Can any tell me about R2R FINANCIAL PROCESS?
Answers were Sorted based on User's Feedback
Answer / kj
Full form of R2R is Report to record. This is month end
process in which basically user will close all the periods
and import all the journals in GL from other modules
(Payable, Receivable, Fixed Assets etc.). Then run all the
month end GL reports like Trial Balance, Account Analysis
|Is This Answer Correct ?||111 Yes||24 No|
Answer / jayesh
Full form of R2R is Record TO REPORT .
This is month end process in which basically users will close all the periods and import all the journals in GL from other modules (Payable, Receivable, Fixed Assets etc.).
Then run all the month end GL reports like Trial Balance, Account Analysis
|Is This Answer Correct ?||57 Yes||4 No|
Answer / rajesha
R2r is management process for providing strategic, financial and operational feedback to understand how business is performing.
|Is This Answer Correct ?||40 Yes||7 No|
Answer / mahanthesh
Record to report or R2R is the management process for providing strategic, financial and operational feedback to understand how a business is performing.
It covers the steps involved in preparing and reporting the overall accounts which are typically stored in a general or nominal ledger and managed by a Controller. The detailed steps involved are:
data transformation (generation of voucher)
voucher posting (to general ledger)
storing vouchers in de-normalized and compressed format
generating analysis account trial balance or consolidated analysis account trial balance
generating user-defined financial and management reports
In general the Record to Report function is not engaged in processing transactions, but rather the aggregation of existing data in computer systems to enable meaningful performance reporting to be prepared for management. However, the R2R function may be a part of a broader accounting department.
In accounting terms an ideal IT platform (or ERM system) would be one which presents the data management need at the press of a button, however, various factors such as legacy systems, complexity, changing information needs and so on usually mean a team is needed on an ongoing basis to ensure the correct format reports are prepared.
What to expect in such a report:
- financial performance and position - key performance indicators/metrics - business commentary on the performance - reconciliation of actual results to budget, forecast and prior year results
The other divisions of accounting in this structure are:
invoice to payment (I2P), or P2P (Procure to Pay)
collect to cash (C2C), or O2C (Order to Cash)
manage fixed assets
manage internal financial controls
|Is This Answer Correct ?||30 Yes||1 No|
Answer / vijay
R2R is a periodical process it is a continuous process when we record our financial transactions the process will start recording then period is close those transactions will closed by the user then reporting will start
|Is This Answer Correct ?||13 Yes||2 No|
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