In both TRAVERSE and OSAS you must set up BANK ACCOUNTS to direct incoming and outgoing funds to a particular account. All this function does is direct transactions to the proper General Ledger Account and allow processing to the proper Bank Account and GL number.
While this steam lines the process of Cash Receipts, Payroll, and Invoice Payments it does not keep up with the checks or deposits that have passed through the bank account, thereby you must go to either the AR history, the AP history, the PA history, or the General Ledger in order to reconcile your bank accounts.
With the Bank Reconciliation application all deposits and checks that are processed in AP, AR, PA, flow into bank reconciliation. They remain there so that at month end you can ‘tag’ each deposit or check that has cleared the bank and check your totals to know that your bank account is in balance with your General Ledger.
With Bank Reconciliation you can also enter transactions directly into Bank Reconciliation. These can be monthly fees electronically taken from your bank account or transfers of fund between bank accounts, or any adjustments that need to be made.
If these same adjustments occur each month you can set them up as ‘recurring adjustments’ and automatically bring them into transactions each month when you reconcile your bank account.
When you void a check out of Payroll or Accounts Payable this ‘voided’ check will also be reflected in the Bank Reconciliation balance. You can also void checks from right within Bank ReconciliationIf .
If you’d like a demonstration of Bank Reconciliation and how it can speed up your processing? Give us a call or send us an email!