3
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