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Comprehensive Bank Reconciliation Online Tool

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Rationale As part of the CFO Checklist, your company requires an automated reconciliation solution that simply crushes manual or spreadsheet based reconciliation and allow for identification of process bottlenecks to postings and clear up rates. At the end, all matchable transactions are repeatedly matched in no time.
  • Data Validation
    • Optionally as a precursor to bank reconciliation, match (validate) the GL Account Statement to the sub-ledgers statements.
  • Data Import
    • Import statement data from text or Excel files.
  • Automated Matching Rules
    • In depth and unlimited rules that match one-to-one, one-to-many, many-to-many transactions based on phrases, branch names and codes, dates, sequences etcetera, that are shareable across multiple reconciliation.
  • Compliance
    • Automated exceptions labelling and risk assignment
  • Reporting
    • Standardized Exception Reports with group and risk labelling.
  • Future Proofing
    • Statistics on the internal validation aimed at focusing on the internal processes that benefit from changes.
    • Continue the process management until only genuine exceptions remain after each cycles reconciliation. This means a clear-up rate approaching 100%.
Multi-Matching (Multiple Records Matching) Querying the Bank and General Ledger data to match thousands of transactions in seconds. Complicated and custom matching postings with one-to-one, one-to-many and many-to-many values are welcome. Match rules for reconciliation requiring one or many sub-ledger data substitution, Card (ATM, Credit etc.), ACH, RTGS and any variants of postings involving debit/credit entries.
Default Matching Rules Transactions Matching may be done between GL and Bank, GL to GL, and Bank to Bank.
Matching includes the following:
  • Match cheques – GL bank account credits to bank statement debits.
  • Match GL Reversals – GL bank accounts debits to GL bank account credits. For example, use this for instantly matching booked stale dated cheques.
  • Match deposits – GL bank account debits to bank statement credits.
  • Bank reversals – bank statement debits to bank statement credits. This is useful for disbursement accounts where the bank habitually debits the account and then reverses the entry with a credit.
Default Matching Columns Alphanumeric cheque/deposit numbers and currrency value.
Allows unique and non unique matching.
Credit Card Match credit cards based on value, credit card type, site (if used) and a date range.
Manual (Individual) Matching The "Click" Matching window allows the matching of items not automatically matched.
You may match one/multiple items to one/multiple items.
This window allows you to focus on any matching combination.
Match Review In this window you may quickly review matches for user selected periods and other criteria. If the reconciliation is "Open" you can un-match incorrect matches. All related matches share a unique match number for audit purposes.
Grouping Outstanding Items This is a big, big feature for quality reconciliation. Your company standardizes on Exception Group Names and outstanding items are user assigned to these based on origin. These are used in risk, reporting and response functions.
Common Group Names are Un-presented Checks and Deposits in Transit. Origins are GL/Bank Debits/Credits.
Customized matching If your reconciliation needs move to the more complicated or exotic, just shout out, even if it seems impossible we generally will really pleasantly surprise you.
Period match information When matched, the date of the offset record's transaction date is recorded. This allows for historical reporting by period.
Loading Bank and GL Data
Single Entry and Batch File Import Transactions are quickly inserted from electronic files received from your accounting package and internet banking window.
Easy Bank/GL Importer Veft imports from Excel and text files (fixed width, ragged right, CSV and other delimited text files).
Starting (Historical) Outstanding Items Load these directly from spreadsheets or other files just as you would in your regular work.
Loading Statement Files Create and save multiple import templates for your data sources. For example – one for GL Bank account, another for Accounts Payable, one for the bank statement.
As many templates as you need.
Summary (Cover) Report Reconciliation Summary Report
  1. Displays the balances.
  2. Summary of the outstanding items.
    • By Risk Level, Exception Group Name and origin.
  3. Adjusted Balances – also called Free Cash Balance.
  4. Reconciliation Difference if any.
  5. Is the reconciliation completed and approved.
  6. Signatory lines and date stamp.
Reporting capability, with xxport to Excel and PDF Export industry standard reports, as well as user ad hoc reports to the screen, Excel, Word or PDF.
Detailed Reports One report per GL/Bank debit/credit sides.
  • Group Subtotal
  • Transaction Date
  • Reference Number
  • Narration/Payee
  • Original Value
  • Unmatched Value
Match date sensitive reporting For example a cheque drawn in January but cashed on March 31 is properly reported as outstanding right up to March 30.
If, in May, you run the February 28 outstanding items that cheque must be displayed as outstanding.
Compare Anything This is used to quickly compare two sets of data in Excel files by cell values. The results may be copied.
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