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BankRec™ - How it works

After your bank and general ledger data have been imported, the user can perform the following processes within BankRec.

Automated Transaction Matching™ (ATM)

Our Automated Transaction Matching engine, is a series of matching rules/processes, that enable high speed matching at the rate of several thousand records per minute.

Built in rules include:
· Check to Check (Amount, Check number)
· Void to Issue (Amount, Check number)
· Alphanumeric 3 (Amount, three text fields)
· Alphanumeric 2 (Amount, two text fields)
· Alphanumeric (Amount, one text field)
· Non-checks (Amount only)

Screen shot: Simply check the rules that you want to match on.

Note: For the 'geeks' out there, the core matching rules are all SQL Stored Procedures, enabling fast execution.

As an example - High speed check matching
In check to check matching, the system matches checks clearing the bank against checks issued.
Two matching attributes are used: Amount and Check Number

Manual Matching Window
Once the system has finished it's high speed matching, the user has the ability to make additional matches.

This would typically involve manual journal entries and bank data which did not 'read/scan' correctly the MICR encoded line on the check (bad check numbers).

In the example below, the user is making a many to one manual match.
The initial general ledger entry was for a deposit (debit) of $17,000, but an adjusting general journal entry was made for $250, as only $16,750 should have been booked.
The correct amount hit the bank at $16,750.

Manual Matching window:
Unmatched bank records on the left - unmatched general ledger records on the right.

Exception Reporting - Unmatched Records Report
At anytime, run an Unmatched Records report to view your open items.

Note: All unmatched items are automatically 'rolled forward' from period to period.

While the population of records is the same as the Manual Matchign window, the report allows for much greater flexibility in exporting (to Excel, csv), and most significantly with the addition of the Exception description field.

Exception field
Rather than just provide you with a simple listing of the the unmatched items, we also include an excpetion description - as to why the record did not match.

This field hopefully saves you time in your review and follow up process. In addition, it will enable you to immediately address those records which are considered high-exposure items.

Stay-In-Balance™ to Reconcile
BankRec's trademarked Stay In Balance™ Wizard - will help you reconcile.

Whether you are in or out of balance, just run the Wizard once.

The Stay-In-Balance Wizard will prompt you to enter beginning and ending balances, and then use the data you have imported to confirm - or recommend - a balancing entry for your first period.

Stay-In-Balance protects for future periods
In addition to getting you in balance, Stay-In-Balance protects the periods you have already reconciled, by blocking unathourized users from importing, editing or deleting any records from a reconciled (or earlier) period.

Run Reconciliation Report and supporting reports
Run any industry standard report from within BankRec - whether a two-sided reconciliation report, outstanding check list - or any other report.

No Risk Download
Download now for a full-working, free version of BankRec.
Note: When downloading, also download and install SQL Express, if you do not have access to SQL Server.

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