Bank Reconciliation

This Cashbook module allows companies to reconcile bank account transactions with ERP data that has hit the bank account.

In simplest terms it is a reconciliation between your ERP system and your bank account. Data is generated on the cash side of the reconciliation by downloading data from the appropriate accounts receivable and accounts payable subledgers or from posting journals through Cashbook. This information is compared directly to your bank statements and auto-matching is completed for identical transactions.

The Bank Reconciliation module has a powerful matching engine that allows users to automate the process of reconciling transactions. This matching process is based upon rules defined by your Finance department.

This module is often implemented with bank statement upload and the Cashbook Journal Entry solution which enables journal posting of all cash items. Also integrated with Cash Dashboard a global treasury solution displaying cash transactional history by day, week or month.

Features

Auto-reconciliation of Cash to Bank items.
Manual Cash to Bank reconciliation for unmatched items.
Statement-only functionality which allows automatic generation of journals in Cashbook for bank charges, interest etc
Bank Reconciliation can be performed on a daily, weekly, monthly or other periodic term.
Un-presented checks and un-presented lodgements enable unreconciled items to be rolled-over at period end into future reconciliations.

Search and sort functionality in reconciling data from the bank or cash sides of the reconciliation.
Matched transactions can be reviewed and reversed should incorrect references be chosen.
Reconciliations can be created for multiple banks, companies and environments.
Tolerances and write-offs available.
Auto-matching rules based upon numerous different reference information.
Multi-currency, multi-site solution that can be deployed on multiple environments and ERP’s.

Benefits

Financial Control
Huge time and cost savings as all relevant banking data is reconciled through one central reliable tool.
Scalable solution that has been employed globally for $4 billion dollar company to reconcile 80 different bank accounts
Reports generated that have enabled our customers to pass audits in 20 different countries.
Global companies can employ a global solution for all sites across multiple different banks.
Cash & Bank balances are stored enabling Cashbook to provide global treasury position on Corporate Cash.
Automated processing of data reduces manual entry and consequently reduces the possibility of fraud and increases financial control.

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