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Infor Lawson Close and Reconciliation ManagementRikara Turner, Product Manager, Infor
Close & Reconciliation Management • New Applications
• Infor Lawson Close Management supports the management of period end close activities across the extended financial close cycle
• Reconciliation Management is an automated reconciliation process that helps provide reasonable assurance of the accuracy of an organization’s financial data
• System requirements:• Lawson System Foundation 9.0.1.10 or higher• Lawson Applications 9.0.1.8 or higher• Landmark Technology 10.1.1.1 or higher
• GA date: May 30, 2014
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Infor Lawson Close Management
Continuous Process Improvement for your financial close cycle!
Close Management
• Organizes and supports the management of financial close activities
• Measure the performance of the financial close
• Time to close
• Identifies bottlenecks
• Provides real-time visibility to close process activities
Key Features for Close Management• Easy to use task scheduling to define and manage a single close process
across your entire organization• Centralized work for a resource (to-do list, team to-do, overdue, approvals,
etc)• Dashboards with views by period, process, sub-process, task owner, and
team• Ability to add a One-time task• Store supporting and required documentation, including task standard
procedures and supporting subsystem reports• Built-in process flow for approvals
• Single close process• Made up of any number of other sub-
processes• Made up of any number of tasks• Task is work!
• Select Team or Individual to assign• Define timing
• Monthly, Quarterly, Annually
• Start and Due Date
• Estimate Level of Effort• Define prerequisite(s)• Define approval(s) • Relate to calendar• Enter instructions , attach or link to procedural
documents
Your Close ProcessEnterprise
Close
Close US
US Close AP
Run Apxxx(step 1)
Step 1 done?
Run Apxxx(step 2)
Approved?
Step 2 Approved
?
Run Apxxx(step 3)
US Close PR
US Close GL
Close UK Consolidate
Components of a close process
Any number of tasks
Task assignment:
select team or individual
Task timing: monthly, quarterly, annually
Task timing: start and due
dateEstimate level
of effortDefine
prerequisitesDefine
approvals Relate to calendar
Add instructions
and attach or link to
procedural documents
Any number of sub-processes
A single close process
The close process
Start Create process
Schedule process
Open period for work
Task status = scheduled
Resource starts work
Task status = in progress
Resource completes task
Approval required?
Task status = pending approval
Task approved?
Task status = closed
End
No
Yes
Yes
No
Close Management Roles Description
Close Administrator Responsible for all general setup, Close process setup, and Close teams/resources set up. This role can schedule processes, open processes for work, delete processes, and add and reassign tasks, and add one-time tasks.
Close Manager Ability to view status of current and past closes, send messages, reassign tasks, add one-time tasks, send reminders, and manage process. Cannot add new processes, delete processes, or schedule processes.
Close Resource Able to perform tasks associated with him/her. (Starting/Completing tasks, Updating estimates, send work requests/add one-time tasks).
Close Viewer Provided a manager view of the close process, but is not allowed to update or take action on any data.
Close Approver Ability to approve/reject close tasks.
Set up Processes:1) Manually2) Infor Spreadsheet Designer
Close Administrator view
Add Sub Process
Add Task
Add Task
Schedule the close process by selecting a valid period
Schedule Work
When you fine-tune your close process, just reschedule your close and you are ready to close FASTER!
Schedule Work
Close Resource viewActions• Start Work• Take Task• Reassign back to
Team • Add work
requests/one-time tasks
• Update Estimate• Attachment• Close
• Your Preferences:• Notifications• Emails
Your work. Your way. Our help.
Approving a task
• Infor Lawson Integration• Company and Employee• Direct link to Lawson forms
“Click and Go”
Click and go to AP175
Views for a specific:• Period• Process/Sub-
process• Tasks Ability to:• View status • Send Messages• Reassign tasks• Add work
requests/one-time tasks
• Void tasks
Close Manager view
Reassign a Task
Send Message
View Past Closes
Benefits of Close Management• Increased visibility into the status and performance of the financial close cycle
• Improves timeliness and quality of financial reports
• Improved control system = fewer errors, more controls, less audit finding
• Promotes teamwork and collaboration among dispersed finance operations
• Can be used to support any repetitive process within your organization
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Infor Lawson Reconciliation Management
Provides reasonable assurance for an organization’s financial data!
Reconciliation Management
• Automates• Bank Statement reconciliation
• Account reconciliation
• Subsystem reconciliation
• Central repository for supporting documentation
• Contains audit trails, alerting and process flow for approvals
• Interfaced journal control/entry to Infor Lawson GL
Reconciliation Management Roles
Description
Reconciliation Administrator Responsible for all general setup, reconciliation setup, cash account setup, and teams/resources set up. This role can also view and import bank statements.
