Record to Report is nothing but the process centric name for the end to end financial process cycle.

It
refers to the recording of a financial tarnsaction in the book of accounts and carrying it to its logical end
by reporting to the appropriate authorities(external).

Rightly said by Umesh, in SAP terms you can take this as General Ledger module which is the application
area covering the end to end financial processes.

The processes involved in this are.

General Accounting 

Manual Journal Entries

Automated Journal Entries

Accruals/Reversals

Bank Statement Processing

Bank Account Reconciliations

Payroll Posting & Reconciliation

Inter-company Postings

Asset Accounting

Accounts for Loans/ Investments

Capital Project Setup

Invoice Recording

Expense Adjustments

Capitalization

Fixed Assets Retirals /Disposals

Depreciation

Cost Accounting

Financial Planning & Analysis

 

ABC Implementation

ABC Model Validation

ABC Model Population & Maintenance

PCA Reporting

PCA Reconciliation

Management Reporting

Budgeting & Forecasting

Taxation

Internal Audit

Treasury

Business Unit Support

Decision Support & Analysis

Closing

  

Daily Interface Monitoring & Recon

Month-end Sub Ledger Close

Month-end Foreign Exchange Revaluation

Month-end General Ledger Close

Balance Sheet Accounts Reconciliation

Inter-company Reconciliations

Allocations

Consolidation

Population of Reporting Database

Audit Support
Record to report or R2R is the management process for providing strategic, financial and operational
feedback to understand how a business is performing. [1] 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:[2]

data extraction(test)

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 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 <Mohammed
Shiraz>
The other divisions of accounting in this structure are:[3]

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