Oracle EPM ARCS Account Reconciliation and Bank Statement Verification updates

Oracle Account Reconciliation update for New Bank Statement Verification option

NEW BANK STATEMENT VERIFICATION OPTION FOR ACCOUNT RECONCILIATION BAI STATEMENT BALANCES

- Account Reconciliation customers can now verify that the correct bank statement is being loaded using the Bank Statement Verification feature in Data integration. 

- When enabled, the system compares the current period expected ending balance to the ending balance provided in the BAI file being loaded.

- To calculate the current period expected ending balance, the system adds the net total of the current day transactions to the previous period ending balance for the Account ID.  

- If a difference is detected or any error is encountered, the transactions remain in the Workbench; however, they are not exported to transaction matching.

- Business Benefit: Bank Statement Verification enables you to identify duplicate transactions and duplicate data loads, missing balances or transactions, statements loaded in the incorrect order (that is, non-chronological order), and incorrect currency codes.