Intercompany is typically the final section within the close process and thus under the most pressure and scrutiny. Intercompany reconciliation often exposes the greatest concerns.
Virtual Trader creates liabilities and assets as matched pairs wherever possible and exports them in the correct format for direct upload by each financial application. Amendment or settlement is automatically applied to both sides, and accounting entries are created for the appropriate financial applications.
Functionality is provided to automate the reconciliation of liabilities and assets that cannot be created as matched pairs at the outset.
Reconciliation issues are identified and reported by the system during daily operation, not simply reported at period close. This allows timely investigation and correction rather than delaying period close.