The Bank Reconciliation module brings great functionality and we recommend it as an easy addition to any AccountMate system. Here’s an overview of the benefits and implementation:
The Bank Reconciliation module provides a user friendly means of reconciling your bank statement (which may even be automated by importing files from your bank). It’s a reliable means of validating your balance sheet, reducing the number of Journal Entries, and creating Positive Pay files (required by many banks for fraud protection, this is a list of checks you’ve written so they know which ones to clear). The most immediate benefits most clients see, though, is clear instant visibility to your cash position without having to refer to Excel spreadsheets which may or may not be up to date.
If you’re not already licensed for it, the module is a flat price regardless of your concurrent user count. iSOFT typically implements and configures it in just 2 hours.
And that includes providing training—in your system with your transactions—to demonstrate how Accounts Payable and Payroll checks flow automatically into the Bank Reconciliation module, how Accounts Receivable cash receipts get recorded as Bank Deposits, how miscellaneous items (like bank fees and interest income) get entered as “Other Disbursements” and “Other Receipts” (automatically hitting GL), and the actual reconciliation process.
You’ll then be ready to reconcile your first bank statement—with us available for any questions. You’ll also likely have historical transactions which cleared prior to your bank statement, so we’ll clear out those historical transactions so your subsequent reconciliations will be even easier.
TIP: If you do have the Bank Reconcilation module and aren’t already importing bank transactions, here’s a PDF with do-it-yourself instructions, Article #1345 Technical Note: Understanding the Import Bank Transactions Feature. You know how to reach us if you run into a question or prefer to have us set it up for you.
In short, implementing the Bank Reconciliation module is an inexpensive and simple way to expand the functionality of your existing AccountMate system in critical ways—so give us a call to discuss the details.