Record to report or R2R is the management process for providing

strategic, financial and operational feedback to understand how a

business is performing.
This process involves collecting, transforming and delivering relevant,
timely and accurate information to all stakeholders inside and outside
the organization, to provide insight into how their expectations have
been met.

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 comptroller. The detailed steps involved are:

 data extraction
 data collection
 data validation
 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 ERP systems , This is part 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 etc.
Following are broader division of activity involved in Record to Report
Cycle
Reconciliations

 Intercompany
 Multiple systems
 Bank
 Subsidiary to main set of books
 Customer
 Vendor

General Accounting

 Journal Entries
 Intercompany accounting
 Book closures
 Trial Balance preparation
 Accruals
 Consolidations
 Cost Accounting

Record to Report process might seem simple but it require

considerable efforts. It is the only process scrutinized by outside
auditors who draw conclusions about controls in place during financial
close and reporting cycle.