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.
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.
Comments
The folks at Ezyrecon strive to make your use of their products a success and continue to check up on you going forward.
Happy customer here!!
Chris
Shelly
Very Happy with this Product and Service!
Shelly
Just wanted to express my total satisfaction using EzyRecon.
Before using your product, we would easily spend 1 to 3 days to reconcile a month depending if entries were missed or not.
With your product we can find these errors in just minutes and correct them in our ERP system
Support is always available, and you make sure that everything is made as easy as possible
We have over 1000 transactions in our GL and over 500 bank transactions per month.
EzyRecon easily compares all these transactions and tags them for a complete reconciliation in just a few minutes.
I would recommend this product to anyone who wants to do a reconciliation with ease
Thanks Conrad
Daniel Beaulieu
President/Président
I am glad to say that in the years we have used EzyRecon I have never regretted the decision to partner with you and your team. The product is easy to use, when we need assistance your team is always available and you get us what we need quickly. Even when we changed banks and needed your assistance with the transition, you made that easy also. I have also been happy with the speed at which the software is getting better. I am always happy to see our partners growing and improving like we are growing and improving. Thank you for partnering with us to make bank reconciliations easy. I can recommend EzyRecon to everyone that reconciles a bank account.
Best Regards
Dennis Estes
Controller for The Sunstone Group
Thanks for the nice words.
Conrad
This software is the only program that I have found that can filter and reconcile the 1500 plus monthly transactions that come from our corporate office and 3 distribution centers in a timely manner with complete accuracy. I appreciate the help and guidance that Conrad has given me. Because of this software errors are easily identified and therefore corrected in a timely manner. I am so thankful to have found EzyRecon. I cannot thank Conrad enough for all his support. Cheers Conrad!!!