Bank Reconciliation

Introduction

Many organizations must reconcile monthly bank statements to their own record of transactions. This reconciliation process, much like balancing the family checkbook, involves comparing the organization's record of debits and credits to the bank's record of posted checks and deposits. For all organizations accurate and timely bank reconciliation is a crucial part of the accounting process.

The Bank Reconciliation (BK) module is designed to make this task as easy and efficient as possible. The application interacts with the organization's existing BusinessPlus Accounts Payable, Cash Receipts, and Payroll. Organizations using the Bank Reconciliation system use their existing AP, CR, and PY systems for basic data entry and Click, Drag, and Drill or Cognos for reporting. The BK module is then used to update check and deposit information, track changes, and match transactions reported by the bank to those recorded in BusinessPlus. Bank Reconciliation also provides an effective means of tracking and processing Year-End 1099 information.

Features

• A central repository of check and deposit information generated by other systems.
• Integrated with Accounts Payable, Payroll, and Cash Receipts systems.
• Track and report on all checks issued and deposits received by BusinessPlus.
• Import electronic bank statements for reconciliation purposes.
• Supports an unlimited number of bank accounts.
• Supports automatic reconciliation with electronic bank statements.
• Records separate dates for all events in the life of a check - issue, cancellation, reversal, appraisal, etc.
• Supports 1099-MISC forms.