Reconciliation system that automates account reconciliation process to a large extent, thereby cutting down time and dependence on manual reconciliation expertise. Also includes a web based efficient component for Reviews, Maker-Checker and Escalation capabilities.
| Options | Features |
|---|---|
| SECURITY | |
| User Management | Functionality for users to be managed. User ID's can be created and maintained (added/ removed) in the system. |
| Role Based Access Rights | Access Rights can be managed for a Group (Role) of users. |
| Multiple Account Setup | Multiple Recon accounts (sets) can be setup & processed within the same system &
database. Multiple Customer Accounts can be created and managed withihn the same implementation. |
| Multiple Customers | This option allows handling of multiple accounts of multiple customers within same system. Each Customer's accounts and data can be segregated physically, if required, for better security. |
| Relationship between User and Customer | Relationship between users and customers can be established & managed through this feature |
| Aging Rule Account | All accounts of a particular account type to which aging rule applies would be aged according to the rules specified. |
| AUTO MATCH | |
| Single/All Account | Matching of records of single/All accounts is performed in a sequential manner. |
| Account Rule | Using this feature, single account rule can be specified based on which reconcillation is done. |
| Multiple Account Rule | Reconcillation can also be performed on the basis of multiple account rules. |
| MANUAL MATCH | |
| Expand Transaction | User can select a required transaction and break it into a number of transactions |
| Collapse Transaction | Allows to club a number of transactions into one transaction on the basis of reference number. |
| Reverse Collapse | This is "Undo" of collapse. Collapsed transactions will come to original state. |
| Write-Off | Transactions that have been not reconciled for a long time and needs to be written off. |
| Reverse Write-Off | "Undo" of Write-Off. Write-off transactions can be reversed provided feed to external data source has not been generated. |
| Recon Soft Closure | After closing a particular a/c, transactions would appear in "Overdue Rec Stages" link. |
| Recon Review & Finalization | For a particular a/c, transactions can be final closed by an approver after which they cannot be uploaded. |
| Email notification for Reco. Review | Auto Email notification would be generated to a Reviewer, when an account is Soft-Closed by Reconciler |
| Send Match Set for review | Reconciler can send specific matched transactions to approver for review |
| Usage Instruction | List of various usage instructions can be maintained in the system. |
| Account Docs | Files can be stored with the help of browse button in account docs. |
| Replace Reference | Will specify if reference number of transaction uploaded from file can be edited for that particular account type. |
| Notepad | Notepad can be used using this feature. |
| JOURNAL VOUCHER | |
| JV Data | Journal Voucher entries are generated by system for the variance match sets. |
| UNDO | |
| Complete Undo | Any matched set of transactions can be Undone by the user. |
| Selective Undo | Partial matched set (i.e. some transactions) of a matched set can be Undone by the user. |
| HOUSE KEEPING | |
| Currency Setup | List of various currencies is maintained in the system. |
| Location Setup | Details of various locations is managed using this option in the system |
| Business Unit | Business Unit details are stored and managed in the system. |
| Account Template | A number of account templates can be created and maintained in the system. |
| Recon Sourcey | Multiple types of reconciliation data inputs can be setup in the system. |
| Recon Type | List of recon types are maintained in the application. |
| Recon Rule | Details for Recon Rules can be managed in the system |
| Recon Frequency | Detail for indicating frequency of Reconciliation can be handled. |
| Review Calendar | Review calendar list is managed using this feature. |
| Escalation | Escalation email is fired, if problems are encountered in uploading. |
| Aging Parameters | List of various aging parameters are maintained. |
| REPORTS | |
| Aging Report | Report to show Categorized aging of un-reconciled transactions, summarized on account level. |
| Outstanding Transactions Report | All outstanding transactions which are there in the system are shown in this report. |
| Exhibit Report | Annexure wise exhibit report is provided in the system. |
| Reconciliation Report | All Reconciled transactions are shown in reconciliation report |
| Variance Report | Transactions which have been reconciled with variance are shown in this report. |
| Recon Work Dashboard (Client Work Set andPeriod Wise) | Transactions categorized on date range for a single/All clients. |
| Resource wise accountwise productivity report | Users are given the report of resource wise reco lite work set wise resource utilization |
| User Management | Functionality for users to be managed. User ID's can be created and maintained (added/ removed) in the system. |
