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Full Bank Reconciliation with Enhanced Functionality
The full bank reconciliation process is an integral part of a firm’s financial management system. Yet the standard process, in which any bank account, accounts payable or trust account transaction are matched to postings on a bank statement, can be an extensive drain on manpower hours. Now, the bank reconciliation tools have been enhanced in Elite 3E to accelerate the process to allow financial staff to spend less time on reconciling statements and more time on other necessary tasks.
User-defined Matching Rules
For bank reconciliation within the 3E system, standard matching rules are used to help users quickly match items to bank statements. There is a set of standard rules included in 3E when implemented, but now users have the option to create their own matching rules. Auto-matching rules can be set for different types of bank accounts or jurisdictions and can be reference numbers, amounts or date ranges. Users can also specify multiple tiers of rules for deposits and withdrawals separately if desired.
Incremental Reconciliations
Previously, all bank statement items needed to be cleared in order to be marked as reconciled. Due to powerful new capabilities, 3E now gives users the ability to allow remaining items on a bank statement, but still mark the statement as reconciled and rollover unreconciled items to the next reconciliation. To allow users this versatility, the full bank reconciliation screen provides a whole new array of features to give users more flexibility in reconciling statements and more detail in order to quickly match items and determine unresolved issues.
The full bank reconciliation screen has been expanded to allow for incremental postings, to make the matching process easier, and to enable fast postings and balancing. Some of the new features on the full bank screen are:
- A worksheet identification number option to easily trace previous worksheets
- A Cash/Statement Balance screen that shows prior statement balances—detailed in both deposits and withdrawals—with the new feature allowing rollover of unreconciled items. The screen provides you a running total of reconciled and unreconciled deposits and withdrawals
- Reconcile and Reconcile/Stay buttons so you can choose whether to reconcile an item or mark it as unreconciled
- A screen that displays the matching rules used to match items, including what items are rolled over from previous statements
- Bank or system description to easily identify postings
- Options to display all items in the reconciliation or to display only unreconciled items
Ability to Unreconcile Items
An important new feature in 3E is the ability to unreconcile a transaction that has been reconciled through the full bank reconciliation process. This allows users to correct any mistakes made when performing a reconciliation.
New Features on Bank Statement Screen
New batch total calculation tools have been added to the Bank Statement screen so users can monitor their postings to ensure that they match the running totals as posted in the system.
More Reconciliation Reports
3E now provides more options for reporting reconciliations. Now users have the ability to generate both reconciled and unreconciled item reports, so items that remain open can be viewed as a group. Users can also generate point-in-time reporting, so reports can be written as of a certain date—regardless of what entries have been posted to that date since then.
New Cash Journal Conversion
A new cash journal conversion allows bank reconciliation items to be converted into 3E from legacy systems, to be readied for reconciliation enabling faster conversions and easier implementation.
More Payment Options with Inter-company Billing
3E 2.4.4 also offers more robust tools for inter-company billing processes that streamline payment processing between units of multi-national offices or global operations. Features include payment processing between units for work performed on the behalf of other units and the ability to make payments through a clearing unit, such as a main office, to eliminate unnecessary steps and to ensure accurate recordkeeping. In addition, extensive 3E multi-currency and multi-language tools allow seamless transition of payment processing between offices. Other features include the ability for overrides to be set up and to accommodate changes in discount percentages and terms; the automatic addition of new units, the ability to include input and output taxes on inter-company billing and the ability to generate inter-company proformas and invoices by source or charge type. Look for more detailed information on how 3E inter-company billing can help you streamline your firm’s financial management operations and increase profitability in the next issue of Exchange.