Reconciliation Manager Ability to view status and manage the reconciliations process.
Reconciler Able to perform reconciliation actions/tasks.
Reconciliation Viewer Provided a manager view of the reconciliation process, but is not allowed to update or take action on any data.
Reconciliation Approver Ability to approve/reject reconciliations.
• Define accounts requiring reconciliation• Person or team responsible• Assign Close Task
(if you have Close)• Schedule Period-End
reconciliations• Reconcile your accounts
• Capture details• Record reconciling items• Attach supporting documentation
• Example: AP136 Report
• Ability to route for Approval
Reconciliation ManagementDefine
Reconciliation Account
(GL Account)
Schedule Period Reconciliation
Perform Reconciliation
Functions
Common types of Reconciliations• Phase 1
• Cash Account • Basic Reconciliation• Accounts Payable• Assets• Clearing Account (Prepaids)
• Phase 2• Accounts Receivable• Invoice Not Received• Received Not Invoiced• Inventory
Define It
Define It• Define Type, Reconcile Frequency, Assign: Task, Team, and Resource
• Type drives views for scheduled period reconciliations• Define Accounting Units if reconciling lower than the company level.
Types• Basic Reconciliation• Clearing Account• Accounts Payable• Accounts Receivable• Assets• Cash Account• Invoice Not Received• Received Not Invoiced• Inventory• Detail to General Ledger
Schedule itList of reconciliations by Period
Bank Account
Bank Statement
Reconcile to Cash Ledger
Reconcile General Ledger
• Bank Statement Reconciliation• Scheduled polling of bank
statements from bank• Auto reconciliation based on user
defined mapped fields• Reconcile to Cash Ledger or directly
to General Ledger
Cash Account Reconciliation
• Reconciliation Template• Select what field value to be used for
reconciliation• Transaction Number• Transaction Date• User Fields• Etc.
• Templates defined for each transaction code
Cash Account Reconciliation
Bank statement reconciliation status
Cash Account Reconciliation
Statement Reconciliation
Manual Reconciliations Manual reconciliation for exceptions
Basic Reconciliation
Accounts Payable Reconciliation
Asset Reconciliation
Asset Account Group
Prepaid Account Reconciliation • Prepaid Amortizations can be managed in the Reconciliation module.
• No need to track in spreadsheets• Period amortization postings posted directly from module• Amortization details listed on each Period End Reconciliation for
reconciling to GL.
• Create amortization schedules directly in Reconciliation module.
• Tie schedule to invoice in Accounts Payable
• Related amortization details viewed in Period End Reconciliations.
Prepaid Account Reconciliation
• Period End Reconciliation lists related amortizations.
• Ledger Amount displayed from General Ledger.
• Detail Amount from period amortizations.
• Journal postings created from amortizations.
Prepaid Account Reconciliation
Track Reconciliation Status
• Manager view into Period Reconciliations
Manager view into Period Reconciliations
Track Reconciliation StatusManager view into Bank Statement Reconciliations
Benefits of Reconciliation Management• Automates and streamlines reconciliations (pre-paids, accruals, bank, assets,
sub-ledger, etc.) with ability to manage exceptions manually• Eliminates use of manual Spreadsheets• Reconciliation templates for standardization• Central Repository for supporting documentation with ability to access from
within the system• Supports multi-level approvals using Infor Process Automation • Real-time Reporting – status updates• Integration with Infor Lawson Financials• Reduce audit time and costs - Auditors will have online access to information
More information needed?
Twitter@InforfromSource
Infor Lawson Technology Bloghttp://blogs.infor.com/S3Tech
Infor Xtreme Supporthttp://inforxtreme.com
Infor Lawson Applications Blog(From the Source)http://blogs.infor.com/financialapplications/
Infor Communities http://inforcommunities.com
Business Challenge• Redundant and Manual processes• Separate AP departments• Lack of transparency across regions
Anticipated Results• Streamlined workflow and increased visibility• Automated account reconciliations• Centralized financial close process • More efficient reporting across all regions
Targeted Go-live DateSpring 2015
Bon Secours Profile• 18 Acute Care Hospitals• 1 Psychiatric Hospital• 5 Nursing Care Facilities• 4 Assisted Living Facilities• 7 Retirement Communities/Senior Housing• 15 Home Care/Hospice Providers• Located in 7 states, including Maryland and
Virginia
Solution• Infor Lawson Close Management• Infor Lawson Reconciliation Management
