Exciting new functionality is now available in the latest version of the Jedox Financial Consolidation Model. Find out how you can find and rectify inaccurate data faster, further streamline the consolidation process with comprehensive workflows and how Jedox has simplified the Posting Journal user experience in Financial Consolidation V2.2. This is the third post in our Jedox 2020.3 blog series.

Automated Data Validation

Find and eliminate inaccurate data faster

The latest version of the Jedox Model Financial Consolidation has advanced data validation features built into each step of the consolidation process. The model includes around 30 distinct data validation checks for the configuration, data collection, separate financial statements and combined financial statements.

Prebuilt data validations are easily configurable. You can adapt them to your individual requirements by setting threshold values or adjusting warnings and errors.

All results are shown in the Validation Summary reports, so you can quickly inspect the details of failed tests by clicking on warnings and error messages.

Validate Data And Correct Errors

Validate data and correct errors.

Standard Workflow Controls

Streamline consolidation process management

The model now features additional workflow controls based on the standard Jedox building block. The workflows are tightly integrated in the processes of consolidating each scope as well as collecting separate financial statements for each legal entity including data collection and intercompany matching.

The new workflow controls execute prebuilt and configured data validations automatically. If a data validation check fails, a revise action is triggered.

In reports that are connected to a workflow, user rights for read/write actions are managed automatically according to the workflow settings. For example, for users who are not allowed to modify the report input fields are locked, and action buttons are greyed out.

Comprehensive Workflow Built Into Each Step

Comprehensive workflow built into each step.

Permanent Journal Entries and Ease-of-Use

Reduce clicks and simplify

The Jedox Financial Consolidation Model includes an auditable posting journal that transparently tracks automated entries and manual adjustments. With the latest version, the posting journal user experience has been further improved by enabling “turn off paging” and “select all” entries that match a specific query to perform bulk actions. Additionally, permanent journal entries are now available, so you can initialize the same entry for a new reporting period with ease.

Initialize A Permanent Journal Entry

Initialize a Permanent Journal Entry.

Find the latest version of the Jedox Financial Consolidation Model on Jedox Marketplace now. Check it out by clicking on “Launch Testdrive”. To test all features for free for 14 days, continue afterwards by selecting “Start Jedox Free Trial.”