Every accountant knows the pains of manually creating, reviewing, and approving all the journal entries that accumulate during the month-end close. What if you could easily simplify—or even eliminate—the repetitiveness of managing journals?
BlackLine Journal Entry streamlines your workflow, enhancing controls and automation for journal approval processes.
Here are five tips and tricks to simplify your journal entry process and save hours during the month-end close.
Don’t Just Post-Validate—Pre-Validate
A supplier of software and services began tracking its journal entries and found that 10% of their entries were posted in error. Anything from an incorrect account number to a typo that puts the entry out of balance can result in a post error.
With pre-validation tools, Journal Entry knows which entries are okay to post and which aren’t. Pre-posting validation catches entry and logic errors before the ledger can reject them.
Speed Up Your Workflow & Improve Controls
Paper trails and back-and-forth emails cause inefficiencies and unnecessary delays. With Journal Entry, users can create predetermined thresholds to automatically route entries to the right individual for preparation, approvals, and/or review.
Instead of setting calendar reminders, manually keying emails, attaching supporting information, let Journal Entry automatically email the next person in your workflow.
Use Cloning to Reduce Next Month’s Workload
Some journal entries are the same month in and month out, or at least most of the details are. Cloning these repeating journal entries can save hours during your close.
At the end of next period, just clone the previous period’s entry and the details will automatically populate. This saves you the time it takes to manual enter the same data every month.
Never Miss a Posting
In addition to cloning journal entries, the Journal Masters feature automates repeating entries that must be recorded every month, yet may vary slightly by amount or account.
Journal Masters acts like your eleventh hour wake-up call—if a journal entry has been forgotten, Journal Masters will automatically place the entry into the appropriate preparer’s queue.
Additionally, true recurring entries—entries that are the same every month—can be auto-certified within the BlackLine system.
Create Confidence With Increased Visibility
With old-fashioned, manual journal entries, assignments and completions are tracked in spreadsheets. With Journal Entry, all your assignments are in one place, so you can instantly see what still needs to be done.
Better still, you can rest-assured that your assignments are tracked and updated automatically throughout the close.
Watch this on-demand webinar to learn how SiriusXM streamlined and automated their journal entry process with BlackLine.