Overview/General
- Track & Reconcile Accounts
- Import From Third Party System
- Interface With MIMICS Systems
- Compare Activities & Post Status
- Print Various Reconciliation Reports
MIMICS Account Reconciliation System Overview
MIMICS Account Reconciliation System will allow the tracking and reconciliation of any number of checking accounts at any number of different banks. The system imports statements submitted from the banks in an importable format (ie. Excel, CSV, Text). Next, the system imports the activity that must be reconciled. This can be from any of your MIMICS Financial Software Systems, or from a third party system (such as a third party General Ledger system). Imports from any MIMICS Systems are automatically handled by the MIMICS Account Reconciliation System. Imports from third party systems can be in any importable format (ie. Excel, CSV, Text). The system will print reports listing the activity imported from the statements for verification.
Tracking Reconciliation Errors is easy because the system will compare the activity provided from the bank with the activity from in-house. Errors, such as No Match Found, Incorrect Date, Incorrect Debit Amount, and Incorrect Credit Amount are recorded, and can optionally be posted to a Temporary Suspense Account. Suspense Account entries can be categorized and printed, to facilitate the tracking down of the cause of the errors.
Once the error has been tracked and corrected, the entries may be moved from the Temporary Suspense Account back to the Checking Account in a reconciled state. For unresolved errors, the entries may be moved from the Temporary Suspense Account to a Permanent Suspense Account that will be brought forward to the next accounting period.
Reconciliation Reports can be printed in a Summary or Detail level, showing the Beginning Balance provided by the bank, the reconciled entries in the period, and remaining suspense account activity in the period, and any outstanding items, such as outstanding checks to be cleared. Comparing this activity to the final balance reported from the bank will provide a report of the amount out of balance.
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