Infor Lawson Close and Reconciliation Managementwebinars1.infor.com/americas/20150219-FMS.pdfInfor Lawson Close and Reconciliation Management Rikara Turner, Product Manager, Infor.

1

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

3

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

26

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

49

[email protected]

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