# Close and accounting

> Close and accounting: Sumarity workflows across industries. The judgement inside the close: what explains a balance, whether an entry is supported, how a contract is recognised.

Source: https://www.sumarity.ai/processes/close-reporting/

Process 

# Close and accounting

The judgement inside the close: what explains a balance, whether an entry is supported, how a contract is recognised. Code ties the figures; the engine explains them; people sign.

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Workflows

## 11 workflows, 4 industries.

Proven by code: 5 · Cross-checked: 3 · Vetoed by code: 2 · Checked by the outcome: 1

### Finance and accounting

### Balance sheet account reconciliation and certification

What explains each balance; whether support is enough

Proven by code

### Manual journal entry review

Whether an entry is supported, authorised, unusual

Cross-checked

### Accruals review

Whether an accrual is needed and its size is supported

Checked by the outcome

### Prepayments and amortisation

Which invoices are prepaid; the period they cover

Proven by code

### Fixed asset additions review

Capital or expense; asset class and life

Cross-checked

### Variance (flux) analysis

Which movements need explaining; what explains each

Proven by code

### Revenue contract review (IFRS 15 / ASC 606)

Performance obligations, variable consideration

Cross-checked

### Accounting, tax and Treuhand firms

### Bookkeeping review: categorising bank transactions

Account and tax code for each line

Vetoed by code

### Year-end accounts tie-out

Whether trial balance, schedules and statements agree

Proven by code

### Wealth, asset management and fund administration

### NAV review and price exceptions

Whether a price move or stale price is explained

Vetoed by code

### Retail, hospitality and consumer

### Gift card and voucher liability

Which balances are live, expired, redeemed

Proven by code  

## Your version of it. On your data.

Start from the closest workflow and describe your differences.

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