your investment in reconciliation technology and earning your greatest possible ROI.