Hi All,
IDEA's Field Statistics property provides a summary of the statistical values and distribution characteristics for each numeric, date and time field in the active database.
Field Statistics is both a statistical snapshot and a data reconciliation tool. It instantly shrinks the data haystack, making it easier to reconcile totals, inspect value ranges and identify indicators of fraud and error.
Here are few interesting applications of Field Statistics to practical cases -
a. Zero items in numeric field statistics will allow you to identify suppression of asset valuations in a jiffy.
b. Negative items in numeric field statistics will allow you to capture negative balances in asset heads or income accounts instantly.
c. Transactions on Saturday and/or Sunday in date field statistics will help you filter out suspicious movements or accesses on standard weekends.
d. Earliest Date and/or Latest Date in date field statistics will facilitate identification of report range dates which breach the review period - prior period and/or post period accounting.
e. Count of entries on Jan, Feb, Mar...Dec in date field statistics will ensure the IDEA user has a pulse on significant peak and/or troughs in business activity.
So take some time to visit the Field Statistics in IDEA and get a bird's eye view on the needle in the haystack.
Kind Regards
Jairam