Month-End Reconciliation Package
I identified a fundamental lack of integrity in the month-end reconciliation process. The procedure incorrectly compared NetSuite reports to other internal NetSuite data, failing to validate balances against independent subledgers, which is essential for a reliable financial close.
Role
Month-End Reconciliation Lead
Industry
Finance & Accounting (NetSuite ERP, Excel, Google Sheets, Subledger Systems)
Scope
Standardized Reconciliation System for 25+ Balance Sheet Accounts
Data Aggregation (Supporting Sheets):
For each reconciliation, I export the necessary data from our ERP system, NetSuite, and the relevant subledger systems. This raw data is placed into dedicated Supporting Sheets within the workbook, with each tab clearly labeled for the account it represents.
Reconciliation and Analysis:
Within each supporting sheet, I perform the reconciliation. This involves comparing the general ledger balance against the subledger detail to identify and quantify any discrepancies. The fundamental formula for each rec is:
General Ledger Balance−Subledger Balance=Variance
Any variance is thoroughly investigated to identify the root cause, such as timing differences, coding errors, or unrecorded transactions.
Dynamic Linking and Documentation:
The final, calculated figures from each supporting sheet (GL balance, subledger balance, variance, etc.) are dynamically linked back to the main page. This ensures that the summary is always accurate and reflective of the detailed work. Explanations for all reconciling items are clearly documented, providing a complete narrative for anyone reviewing the work.
Key Outcomes & Achievements
Enhanced Efficiency
The standardized template significantly reduces the time required for both preparation and review, allowing for a faster month-end close.
Improved Transparency
The dynamic linking creates a seamless audit trail. Approvers can click on a summary figure and be instantly taken to the supporting data, eliminating the need to manually search through multiple tabs.
Increased Accuracy
The structured process minimizes the risk of manual error and ensures all reconciliations are performed consistently every month.
Clarity for Management
The summary dashboard provides leadership with a quick but comprehensive view of the health of key balance sheet accounts.
Tools Used
NetSuite ERP
Microsoft Excel / Google Sheets (Advanced Formulas, Cell Linking)
Various Subledger Systems
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Month-End Reconciliation Package
I identified a fundamental lack of integrity in the month-end reconciliation process. The procedure incorrectly compared NetSuite reports to other internal NetSuite data, failing to validate balances against independent subledgers, which is essential for a reliable financial close.