Account Reconciliations

Deliver a New Level of Risk Management

Conquer complexity and improve the integrity of financial results by aligning account reconciliations with financial reporting. Replace spreadsheets or standalone accounts reconciliation software solutions with a unified CPM software platform.

01
Reduce Risk
Deliver a complete statistical view of your financial statements including a risk adjusted balance sheet.
02
Improve Internal Controls
Create a complete audit trail of who and when reconciliations were completed and approved.
03
Accelerate the Financial Close
Users can begin account reconciliations as soon as trial balances are submitted; no more waiting for the corporate close to complete.

Key Features

Risk-Based Reporting

Deliver Risk Management Reporting on your balance sheet by presenting a complete statistical picture of the quality of your financial statements.

  • Immediately view the status of all high-risk reconciliations as they relate to your financial reports.
  • Understand the quality score of your financial reports.
  • Gain more confidence in your results and achieve true risk management.

Drill-to-Reconciliation

OneStream is the ONLY solution that can provide a link from reported balances to reconciled accounts. Drill-to-Reconciliation instantly from your financial reports in one unified system.

  • OneStream is the ONLY solution that can provide a link from reported balances to reconciled accounts. Drill-to-Reconciliation instantly from your financial reports in one unified system.
  • OneStream allows you to drill from your Balance Sheet directly to the Account Reconciliations.
  • Automated alerts to changes to reconciled account balances status ensure confidence that reports are always aligned with reconciliations.

Trial Balance Single-Sourcing

Account reconciliations live together with financial reporting so there is never a disconnect between your financial reports and your account reconciliation process.

  • Leverage the same data sources, data mappings, account hierarchies, workflows, and security as actuals.
  • Base financial information is collected and handled one time.
  • Immediate reconciliation status checks alert users if a previously reconciled balance has changed due to an updated trial balance import.

Customers We Work With


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MarketPlace

Delivering 100% Customer Success

In addition to consolidations, OneStream offers full budgeting and forecasting capabilities along with superior cash flow reporting and a solution for account reconciliations that replaced our previous account reconciliation solution. The Guided Workflows provide simple end user steps that allow us to focus on results instead of mechanics.
Pam Brady | Global Financial Business Analyst

Related Resources

English – Video | OneStream Customer Success: AFL & Account Reconciliation
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English – Account Reconciliations
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English – Interactive Solution Brief: Conquering Complexity in Transaction Matching
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FAQ

Account reconciliation is the process of ensuring financial statement account balances are correct at the end of an accounting period. It’s a process that uses two sets of records to ensure figures are correct and in agreement. And if they are not in agreement, making necessary adjustments or identifying and explaining differences.

Account reconciliations are typically performed after the close of a financial period. Accountants review each account in the financial statements and verify that the balance listed is accurate. This often involves comparing the financial statement balance to another source of information – for example comparing the balance for the Cash account to an external bank statement. Other examples of critical accounts that require reconciliation include:

  • Cash and investments – comparing to external bank and investment accounts
  • Accounts Receivable – comparing to the AR sub-ledger
  • Accounts Payable – comparing to the AP sub-ledger
  • Prepaid Expenses – listing the components of the account balance
  • Accrued Liabilities – listing the components of the account balance
  • Intercompany Payables and Receivables – ensuring they eliminate during consolidation
  • Fixed Assets – listing the components or tying out to a sub-ledger


The main reason for performing accounts reconciliation is to ensure consistency and accuracy in financial reporting. Account reconciliations are especially important and are a key internal control for publicly-held companies that need to report financial results to external stakeholders, with detailed audit trails available to back-up all account balances.

There are several types of tools accountants can use to perform account reconciliations. Prior to the availability of PCs and electronic spreadsheet software, account reconciliations were often performed manually – using pencil and paper. The availability of personal computers and spreadsheet software in the early 1980’s changed this, and spreadsheets became one of the most popular tools for performing account reconciliations.

Since the early 2000’s, purpose-built account reconciliations software applications have become available. These software applications provide the ability to load account balances and transactions from GL/ERP systems, automate manual matching and comparison tasks, and support electronic workflow and approvals.

Purpose-built account reconciliations software applications are available on a standalone basis, and also can be implemented as part of an integrated suite of CPM software applications. These applications typically include financial close and consolidation, planning, budgeting and forecasting, reporting analysis and other capabilities.

Get Started With a Personal Demo

Hundreds of organizations have made the leap from spreadsheets and legacy CPM applications to OneStream and never looked back. Join the revolution!