PwC175a

General Ledger - Best Practice Features

Establish and

maintain standing

data

Establish and apply

accounting controls

Apply and

allocation rules

Produce periodic

financial reporting

and information

Produce statutory

accounts

Process Features



Common chart of
accounts



Minimal number
of accounts to
meet information
needs



Regulated control
of new account
creation



Periodic check of
inactive accounts



All users of
financial systems
fully trained in
standards and
controls



Clearly defined
procedures cover
reconciliation of
control accounts



Standard journal
and authorised
input forms are
used



Clear month end
cut off process



Electronic
approval of
journals



Clear authority
levels



Management
accounting
information is
sourced from GL
(no reconciliation
to financial
accounts
required)



Level of detail is
driven by
business
requirements



Allocation rules
are based on
agreed rates or
service level
agreements



Consistent use of
account codes
across business
allowing
comparison of
costs



Rigorous period end
and year end
routines to ensure
accuracy of data



Detailed procedures
applied to
reconciliations,
accruals and
prepayments



Period and financial
reports produced
within 5 working
days of period end



Flash results within 1
day



Cyclical
reconciliation of
balance sheet
accounts



Balance sheet
accounts allocated to
GL staff



Soft close for non
quarter months



Regular liaison with
auditors to
minimise ad hoc
trail and reporting
requirements for
statutory reports



Corporation
disallowable and
allowable tax data
controlled through
use of chart of
accounts



Period end
timetable
communicated to
all relevant staff