Revelwood

Your SUPER-powered WP Engine Site

blackline reconciliation

Importing a Single Accrual Schedule into a Reconciliation With BlackLine

by

A preparer can easily import a single accrual schedule from an Excel file into BlackLine for an accrued bonus reconciliation. Watch this video to see Adam Riskin, our BlackLine Practice Leader demonstrate how to do this.

Step 1. Setting Up the Excel File for Import

  • The Excel file including columns for fiscal month, description, and the accrued amount.
  • The fields in the Excel file do not need to be in a specific order, but it is best practice to align them with the BlackLine field headers.
  • The Excel file should have fields that match the date, description, and transactional amount fields in the reconciliation system.
  • It is important to name the field headers consistently in the Excel file for accurate import.

Step 2. Starting the Import Process

  • Click the link to start the import process.
  • You’ll see the description field in the import form is filled out as “2024 bonus accrual” and click Browse and select the Excel file.
  • The import form allows users to see the records from the Excel file, including fiscal month, description, and dollar amount.
  • It is important to select the correct tab in the Excel file that contains the uploading data.

Step 3. Mapping Excel Fields to Reconciliation Fields

  • Mapping ensures that the Date field in the Excel file will populate the Date field in the BlackLine supporting item schedule.
  • BlackLine needs to know which Excel records to import.
  • The final step is to click the Import button to upload the schedule into the system.

Step 4. Viewing the Imported Schedule

  • The imported schedule is visible by clicking on the scheduled icon in the system.
  • This feature allows users to see the accrual schedule in detail, ensuring accuracy and transparency.
  • The process concludes with a successful import and detailed viewing of the accrual schedule.

BlackLine makes it easy for a preparer to import a single accrual schedule. This video is one in a series on different ways to import reconciliation supporting items with BlackLine.

Read more about Accounting & Accounts Receivable:

How a System Administrator can Import Multiple Amortization Schedules in BlackLine

Import Multiple Amortization Schedules into a Reconciliation with BlackLine

Importing a Single Amortization Schedule into a Reconciliation With BlackLine

Home » blackline reconciliation

Revenue Cycle Management

by

This is a guest post from our partner BlackLine, explaining how revenue cycle management helps businesses be more responsive to changing market conditions.

Today’s business environment is more dynamic than ever. Business leaders are focused on strategic initiatives to position their companies for long-term growth, to gain competitive advantage, and to drive shareholder value.

Top of mind for many business leaders are topics like recruiting and retaining top talent, remote work enablement, mergers and acquisitions (M&A), and digital transformation, to name a few.

As business leaders focus on making strategic decisions around these areas, accounting teams are being increasingly relied upon to provide data and insights and to serve as strategic advisors to the business.

This post is part of a series that discusses areas of focus that require active accounting input, why it matters to accounting leaders, and the risk of doing nothing.

Cash is King

The revenue cycle, or order to cash cycle, refers to the entirety of a company’s ordering system and can involve many departments — from sales and accounting to inventory and logistics. It starts the moment a customer places an order and continues through when an invoice is settled, and all activity in between is recorded and reconciled.

All eyes are on the revenue cycle. Not just because it’s an essential function in finance and usually carries the most risk, but because it is a critical part of how an organization functions. The efficiency and effectiveness of the revenue cycle has an impact beyond sales and finance, including customer experience and retention, investor decision-making, and future organizational strategy.

From an investor, net income, and EBITDA perspective, the most important part of the revenue cycle is not what is invoiced, shipped, or billed, but rather what is collected. According to a PwC report, improved working capital management could unlock $1.4 trillion globally, increasing the return on invested capital by 8.8%. Maximizing profit is the end goal, and therefore limiting write downs, closing the gap between gross and net revenue and limiting the reasons companies fail to collect are of paramount importance. Further, cash flow fuels critical business strategies from maintaining customer service to investing in new areas, and so as they say: cash is king.

The Bottom Line

There are several reasons why a company fails to collect on what they invoice, but manual processes are the biggest driver. Within the revenue cycle, Finance and Accounting is dealing with a tremendous volume of individual transactions. When there is not an automated process for handling that data at scale, the result is preventable, but unavoidable, write-offs.

MGI Research estimates that 42% of companies experience some form of revenue leakage and according to a study published by EY, on average companies can expect 1-5% of realized EBITA to leakage, causing a direct hit to the bottom line. As such, this is not just a reconciliation problem—or even just an accounting and finance problem—it’s a bottom-line issue that company leaders and investors will notice.

Given the attention on cash in the current market conditions, it is of utmost importance to take action over areas that we can control and, in doing so, position our organizations and our companies for success.

This blog post was originally published on the BlackLine blog.

Read more about Financial Close and Consolidation:

Financial Close & Consolidation: The Vital Need for Automating Accounting

Modern Accounting: Adjusting Journal Entries

Modern Accounting: Highlights from Beyond the Black 2022

Home » blackline reconciliation

BlackLine Demo: Loading Subledger Data into a Reconciliation

by

BlackLine’s modern accounting software makes doing reconciliations much easier than if they are using spreadsheets. In this video, Adam Riskin, financial close and consolidation practice leader at Revelwood, demonstrates how easy it is to load subledger data directly into a reconciliation using BlackLine.

There are several benefits to importing subledger details into reconciliations. These include automating the process, reducing the risks of errors, and the ability to take advantage of BlackLine’s auto certification rules.

Watch this video to learn how to import subledger data into a reconciliation.

Revelwood is a BlackLine Silver Solution Provider with a team of former accountants and financial systems professionals. We help companies streamline, automate and modernize time-consuming accounting tasks for transformative changes in accounting processes.

Watch more BlackLine demos and videos:

Month-End Close Checklist with BlackLine

Matching Records from Multiple Files with BlackLine

Activity Analysis with BlackLine

Home » blackline reconciliation