Use cases | Latch — ideas for what you could hand off

What could you hand off to Latch?

A few ideas to get you started, from the close checklist to the locked period. Yours will look different: Latch learns your process the way your team does it, in the tools you already use. If it's recurring, it's a candidate.

Statement collection and filing

Collects the month's statements, names each file the way you do, and saves it where it belongs, so the close starts with a complete set.

How it could run · 5 steps

  1. Download each account's statement
  2. Name each file by your convention
  3. Save it to the right folder
  4. Check every account is covered
  5. Flag anything missing

The result
A folder of organized statements, ready for review.

Close checklist roll-forward

Creates this month's close checklist from the approved template, carries forward owners and due dates, and asks owners for anything still missing before the close starts.

How it could run · 6 steps

  1. Copy the template for the period
  2. Read last month's owners and dates
  3. Align task keys, owners and dates
  4. Populate the checklist
  5. Ask owners for missing inputs
  6. Record readiness

The result
This month's checklist, with owners assigned and gaps raised before the close starts.

Source-to-ledger tie-out

Checks that every transaction from a source system reached the ledger exactly once by comparing control totals and record counts, then writes matched items and exceptions to the tie-out workpaper.

How it could run · 8 steps

  1. Export source activity
  2. Export ledger postings
  3. Standardize IDs, signs and dates
  4. Check coverage and duplicates
  5. Join source to ledger
  6. Compare counts and amounts
  7. Write matches and exceptions
  8. Ask the owner about open items

The result
A tie-out workpaper with matched items and every exception listed.

Bank reconciliation

Downloads the month's bank statement, matches it against ledger cash activity, explains timing differences and fees, and writes the reconciliation with the statement saved beside it.

How it could run · 8 steps

  1. Download the statement
  2. Extract statement rows
  3. Export ledger cash activity
  4. Align dates, signs and labels
  5. Match statement to ledger
  6. Compare balances with timing adjustments
  7. Write the reconciliation
  8. Save the statement

The result
A completed reconciliation, with the statement saved beside it.

AP cutoff and accrual review

Reads the month's bills, receipts and card charges, checks coding and service-period cutoff, ties the payables subledger to the ledger, and proposes accruals for costs with no bill yet.

How it could run · 7 steps

  1. Read bills, receipts and card charges
  2. Download selected invoice documents
  3. Select the service period
  4. Match invoices to orders and receiving
  5. Write the tie-out and cutoff review
  6. Present proposed corrections
  7. Transfer approved updates

The result
A cutoff review and proposed accruals, ready for your approval.

Payroll journal and accrual

Pulls the payroll registers for the month, maps pay codes and departments to the ledger, calculates the accrual for unpaid days, checks the totals and creates the payroll journal as a draft.

How it could run · 7 steps

  1. Download payroll registers
  2. Read approved allocation and accrual inputs
  3. Map pay codes and departments
  4. Apply accrual and allocation formulas
  5. Check pay, cash and liability totals
  6. Update the payroll workpaper
  7. Create the payroll journal

The result
A checked payroll journal, waiting as a draft for your review.

AR aging and collections review

Reads invoices, credits and receipts, applies receipts to invoices, builds the aging, ties customer balances to the ledger and asks the collections owner about disputed or overdue amounts.

How it could run · 6 steps

  1. Read invoices, credits and payments
  2. Match receipts to invoices
  3. Calculate aging buckets
  4. Compare to the AR control account
  5. Update the aging and exceptions tables
  6. Ask about disputed or overdue amounts

The result
An aging that ties to the ledger, with disputed balances already raised.

Deferred revenue schedule update

Loads new and amended contracts into the revenue schedule, extends the approved recognition formulas, checks recognized and deferred balances against support, and submits the revenue journal.

How it could run · 7 steps

  1. Export billing and recognized revenue
  2. Read approved contract terms
  3. Map contract IDs and periods
  4. Load new contracts and schedule rows
  5. Extend the recognition formulas
  6. Check revenue and contract balances
  7. Submit the revenue journal

The result
An updated revenue schedule and a revenue journal ready to submit.

Inventory valuation and cost of sales tie-out

Exports stock movements and costing for the period, applies the cutoff rule, calculates the valuation checks and variance summary, ties inventory support to the ledger and creates approved adjustments.

How it could run · 7 steps

  1. Export movements, valuation and costing
  2. Apply the cutoff rule
  3. Join quantities with costing
  4. Calculate valuation checks and variances
  5. Write the bridge and reserve inputs
  6. Compare inventory support with the ledger
  7. Create approved adjustments

The result
Inventory tied to the ledger, with a variance summary and approved adjustments.

Project WIP and margin update

Exports time, costs and billings by project, joins them with approved progress estimates, updates the project schedules and brings changed margins to the project accountant for review.

How it could run · 7 steps

  1. Export time, costs and billings
  2. Read progress and cost-to-complete estimates
  3. Join actuals and estimates by project
  4. Update schedules and add new projects
  5. Extend the project formulas
  6. Check totals against the ledger
  7. Present changed margins for review

The result
Updated project schedules, with changed margins flagged for review.

Prepaids and accruals roll-forward

Creates the period's prepaid and accrual workbook from the template, adds new items from this month's bills, extends the release formulas, checks the schedule against the ledger and submits the monthly entry.

How it could run · 7 steps

  1. Create the period's workbook
  2. Download new invoices
  3. Read existing balances and approved inputs
  4. Insert or update items by invoice key
  5. Extend release and accrual formulas
  6. Check the schedule against the ledger
  7. Submit the monthly entry

The result
This period's prepaid and accrual schedule, checked against the ledger.

Fixed asset additions and depreciation

Finds the period's capital purchases, retrieves their support, updates the asset schedule and depreciation, reconciles additions, disposals and balances to the ledger and creates the approved journal.

