What to Know About Bank Reconciliation


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Retail Best Practices Series: A features/benefits summary of Bank Reconciliation.

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What to Know About Bank Reconciliation

  1. 1. What to Know About Bank Reconciliation This document provides a features/benefits summary of Bank Reconciliation; a feature included free of charge with Accounts Payable in Eagle. Overview One of the most important aspects of running a successful business is effectively managing cash flow. And, a big piece of cash flow management is the ability to reconcile the debits and credits your bank accounts show with the debits and credits your system shows. Eagle provides Bank Reconciliation; a feature that helps make this process more efficient. Benefits • Identification of discrepancies between your bank accounts and your Eagle financials system so that you have confidence in your current cash position. (e.g. like an individual balancing his/her checkbook so he/she doesn’t overdraw) • Include all types of checks, deposits and fees so that you have a comprehensive view of all transactions that directly impact your bank balance. • Easily correct mistakes while maintaining an audit trail to ensure control of the reconciliation process. • Work more effectively by controlling the transactions you want to reconcile from each of your bank accounts. • Easily view your current account balances, including checks that have not yet cleared (e.g. committed checks). Features • An easy to use viewer, or bank reconciliation ‘wizard’, with a complete view of all transactions that impact bank reconciliation. And, the ability to quickly mark reconciled transactions. • The ability to make changes and correct mistakes to reconciled transactions, with a complete audit trail. • Include AP checks, payroll checks, manual checks, voided checks, bank fees, deposits, and more so that you can completely reconcile bank statements from multiple accounts with your Eagle financials system. • The viewer displays all bank transactions with totals, subtotals, current and last balance information. • An audit system that includes date, time, employee number and notes so that you can see who reconciled or made changes to a reconciled transaction. • The viewer has a consistent look and feel to other viewers within Eagle to reduce your learning curve. • The ability to control the transactions you view by entering a date range, store or bank code in the bank reconciliation viewer header. • Each transaction displayed in the bank reconciliation viewer includes all the informational elements that you would see on your bank record; such as payee, amount, transaction date, and check number to make reconciliation easier. Contact us for more information on Epicor Products and Services  +1.888.463.4700  Worldwide Headquarters San Francisco Bay Area 4120 Dublin Boulevard, Suite 300 Dublin, CA 94568 USA Toll Free: +1.888.448.2636 Direct: +1.925.361.9900 Fax: +1.925.361.9999 epicor.com Latin America and Caribbean Blvd. Antonio L. Rodriguez #1882 Int. 104 Plaza Central, Col. Santa Maria Monterrey, Nuevo Leon, CP 64650 Mexico Phone: +52.81.1551.7100 Fax: +52.81.1551.7117  eagle@epicor.com  Europe, Middle East and Africa No. 1 The Arena Downshire Way Bracknell, Berkshire RG12 1PU United Kingdom Phone: +44.1344.468468 Fax: +44.1344.468010  www.epicor.com/eagle Asia 238A Thomson Road #23-06 Novena Square Tower A Singapore 307684 Singapore Phone: +65.6333.8121 Fax: +65.6333.8131 Australia and New Zealand Level 34 101 Miller Street North Sydney NSW 2060 Australia Phone: +61.2.9927.6200 Fax: +61.2.9927.6298 The contents of this document are for informational purposes only and are subject to change without notice. Epicor Software Corporation makes no guarantee, representations or warranties with regard to the enclosed information and specifically disclaims, to the full extent of the law, any applicable implied warranties, such as fitness for a particular purpose, merchantability, satisfactory quality or reasonable skill and care. This document and its contents, including the viewpoints, dates and functional content expressed herein are believed to be accurate as of its date of publication, October 2013. The usage of any Epicor software shall be pursuant to the applicable end user license agreement and the performance of any consulting services by Epicor personnel shall be pursuant to applicable standard services terms and conditions. Usage of the solution(s) described in this document with other Epicor software or third party products may require the purchase of licenses for such other products. Epicor, the Epicor logo, Business Inspired, and Eagle are trademarks or registered trademarks of Epicor Software Corporation in the United States, certain other countries and/or the EU. Copyright © 2013 Epicor Software Corporation. All rights reserved.