Product update 4.40.0.2 coming soon - Bank Reconciliation

Bank Reconciliation

Automatically Reconcile Checks - (similar to BR-1005)

Efficiently and automatically reconcile check information you download from your financial institution. Use the new Auto Check Reconciliation Wizard to create the proper check setting format for your financial institution per their specifications. Or, your Business Partner can configure the setting in their office, export the file, and then import it into your system.

Enforce Tighter Controls over Bank Reconciliation Adjusting Entries - New!

Further refine and control who is allowed to enter modifications to the Current Balance in Bank Reconciliation using a new option in Role Maintenance, Common Information. For banks defined in Bank Code Maintenance, you can specify the users who are allowed to access and make adjusting balance entries.

Enter Checks, Deposits, and Adjustments On-the-Fly - New!

In Reconcile Bank, you have instant access to enter checks, deposits, and adjustments through a quick link button to bring you directly into Check or Deposit and Adjustment Entry for that bank — without navigating all the way back to the main menu to open a data entry screen, or existing your Reconcile Bank screen.

Conveniently Use Recalculate Outstanding Entries Totals Utility - New!

To improve workflow, the Recalculate Outstanding Entries Totals Utility is available from the Bank Reconciliation module, via the Utilities Menu. This utility allows you to recalculate the totals of all outstanding check, deposit, and adjustment entries that have not been marked as cleared.

Positive Pay Export - (similar to BR-1004)

Deter check fraud using the new Positive Pay features in the Bank Reconciliation module. Positive Pay assists your financial institution to monitor against suspicious check activity using a file you create and submit for comparison and verification. The Positive Pay file contains key information, such as check numbers and dollar amounts, to identify only the checks you have issued and authorized for payment. Components of the check must match exactly, or the check will not be paid by the financial institution. Checks sent to the bank using Positive Pay are identified with an Exported check box In Check, Deposit and Adjustment Entry.

Positive Pay Export Wizard - New!

Use the new Positive Pay Export Wizard to create the proper export file format specified by your financial institution, for comparison of the file you send with the checks that are presented for payment. To help you understand and translate formatting requirements, we’ve included a reference document that outlines the most commonly used field formatting and export details required by financial institutions. And, if your financial institution updates their specified file format, you can also use the Positive Pay Export Wizard to make the necessary changes without depending on a programmer to re-format it for you.

Expanded Comment Field - New!

In Check, Deposit and Adjustment Entry, the Comment field has been expanded to 2048 characters to allow you to add information to track why the adjustment was made.