Ezyrecon Bank Reconciliation Overview

Ezyrecon can

1a). Reconcile from the general ledger or control account. The system can accept additional file to support some of the lump sum entries in the ledger for deposits and disbursements. For example, in the payroll account, the entry may be for the total net payroll only. This entry is supported by another spreadsheet coming from the payroll provider. So, the disbursement in the book is supported by a check register coming from another source (e.g. ADP Payroll register). This is acceptable for Ezyrecon. You can have support files that are outside of your accounting system.


1b. Prepare the final report, the AICPA suggested two column bank reconciliation, from unadjusted to reconciled book and bank balances. This report is on the tab called "Main". All supporting working papers for the reconciliation can be printed on the fly.

1c. Comply to Sarbanes-Oxley Act, which is mandatory for publicly listed companies. There is an adequate audit trail to support all the reconciling items and items that were matched in total against the book or vice versa. For example, the Human Genome Sciences, Inc. (www.hgsi.com) , a publicly listed company is using Ezyrecon for their bank reconciliation module. However, they are using SAP for their accounting system.


1) It can reconcile from raw data of the book and bank. No formatting is necessary, unless, it is for credit card transactions. Then, we may need to modify the interface to accept the data.

2) It can monitor reconciling items from previous month and traced its subsequent recording. For example, an unrecorded manual payroll check dated March 31 was issued and cleared by the bank in March 31. Since, it is a payroll check, it is recorded in batches. The next payroll batch will be in April. In March the system will show the check as an unrecorded check, part of reconciling item. In April, at the time it was recorded the system will show it as an adjustment to clear the March reconciling item- it will no longer be a reconciling item in April.

3) It can accept consolidated deposits, provided there is a spreadsheet that details the actual deposits. For example, the Head office will record the collections from 25 stores as one lump sum entry per store per month. So, in the books, the deposits will be comprised of 25 lines of deposits representing the total deposits for the month. However, there is a spreadsheet that details the daily collection per store, per day, to support the entry. Ezyrecon is designed to accept this kind of data. Ezyrecon will look at the GL to control the deposits but will look at the spreadsheet in making the comparison from the book to the bank.

4) It can create the journal entry complete with individual explanation to book the reconciling item by the detail and by cost center. You will need to enter the chart of accounts that is normally affected by the reconciling items (i.e. merchant fee, bank charge, cash shortage and overage, interest payment, loan payment, etc.) to be able to do this. In the journal entry, the level of details that will be provided will include the check number and payee, if a check number is involved.

5) It can monitor the sweep account, if any. It can correctly present the balance of the sweep account as part of the bank reconciling items.

6) It can match the ach debit payment to a dummy check number. For example, some companies will record an ach debit as a dummy check to remove the vendor invoice from AP. The system can look for the dummy check using the amount, FIFO.

7) You have the option to tag manually the uncleared items to remove them from reconciling items. For example, you can put tag “1” on three book deposits that when added together will to two bank deposits with a tag of “1”.

8) Reconciling items can be presented as either book or bank error. For example, a check difference can be a bank error. Initially, the system assumes that the bank is correct. Nevertheless, you can always change the presentation to a bank error, if needed.

9) For your credit card reconciliation, we are assuming that you are reconciling it by store. We can provide a consolidated report for the whole store reconciliation, if needed. ( this will be done separately for a fee).

10) Here is our understanding of the credit card reconciliation. We are assuming that daily, the store individual terminal is reconciled to the processor’s report. Thus, at month-end the processor’s report will be the same as the books. We can then use the processor’s report, to trace the deposits to the bank. In order to make the comparison easy, you may want to suggest to your credit card processor to remit the gross amount, not net of the merchant fees. Then, charge you separately from the charge back and merchant fees. If you do this, the recon will be easy. This is due to the fact the gross receipts will tie into the bank deposits.

11) Ezyrecon customer support is free for three months. Normally, after three runs of reconciliation, you will get used to it. You can then opt to pay the separate customer support.

A comment from an accountant consultant

This is a new customer, a consultant, just signed in for a test a few weeks ago, please read his comment

Thanks. I have our biggest recon almost done, same issue only one check that lists as OS and should be an adjustment. I did have to tag quite a few ACH’s re on book we use several dummy checks to match one bank ACH. Also, when I tagged mismatched totals on purpose to force a diff, it seemed to throw the whole thing out of balance so I started over a few times. Have it down pretty well now and love it- you’ve done an amazing job of trying to cover all the different variables and I know it’s next to impossible. I’m looking forward to talking to Agustin and will email and/or call you later. I’ll show the big recon to our GM when I’ve tested it and know it will recomputed in a couple minutes. What I might do is figure out a way to buy it directly from you (for my consulting business), then have (my client) buy it from me as my first customer under our new agreement ( when we have it in place), if that works for you.

I really can be selling at least a couple of these a week directly with training fees, and a whole heck of a lot more using the internet and direct marketing via regular and email. If I do that, naturally I’d approve everything through you first. I have a ton of marketing/training programs I am really looking forward to putting to good use with Ezyrecon if you’re open to it; I think we could all make a lot of money and help a lot of companies while we’re doing it. Thanks again for everything so far.

Mike

56,000 checks to reconcile

This customer, type an amount on the date column on the book data. This error created an overflow error. She requested help from us. She reconciles about 56,000 checks. After a careful review we noted that the error was on her book data. An amount was entered on a date column. We pointed the error to her and ask her to re-run the program. We checked with her to make sure it is ok. This is her reply

To: "Conrad Natac" Date: Friday, August 21, 2009, 10:04 AM

It worked!! Thanks and don’t work too much.

Accounting Manager
Stream Energy

Goodwill Industries comment

FYI Conrad I forwarded your contact information to our auditors and highly recommended you for their clients.

Constandinos Saketos
Accounting Manager, A.V.P.
Goodwill Industries of Greater NY and Northern NJ, Inc.

Rolling the August to November

This customer was behind on his reconciliation. His last recon was in June. So, using EzyRecon we started his July- we helped him set up all the parameters in July. Then, we left him to do the August on his own. Later, we asked him, if he was able to do the September too. Apparently, he did not only do, September on his own but rolled it to November too. Down below is his reply. One note, the EzyRecon will work in Vista, you just need to change the security settings in Office 2007.



Conrad,
Hope you are having a nice day.
Yes, I was able to do it; in fact right thru November. In working with the program( I was at home) it does not function on Vista; no problem, I put it on my Laptop ( XP) and rolled along. When you finish a month and initialize for the subsequent month it retains the old bank and book files which was problematic at first until I remembered your instructions on removing them. I didn’t see anything in the instructions on this. Absolutely a great program!!! Let me know if you have any other time savers or if you update EZY RECON.
Thanks again

John F McAndrew
BettcherLLC

City of Hawthorne

I called the accountant of City of Hawthorne yesterday 02/21/2007. She said that their general ledger is not yet ready for uploading. I told her that once her gl can be downloaded, her bank reconciliation is done in just a few minutes.

One hour flat

that includes collecting 6 months of pertinent data to start the bank rec process. hey it takes about 20 minutes to finish a chilled san miguel, right? (who says you can't enjoy a li'l brewsky with EZY RECON?) - just kidding.

one hour compared to over 85 hours is awesome.

salamat

gary