Simple, Accurate, Easy Reconcile the System to the Bank
If you are looking to automate your Bank Reconciliation process, you’ve come to the right place. Completing a monthly bank reconciliation is a critical control for accurate financial reporting in any First Nation.
For many First Nation accounting departments, the challenge begins each month when it is necessary to consolidate and track the thousands of cheques and deposits in order to accurately report the nation’s financial status. Moreover, reconciling accounts can be a manual labour-intensive process and, managing and auditing a process that is primarily paper-driven can be stressful and time-consuming.
Using the Xyntax® Bank Reconciliation (XyntaxBR™) module, you are able to reconcile your cheques, payroll, deposits, and journal entries simultaneously, all from a single program. Built-in workflow and seamless integration virtually guarantee that the account reconciliation process will run smoothly and where possible, automatically. XyntaxBR allows for multiple reconciliation periods to be open and active at any point in time, giving greater flexibility with banking procedures as well as statement frequency.
GL Account to Bank, Reconciliation
Many software packages use the term “reconciliation”, when in fact they merely offer the ability to mark checks as cleared. In addition to identifying outstanding and cleared bank transactions, Xyntax segregate deposits and cheques issued. This means that if a Nation is big enough to segregate duties between deposits and cheques, one employee does not have to work in the other employee’s bank rec area. This too can minimize errors and helps minimize fraud.
XyntaxBR automatically carries forward any outstanding (un-reconciled) deposits and cheques so the person doing the reconciliation doesn’t need to worry about pulling them out of some file the following month. This is an increase in efficiency of at least one-half hour, depending on the size of the bank reconciliation.
XyntaxBR can be used to reconcile company credit cards as well.
Fully integrated with all applicable Xyntax modules.
Mouse or keyboard data entry based on user preferences.
Ability to handle multiple GL accounts and bank accounts.
Record bank fees and other client charges for posting to GL.
‘Drill down’ features to easily view all GL/Bank transactions.
Exception reporting for bank coding errors.
Reconcile multiple periods at one time.
Auto-reconcile of direct deposits and other EFT’s.
Automatically reconciles electronic statements to outstanding items.
Reconcile varying length statement dates or multiple statements per reporting period.
Utilize DoculinX™ to attach, scanned electronic documents directly to your bank reconciliations (i.e., bank statements, scanned copies of cheques, etc.).