Wish List for a Bank Reconciliation Software
1) I prefer an Excel based stand alone bank reconciliation software. In this way, I can easily modify the report.
2) I need one where I don't have to do anything except download the book and bank file into either an Excel or CSV file.
3) It should be able to do the bank reconciliation without too much effort on the part of the user.
4) It should be able to take any bank and book file as its data source.
5) The initial set up to get it running should take less than 30 minutes. In other words, it should be easy to install. It should be maintenance-free – there is no need for a tech support every now and then.
6) I should be able to install the software at my laptop to run it at home, if needed, without additional fee or whatever.
7) There should be no lengthy instruction to run the software. It should be intuitive or logic driven.
8) The process to reconcile should not be complex, but rather confined to a few simple steps, preferably three steps.
9) The final report should be to present a two-column bank reconciliation from unadjusted to reconciled book and bank balances.
10) It should have the option to present the reconciling item either as book or bank error. Sometimes, the bank cleared the wrong check amount.
11) If it is a bank error, it should present it under the bank column as a bank adjustment.
12) It should be able to track the sweep investment account that we have and present it as a bank reconciling item- meaning it is added to the bank balance.
13) It should be able to monitor the unrecorded check last month that we record in the current month.
14) It should be able to prepare the suggested journal entries for all the reconciling items.
15) It should be able to re-do it for as many times as I needed. I may have to book the reconciling items and want to do the bank reconciliation after booking it.
16) I should have to option to recalculate or tag things that I think should be reconciled.
17) It should be able to find or tag, many book deposits to one bank deposit.
18) It should find the ACH bank debits that we record as a dummy vendor check.
19) It should find the ACH bank credits that we record as dummy customer receipt.
20) It should be able to recognize that we record the disbursement in the general ledger as lump sum, but it is supported by another excel file that lists the details of the check. Our payroll is recorded as a lump sum entry at each pay period- there is only one entry each payroll for the net disbursement. However, there is another file coming from our payroll provider that lists the details of the check that agrees to the net disbursement.
21) It should be able to do the same for the deposits. We record the credit card deposits as one lump entry per cost center, per month. However, there is a separate worksheet from the credit card processor that lists the breakdown of the deposits per day, per store. The system should be able to recognize this scenario.
22) It should find the many bank debits or sweep transfers that we record as one lump sum at the end of the month. Meaning there are many sweep transfers in the bank, but only one entry in the book.
23) It should be able to keep tract of my unrecorded book and bank adjustments. The system should be able to monitor the unrecorded checks, if any.
24) I should have the ability to change the presentation of all reconciling items.
25) The company should have a good customer support that we can verify from previous unbiased clients.
Lastly, it should not cost me an arm and a leg.
If this list is the same as yours, then, you can use Ezyrecon. It can fill all the above as YES. You can request a test program or a virtual demo using their sample test data or your own live data. You can reach them at firstname.lastname@example.org. Alternatively, you can call at 323-596-5601 for other inquiries.