How it works
JETS is an acronym for Journal Entry Testing System. JETS Creates a risk-weighted report on multiple journal tests and ranks high-risk transactions in a single procedure.
To use it, simply follow these steps:
Step 1
In the Analysing section, click on J.E.T.S.
A new pop-up window will appear.
Step 2
Step 3
Step 4
JETS will keep your input settings from the previous run on the same document and sheet for use again if required.
If you want to reset all these settings before starting fresh, simply click on ‘Reset/Clear’.
Step 5
JETS allows you to enter a default score for all tests at once.
To apply this, simply tick the ‘Default Scoring’ tickbox. A drop-down list will appear. Select the risk score to be applied to all tests here.
Step 6
The ‘Generate Charts’ tickbox will add to the output of JETS two sheets namely, JETS Summary and JETS Parameters. These include details of the test.
Proceed to Steps 27 and 28 to view an example of these sheets, otherwise simple click on the ‘Amount Related’ tab to move to the next step.
Step 7
This is the first step to perform within each of the tabs is to confirm that JETS has identified the respective Headings correctly. If not simply click on the drop-down and select the correct heading.
Step 9
Once the Heading is selected, we can select the tests to be performed in this tab:
- Statistical Outliers: This will identify outliers in the values. No input is required as JETS will calculate this internally.
- Material Items: This will identify all items that are above the materiality value, on an absolute basis. Input the materiality to be used here.
- Rounded Amount: This will identify items that can be perfectly divided by the rounding level selected. From the drop-down select the applicable rounding level.
For a deeper description of each test, refer to the JETS Parameters sheet from step 28
Please note that it is not required that you select all the tests, only those applicable to the scenario.
Once Completed move to the next step.
Step 8
Next to each test selected, please use the ‘Score’ drop-down to select a risk level to be applied to the test.
Please note that the risk-level is scored from 1 to 5, with 5 being the highest.
Once completed, proceed to the next tab.
Step 10
This is the first step to perform within each of the tabs is to confirm that JETS has identified the respective Headings correctly. If not simply click on the drop-down and select the correct heading.
Each of the headings are required for certain tests:
- Time is required for Working Hours
- Posting Date is required for all tests other than Working Hours
- Transaction Date is required for Back Dated and Forward Posted
The Posting Date is the date that transactions were posted to the financials on. The Transaction Date is the date that the supporting documents state that the transaction has taken effect.
Step 11
Once the Heading is selected, we can select the tests to be performed in this tab.
The first test in this tab is Non-Working Days. This will identify any transactions posted on non-working days as determined by the user.
Upon selection of the test, you will be prompted to select the non-working days to be used. Once selected click ‘Continue’ on the pop-up and continue to the next step.
Step 12
The remaining tests to select from are as follows:
- Public Holidays: This will identify transactions processed on public holidays of the user select country. Please select the applicable country from the drop-down next to the test.
- Working Hours: This will identify all transactions processed outside of the user determined working hours. Input the start and end working hours to be used here.
- Closing Entry: This will identify items that have been processed in the last days of the last month of the data. The number of days is user determined. From the drop-down select the applicable number of days to be applied.
- Back Dated: This will identify transactions where the transaction date is later than the posting date. No input required.
- Forward Posted: This will identify transactions where the transaction date is earlier than the posting date. No input required.
For a deeper description of each test, refer to the JETS Parameters sheet from step 28
Please note that it is not required that you select all the tests, only those applicable to the scenario.
Once Completed move to the next step.
Step 13
Next to each test selected, please use the ‘Score’ drop-down to select a risk level to be applied to the test.
Please note that the risk-level is scored from 1 to 5, with 5 being the highest.
Once completed, proceed to the next tab.
Step 14
This is the first step to perform within each of the tabs is to confirm that JETS has identified the respective Headings correctly. If not simply click on the drop-down and select the correct heading.
Step 15
Once the Heading is selected, we can select the tests to be performed in this tab:
- Blank Descriptions: This will identify transactions processed without a description. No input required.
- Keywords: This will identify all transactions that contain any of the user determined keywords in the description. Input each of the keywords to be identified in the space provided, with a comma between them.
For a deeper description of each test, refer to the JETS Parameters sheet from step 28
Please note that it is not required that you select all the tests, only those applicable to the scenario.
Once Completed move to the next step.
Step 16
Next to each test selected, please use the ‘Score’ drop-down to select a risk level to be applied to the test.
Please note that the risk-level is scored from 1 to 5, with 5 being the highest.
Once completed, proceed to the next tab.
Step 17
This is the first step to perform within each of the tabs is to confirm that JETS has identified the respective Headings correctly. If not simply click on the drop-down and select the correct heading.
Step 18
Once the Heading is selected, we can select the tests to be performed in this tab:
- Zero Balance Accounts: This will identify all transactions of accounts with zero net balances. Keep in mind the source of your data as this will determine how this test will work. No input required.
- Seldom Used Accounts: This will identify all transactions of accounts that are not frequently used throughout the year. No input required.
For a deeper description of each test, refer to the JETS Parameters sheet from step 28
Please note that it is not required that you select all the tests, only those applicable to the scenario.
Once Completed move to the next step.
Step 19
Next to each test selected, please use the ‘Score’ drop-down to select a risk level to be applied to the test.
Please note that the risk-level is scored from 1 to 5, with 5 being the highest.
Once completed, proceed to the next tab.
Step 20
The User Heading is the only heading that will need to be selected by the user. The tests will be disabled until the heading is selected.
Simply click on the drop-down and select the appropriate heading name. Once this is done then the test will be enabled for selection.
Step 21
Once the Heading is selected, we can select the tests to be performed in this tab:
- Irregular Users: This will identify all transactions posted by any users who have very few postings in the data. No input required.
- High Risk Users: This will identify all transactions posted by the users selected as High risk users. Upon selection, a new pop-up will appear. Proceed to step 22 for steps on selecting High Risk Users.
For a deeper description of each test, refer to the JETS Parameters sheet from step 28
Please note that it is not required that you select all the tests, only those applicable to the scenario.
Once Completed move to the next step.
Step 22
Upon selection of the test, you will be prompted to select the High Risk Users. Once selected click ‘Continue’ on the pop-up and continue to the next step.
Step 23
Next to each test selected, please use the ‘Score’ drop-down to select a risk level to be applied to the test.
Please note that the risk-level is scored from 1 to 5, with 5 being the highest.
Once completed, proceed to the next tab.
Step 24
This Tab is the Summary Tab, where all the selected test and their scores can be reviewed. The items on this tab are not editable, to edit them simply return to the appropriate tab.
Step 25
Once satisfied with all the tests to be performed and the scores selected, click on ‘Continue’.
The JETS function will now run showing a process bar. Once completed, the following sheets, as described in the next steps, will be populated into the document.
Step 26
The JETS Analytics sheet is the main output of the JETS function.
It shows the tests and risks allocated to each transaction from the tests, ultimately leading to the Total Risk. The Total Risk is sorted from Highest to lowest.
Step 27
The JETS Summary Sheet is meant to provide a short summary of the JETS Analytics sheet.
It contains two graphs showing the number of transactions for each total risk and the number of transactions that were identified in each test.
Step 28
The JETS Parameters sheet, is the sheet where all the details of the tests, calculations, inputs and methodology used is documented.
The details column describes any inputs or calculations performed by.
The Methodology column describes the exact details of each test and how items are identified.
The Headings and Risk Score columns show what inputs the user made for each applicable test.