How it could run · 7 steps

  1. Export the register and period purchases
  2. Retrieve purchase support
  3. Connect additions and disposals to asset IDs
  4. Update the asset schedule
  5. Extend depreciation formulas
  6. Compare asset and depreciation balances
  7. Create the journal

The result
An updated asset schedule and depreciation journal, reconciled to the ledger.

Lease schedule refresh

Picks up new or amended lease documents, carries reviewed inputs into the lease system, exports the schedule and journal report, refreshes the workpaper, reconciles to the ledger and creates the lease journal.

How it could run · 7 steps

  1. Retrieve new or amended lease documents
  2. Read reviewed lease inputs
  3. Transfer inputs to the lease application
  4. Export the schedule and journal report
  5. Refresh the close workpaper
  6. Compare lease balances to the ledger
  7. Create the lease journal

The result
A refreshed lease workpaper and a lease journal that ties to the ledger.

Stock compensation expense

Exports awards and expense reports from the cap table, aligns award IDs and departments to the ledger, updates the support table, ties equity balances, creates the approved entries and attaches the support.

How it could run · 7 steps

  1. Export awards, movements and expense
  2. Read allocations and approved adjustments
  3. Align award IDs, departments and accounts
  4. Update the support table
  5. Compare reports with the ledger
  6. Create compensation and equity entries
  7. Attach supporting reports

The result
Stock compensation entries, backed by the cap table reports.

Debt interest and covenant check

Retrieves lender statements, updates principal and rates in the loan model, calculates interest and the covenant tests, ties financing balances to the ledger and creates the approved financing journal.

How it could run · 7 steps

  1. Retrieve lender statements
  2. Read rates and loan-model inputs
  3. Update principal and transactions
  4. Calculate interest and covenant tests
  5. Update the financing workpaper
  6. Check balances against the ledger
  7. Create the financing journal

The result
Interest calculated and covenant tests run from the lender's statements.

Sales tax return preparation

Exports taxable sales by jurisdiction, transfers approved rows to the tax application, brings back the reviewed results, refreshes the tax workpaper, reconciles liability and payments and archives the files.

How it could run · 8 steps

  1. Export taxable sales by jurisdiction
  2. Map accounts and jurisdictions
  3. Transfer approved rows to the tax application
  4. Export the reviewed results
  5. Refresh the tax workpaper
  6. Compare liability, payments and the return
  7. Create the tax entry
  8. Archive supporting files

The result
A reconciled sales tax workpaper, with the support archived.

Actuals into the financial model

Pulls the period's actuals from the ledger, maps them to your model's structure, and loads them without touching your formulas. Discrepancies come to you before they become bad numbers.

How it could run · 5 steps

  1. Export actuals from the ledger
  2. Map accounts to the model's lines
  3. Load actuals into the model
  4. Check totals against the trial balance
  5. Flag discrepancies for review

The result
Your existing model, updated with the latest actuals.

Intercompany matching

Exports intercompany balances from both entities, pairs counterparty transactions, lists the differences, asks entity owners to explain them and creates the approved entity-level corrections.

How it could run · 7 steps

  1. Export intercompany balances from both entities
  2. Align partner IDs, accounts, currencies and signs
  3. Pair counterparty transactions and balances
  4. Identify differences
  5. Write the reconciliation and unmatched items
  6. Ask entity owners to explain differences
  7. Create approved corrections

The result
Matched intercompany balances, with every difference explained or corrected.

Group consolidation load

Exports each entity's trial balance, maps local accounts to the group chart, checks coverage and currencies, loads the consolidation workbook, pulls the group reports and checks totals against control balances.

How it could run · 7 steps

  1. Export each entity's trial balance
  2. Map local accounts to the group chart
  3. Check coverage, currencies and keys
  4. Load into the consolidation workbook
  5. Export group reports and elimination support
  6. Refresh the group review workbook
  7. Check totals against control balances

The result
A loaded consolidation workbook whose totals tie to control balances.

Balance sheet reconciliation refresh

Exports ledger balances, finds each account's reconciliation table, updates only the declared input cells, compares refreshed support to the ledger, presents the reconciliation and adjustment proposal and posts what you approve.

How it could run · 8 steps

  1. Export ledger balances and activity
  2. Find each account's reconciliation table
  3. Check the formula pattern
  4. Update the declared input cells
  5. Compare refreshed support with the ledger
  6. Present reconciliations and proposed adjustments
  7. Submit approved journal lines
  8. Link the support to the entry

The result
Refreshed balance sheet reconciliations, with proposed adjustments for review.

Flux analysis and commentary

Loads the month's actuals into the model, calculates variances against the comparison basis, asks the right business owner about the movements that matter and writes the reviewed explanations into the commentary cells.

How it could run · 7 steps

  1. Export current actuals
  2. Locate the model's actuals table
  3. Read comparison values
  4. Load actuals by stable keys
  5. Calculate variances
  6. Ask owners about selected changes
  7. Write reviewed explanations

The result
Variance commentary written from the owners' own explanations.

Reporting pack and period lock

Fills the reporting pack from the final ledger, checks every figure against approved balances, presents the pack for release approval, exports and files the PDF, locks the period and marks the close task complete.

How it could run · 8 steps

  1. Export the final approved reports
  2. Populate the reporting-pack template
  3. Check report values against approved balances
  4. Present the pack for release approval
  5. Export print ranges to PDF
  6. Store the final package
  7. Lock the period
  8. Mark the task complete

The result
A checked, filed reporting pack and a locked period.

Don't see your process here?

These are starting points, not a menu. If you do it every week or every close, in your own tools and your own way, show Latch how and it can take it from there.