Patent ID: 7565311

Claim:
A computerized management system for converting journal entries from a first reporting standard to a second reporting standard different from the first reporting standard, the system comprising: a source of journal entries conforming to the first reporting standard, each journal entry comprising classification information for classifying the journal entry; a rules database comprising one or more rules tables for storing conversion rules for converting journal entries from the first reporting standard to the second reporting standard; and a conversion engine running on a processing system and being configured to: access a journal entry from the source of journal entries; determine whether any of the conversion rules stored in the rules database are applicable to the accessed journal entry in dependence on the classification information of the accessed journal entry, and, if so, applying the applicable conversion rule to the accessed journal entry, thereby converting the accessed journal entry from the first reporting standard to a converted journal entry which is in accordance with the second reporting standard; and generate an adjustment journal entry which contains auditing information about the converting of the accessed journal entry from the first reporting standard to the second reporting standard.