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Automatic Bank Reconciliation is a paperless bank reconciliation procedure that is designed to minimize the number of bank statements that must be reconciled by hand each month. Typically, business management firms receive hundreds of monthly bank statements. For the majority of those statements simply clearing checks is sufficient to generate an in-balance bank reconciliation report. Performing this repetitive work on most statements uses time of account managers that could better be spent on other tasks.
Since most major banks have the ability to generate a data file, tape or diskette that contains similar information to the paper statement, the Bank Reconciliation Program can take that data, process it and in most instances produce balanced bank reconciliation reports. The only effort required by the account manager is to select a menu option and answer three questions. By receiving the data from the bank on tape or disk, bank accounts can be reconciled sooner than waiting to receive paper statements, process them in the mail room, distribute them to account managers, and then have the manager reconcile each account, one by one.
"Automatic Bank Reconciliation" is part of the Datafaction line of products, developed by Datafaction.