Posted: 11 January 2010Revolutionize your Bank Reconciliation Process with RecXpress 5.6A

Peresoft’s all new RecXpress changes the concept of how to do your bank reconciliation. You are now able to reconcile your bank balance to your Cashbook balance instead of your Cashbook to you bank balance.

This will stop tedious and repetitive bank reconciliation processes by completely automating the data entry and reconciling of all transactions on your bank statement downloaded from your bank.

Complete flexibility is provided to allow you to generate all your bank transactions directly from your bank statement data into a Cashbook batch therefore eliminating any additional data entry.

Using your bank statement to enhance and build a default template, your reconciliation becomes quicker and easier every month. Eventually the entire bank reconciliation process becomes completely automated. 

6 Steps to a Simple and Fast Bank Reconciliation:

1.  Create a template of all bank entries that are processed monthly.

Add as many different conditions as required so the batches are automatically generated without you having to enter the same information every month.

Build and enhance your template to include more and more entries every month you process the bank reconciliation, until the template evolves to a point where almost no manual data capturing is required.

2.  Allow RecXpress to do intelligent matching in every possible way to complete the reconciliation.

Matching processes include:

Reference number and amount is the same.

Reference number is the same but amount differs.

Only one amount is found to be the same. 

Multiple amounts are the same but filtered by date.

3. Tweak the reconciliation matching by:

Re-matching the entries that are already matched.

Manually selecting the entry in Cashbook.

Selecting many entries in Cashbook to one bank statement amount.

Selecting many entries on the bank statement to one Cashbook amount.

4. Generate a batch of all the unmatched entries.

Automatically allocate the entries by using the following methods:

Compare the description of the bank statement entry to ascertain the correct GL account.

Pay invoices in Accounts Receivable and Accounts Payable using different allocation methods:

Balance brought forward - Start from the oldest invoice until the unapplied amount has been completely depleted or there are no more invoices to pay.

Invoice Number - Invoice with the same document number as the document number in the bank statement entry description.

Invoice Amount - Invoice with the same amount as the bank statement entry.

Prepay - Create Prepay document.

Use Distribution Sets to generate multiple entries from one bank statement entry to disburse accurately over many GL accounts. 

5. Generate a variance amount batch.

Generate a Cashbook batch of the variance between the Cashbook and the bank statement amount for the entries that were matched by reference number but the amounts are different from one another. Post the Cashbook batch and the entries are moved from the Matched With Error group to the Many CB TO One Bank Entry group where the original Cashbook entry and the variance entry is displayed in the Cashbook Transactions section when selecting the Bank Statement entry.

6. Post the reconciliation to update the bank statement balance in Cashbook.

Check that you agree with the new bank statement balance in RecXpress before posting the reconciliation to update the bank statement balance in Cashbook.