Hubbell Policies
HYPERION FINANCIAL MANAGEMENT POLICY
English
Owner : Vice President, Controller
Last Review: 2014.08.10
FIN – 29
Department: Finance
POLICY
This policy requires that all trial balances of the subsidiaries of Hubbell are submitted on a monthly basis in accordance with the Hubbell closing calendar into Hyperion Financial Management ( “ HFM ” ) and are complete and accurate and user access to the HFM software is reviewed and monitored on a periodic basis as defined in the HFM User Access Procedure.
SCOPE
This policy applies to all Hubbell business units.
PURPOSE
The objective is to ensure the data submitted into HFM is complete and accurate and access to the system is limited to only a specific user group.
PROCEDURE
Monthly general ledger data submitted from the local ERP system into Hyperion Financial Management ( “ HFM ” ) must be loaded in the business unit’s functional currency and reconciled prior to sending the required monthly confirmation of financial statement submission to the Corporate Controller’s Group. The reconciliation must be performed at the following levels for Balance Sheet and Income Statement accounts. • Balance Sheet: Reconciled between the general ledger and HFM at the lowest HFM account (for example reconciling the accounts making up Accounts Receivable in the general ledger to HFM accounts 1310, 1350, 1360, etc., as opposed to reconciling the aggregate general ledger Accounts Receivable to aggregate Accounts Receivable in HFM).
• Income Statement: Reconciled at a level that is not higher than the financial statement line items reported on Hubbell’s income statement (per the most recently filed SEC Form 10 -K) as follows:
Net sales Cost of goods sold Gross profit Selling & administrative expenses Operating income Interest expense
Investment income Other expense, net
Total other expense Income before income taxes Provision for income taxes Net income Less: Net income attributable to noncontrolling interest Net income attributable to Hubbell
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