Bank reconciliation means comparing the account balance entered in your records with the balance appearing in the customer’s records, and being able to explain any discrepancy. Any difference in balances is often due to a delay from when the transaction is entered in your records and when that transaction shows up in your customer’s records, e.g., outstanding checks, collection of service charges and interest payments.

Our Account Reconciliation Service helps you manage your checking accounts more efficiently than if you reconciled the accounts yourself. It can also free up bookkeeping staff for other tasks. Businesses with high volume checking accounts can especially benefit from this convenient service.

We offer various options ranging from a simple numeric fine-sorting of checks to a full reconciliation detailing those checks paid, those issued and those still outstanding.

So better, it’s time to outsource the job.

There are varying levels of outsource services a company can access to better control its payment process and, at the same time, reduce the tedious labor involved in reconciling checks. Which service is best for your firm will depend on your company’s internal reconcilement system, staffing and check volume.

With those factors in mind, let’s review some of the ways your outsource provider can help protect your firm against check fraud. Traditional check processing outsource options include:

Reconciling check disbursements has always been a time-consuming and tedious cash management duty. Sorting the checks by number, reconciling them against payment records, and creating monthly disbursement reports is a long and tiresome process for an overworked treasury management staff.

• Partial Reconcilement. The bank generates a report indicating all checks that have been paid. The report includes the check serial number, check amount, date the item was paid, and bank sequence number.
  
• Full Reconcilement. At the end of each check-issuing period, the company sends an electronic file of issued checks to the bank. After receipt, the bank prepares reports of both paid checks (the same report prepared for the above Partial Reconcilement) and unpaid items. Additionally, the bank provides a merged report that lists both outstanding and paid checks in sequential order.