Property accounting can sometimes seem like an uphill battle with lots of opportunities for mistakes. Managing multiple accounts, performing bank reconciliations, and even performing journal entries can leave room for potential errors in your property accounting, which begs the question, “How can one mitigate risk in such a complex process?”
Closing your books with confidence is not an impossibility. While many of the challenges faced by your accountants aren’t completely avoidable, you can limit the areas in your process where things are most likely to become broken by taking better control of your general ledger.
We’ve collaborated with our clients and users to ensure that MRI General Ledger software helps you take control of your financials with several key features.
Soft Close gives users greater reviewability
Once all submodules have been closed, the GL Soft Close process can be kicked off and financials can be reviewed prior to formally closing that period. While the Soft Close is in process, users are prevented from making entries. If additional or correcting entries are required, senior accountants can adjust the books themselves or give others the proper permissions to do so. The GL Soft Close can be initiated and reversed as many times as needed. The goal of GL Soft Close is to give property accountants the full amount of reviewability and flexibility needed to make the proper adjustments without causing internal headaches.
Entity Filtering presents necessary data
The Entity Filtering functionality allows users to go beyond simply filtering through different accounts based on different keywords, search terms, locations, etc. This simplifies the accounting process by removing irrelevant options and can prevent manual manipulation of control accounts. MRI clients can use one chart of accounts for entities of different uses, and filter the accounts that are appropriate for certain entities. For example, if you receive an invoice for snow removal services, Account Filtering can exclude snow removal vendors from the chart of accounts for properties located in Florida, which is generally not a place in need of snow removal.
Account Filtering keeps team members on track
This feature is designed to improve user accessibility and reduce the number of areas where mistakes can be made. Account Filtering lets users only see account information that is relevant to them, to reduce certain variables in property accounting and limit the possibility of errors and ensuring that job duties are separated appropriately.
GL Segmentation increases visibility
The GL Segmentation feature allows you to create a hierarchy within your chart of accounts, which helps keep it organized and reduce the opportunity for missteps. You can establish “parent” accounts for a category of expenses, and then group all relevant accounts underneath it, making everything more accessible and understandable. GL Segmentation also gives you the ability to segment expenses underneath the proper account. Reporting detail is significantly enhanced without the proliferation of accounts within your chart of accounts.
Enhanced Variance Notes mark your progress
When tracking budgeting or expenses, this feature gives the accountant the ability to add notes within the MRI solution about why a variance exists. With an intuitive, spreadsheet-like user interface, Enhanced Variance Notes allows users to do much more than simply add comments in the margins, however. It is now much easier to compare a variety of metrics and include the notes in standard reporting formats. The accountant also has the ability to make the variance notes repeatable if they span across months or even years of data to avoid tedious re-entry.
MRI General Ledger is the comprehensive software solution that can put your organization on the right track when it comes to property accounting. Through features that give users increased visibility, you’ll be able to see all the relevant information you actually need, making the review process for your general ledger easier than ever.
Want to learn more about how MRI General Ledger can improve your property accounting? Watch the webinar to learn exactly how you can mitigate risk and cut down on user error by taking control of your GL.