Frequently Asked Questions

What is BankReconOnline.com all about?

BankReconOnline.com allows the rapid and accurate completion of high volume or complex bank reconcilation. It is a self contained online application to load your statement data, reconcile the large majority of the reconcilable entries and generate formatted standard reports of your exceptions.
It saves over 85% of time as compared to the equivalent spreadsheet reconciliation.

What type of reconciliation does BankReconOnline.com do?

Bank Account Reconciliation
Any reconciliation involving debits and credits

Simply stated, how does BankReconOnline.com work?

Get your electronic Bank and GL Statements for the month - upload to your reconciliation.
Automatically match all your reconcilable withdrawals and deposits.
Label the remaining exceptions.
Download your formatted reports.
Repeat next month.

What are some of the transaction entry types that can be automatically reconciled by BankReconOnline.com?

BankReconOnline.com will reconcile transactions posted with logic. These include, checks, wire transfers, deposits including Point of Sale, Accounts Receivable, ACH, RTGS, Accounts Payable.
Transaction values can be one-to-one, one-to-many and many-to-many.

What are the prerequisites to using BankReconOnline.com?

How does it work?

Systems without sub ledgers (no Accounts Payable or Accounts Receivable applications).
- Loading the data
  - Once only: - load your last reconciliation (or the preferred reconciliation) from Excel files.
  - Each period (daily, weekly, monthly, at any time)
    - Load the Bank Statement file to BankReconOnline.com.
    - Load the General Ledger statement file to BankReconOnline.com.
- Matching the data
  - Automatically match the GL Statement to the Bank Statement based on your criteria.
  - Individually point and match the remaining “reconcilable” items.
- Optionally label the exceptions into groups. Common names include Bank Charges, Unpresented Checks and Deposits in Transit.
- Download the formatted and grouped Reports
  - Bank Reconciliation Summary
  - Internal Credits & Debits Outstanding details
  - Bank (External) Credits & Debits Outstanding details

Hi, my name is Pat and I work at Envision Solutions Limited. For the past 5 years we have been working on our latest bank reconciliation release and I’d really like for you to try and let me know what you think.It is available online for testing and it works like this.

We will create a test profile for you with a default bank reconciliation environment.
Choose whether you’d like to test:-
- Automated Checks Matching
  - Standard Bank Statement to GL Statement– no sub ledgers.
    - High proportion of checks
    - High proportion of wire transfers
- GL Statement plus Accounts Payable file reconciling to Bank Statement
- GL statement has daily, weekly or monthly summaries
- Automated Deposits Matching
  - Point Of Sale transactions matching – using differing dollar values, differing posting dates or differing branch names on GL and Bank Statements.
  - Bank Statement to GL Statement – bank statement has the deposit amounts
    - GL statement has daily deposit summaries.
    - Or, GL statement has receipt values.
    - Or, all your branch cashiers deposit to the same account.
- Automated exceptions labelling
- Specialized Reconciliation
  - For banks
  - Life Insurance companies
  - General Insurance companies
  - Government
  - Financial Services including brokers