Bank Reconciliation Workflow

What happens if a variance can't be explained during investigation?

The workflow routes unexplained variances to a senior reviewer through the 'Assign Senior Reviewer to Investigate Variance' step, and the record moves to 'Under Investigation' status. Findings are persisted in the workflow so the officer and reviewer both have visibility into what's been checked and what's still open. If the variance remains unresolved, the reviewer can keep the item open rather than force a premature sign-off.

Can this handle outstanding items that carry forward across multiple periods?

Yes, the 'Record Outstanding Item for Carry-Forward' and 'Document Outstanding Item Detail' steps are built for this. Details persist in the platform so the same outstanding item can be tracked and referenced in the next reconciliation cycle instead of being re-entered manually.

What if the reviewer rejects the sign-off?

The 'Route on Sign-Off Outcome' step checks the reviewer's decision, and a rejection triggers the 'Set Status: Returned for Correction' and 'Notify Officer: Returned for Correction' steps. The officer then reworks the reconciliation through the 'Loop Back for Rework' step, which sends it back into the matching and classification stages rather than starting a new record.

How long does it take to get this workflow up and running?

The template is ready to use, so a finance lead can review the steps, adjust roles or approval logic, and publish it in minutes. Once published, the finance officer can start the first reconciliation immediately — there's no separate implementation project or software installation required.

Who needs access to this workflow?

At minimum, the finance officer running the reconciliation and the senior reviewer handling sign-off and variance investigation need access. Additional stakeholders, such as a controller who wants visibility into outstanding items, can be added as viewers or approvers depending on how the roles are configured in assess.one.

Can we customise how differences are classified?

Yes, the 'Route on Difference Classification' step and its downstream branches can be edited directly in assess.one to match your chart of accounts or internal categorisation rules. You can add, remove, or relabel classification paths without needing developer support.

What if fee adjustments need a journal entry before sign-off?

The 'Prepare Journal Entry for Fee/Adjustment' step captures the entry, and the record moves to 'Pending Journal Entry' status until it's persisted. Only after the journal details are recorded does the workflow proceed toward the reviewer sign-off request, so adjustments aren't skipped.

Does this workflow support compliance or audit requirements?

The workflow maintains status history, documented outstanding items, journal entry details, and investigation findings at each step, which supports a traceable audit record. Reviewer sign-off is a required decision point before period close, helping enforce segregation of duties between the preparer and reviewer.

Can notifications be routed to a team instead of one officer?

Notification steps like 'Notify Officer: Returned for Correction' can be configured inside assess.one to route to a specific person, a team channel, or an email distribution list. This is set up directly in the platform's notification settings without needing external integration work.

What if we need to reconcile multiple bank accounts in parallel?

Each reconciliation runs as its own record starting from 'Create Reconciliation Record,' so multiple accounts can be reconciled at the same time without interfering with each other. Officers and reviewers can track each record's status independently through the same workflow template.