Track Changes In Word
Track Changes in Word is a widely used feature, but how does it compare when managing data for month-end closing? Once enabled, Word marks edits and comments, capturing details like who made the changes, when they occurred, and the type of changes (edit, delete, or add). For processes like month-end closing, this level of detail can be crucial for tracking and reconciling changes effectively.
Track Changes Vs Version Control
Another form of tracking changes is version control, commonly used in software programming. In this process, code is written in a text file and uploaded to a central repository. If someone else needs to modify the code, they check out the file, make changes, and upload it back. The repository maintains a backup of the previous version, allowing users to view color-coded differences between versions when needed.
Versioning in Accounting for Month-End Closing
Now, what about data, are there uses for Track Changes or version control in data as well? There are many uses for version control is data as well. One common one is during the month end close for accounting.
Monthly close is the process of creating statement reports from transactional data. For some companies, it is a complex process with many stages. As it goes through each stage, the data that goes into statement accounts keeps changing. If there is any discrepancy, it is good to see the previous versions to reconcile the issue.
PivotXL Features
PivotXL offers a built-in Track Changes feature for data versioning. When users submit data, the platform creates a backup of any changes. With a simple click, users can access previous versions, including details such as:
- When the changes were made
- Who made the changes
- The template used for submission
This functionality makes it easier to track and manage data changes during processes like month-end closing.
Read Budget Planning Page to know more about how PivotXL help in you in monthly close.
