What you know
- Certifying balances is a part of SOX compliance and ensures an organization's balance sheet is accurate.
- Balance Imports are fully automated, with only certain accounts requiring you key in the balance
- Balance Updates are automatic, happen when a change/adjustment occurs to your account balance or if a new child account is added to a group reconciliation.
- If an account is already certified, it will be decertified and you'll be notified.
What else is there?
We really didn't get into multi-currency in this course, but it's when an account balance is reported in two or three ways (for instance, Globally, Locally, or at the Transactional level). Multi-currency and Foreign Exchange (FX) will be covered elsewhere. One other note about decerts, you'll be notified every 6 hours to get in there and recertify -- just a warning!
Distinctions and final notes
Only accounts authorized by administration can have their balances keyed in manually or edited. By default, this is not enabled.