Reconciliations Solutions

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.

  • The benefits derived are:
    • Improved accuracy through process standardization
    • Greater control through Reviews, Escalations & Approvals
    • Improved efficiency - Decreased costs
    • Easy identification of entries causing account balance discrepancies
    • Flexibility of Multi-Customers with Multi-Accounts.
    •  Account Reconciliation allows Multiple Rules that can be parameterized by user.
    • Timely Web-based MIS reports

FEATURES

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.

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