BACS Reconciliation

How can Cognitronics BACS Reconciliation Suite aid this process?

• By using the Cognitronics BACS reconciliation suite, the BACS file is read and relevant information stored and displayed
• As paper statements are received they are scanned and information regarding customer account numbers and individual transactions is extracted using intelligent software ‘drag and drop’ techniques and the results stored and displayed with relevant information
• The operator can now chose to manually on line match a ‘paper’ record/s to a BACS record/s where the totals of both are equal. This is achieved by selecting a record/s from both ‘statement’ and ‘file’ clicking ‘Accept’
• Initially the BACS customer reference number will probably have no connection to the account number of the receiving company, however as each manual transaction is matched the system stores the relationship between the two references in a separate database and hence ‘builds up’ a record of the cross references between the BACS reference and the customer account number
• The program can be instructed to ‘Auto Match’ where it will see if it has a match between a ‘paper record’ and a ‘BACS’ record using the cross reference file that is being built up from the ‘manual’ matching process described earlier and the total amounts. If such matches are found the operator is asked if they will ‘accept’ the match
• Matched records will be removed from the display and an output file produced which contains all invoice/credit note details and amounts allocated to them extracted from the ‘paper’ statement along with any files required to update other ledgers to move the money that has been paid in to the correct account. At this point the BACS entry has been fully reconciled and the Sales Ledger on the main accounts can now be fully updated to reflect the current financial situation
• As the system is used, more and more transactions will be auto – matched hence greatly reducing errors and operator selection, and making the whole process far more efficient and allowing the accounts system to be as up-to-date as possible
• Another advantage of this application is in the instance where the Accounts Software can export outstanding Invoice Numbers and Amounts. The BACS payment received can be checked against all total outstanding amounts. If there is a match, the output file can be created to include all Invoice Numbers and Amounts with no Operator intervention.