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Account Reconciliation

Timely reconciliation of your disbursement accounts helps you identify errors and minimize risk of loss due to fraud or theft. By automating your reconciliation process, you can save time, improve accuracy and free your staff to focus on other core business functions.

Check Reconciliation

As checks are processed at BankAtlantic, MICR information is captured and stored in the account reconciliation system: check number, paid date, and dollar amount of the check. Choose between full or partial reconciliation.

Full Reconciliation

The full reconciliation report lists both paid and outstanding checks in serial number sequence order. The report displays the check amount, payment date, issue date, as well as the bank processing sequence number. Your company must provide detailed check register information for BankAtlantic’s reconciliation system to perform the matching process and produce the full reconciliation report. The full reconciliation report can be mailed to you in hard copy, or accessed from your PC through BankAtlantic’s online banking system.

  • You provide us with detailed check issue data via an online secure file transfer
  • We add check issue data to an outstanding file, against which paid checks are matched and balanced
  • We send you the full reconciliation report with the following information to update accounts payable:Checks paid listing, Checks outstanding listing,Exception report,Paid items, not issued,Balance recap

Partial Reconciliation

Partial Reconciliation provides a report of paid checks listed in check serial number order, along with the paid date and dollar amount of each cleared check for the time period defined by your company. Your staff can easily compare the paper report that accompanies your statement to your check register. The report may also be accessed from your PC through BankAtlantic’s online banking system, as a data file. A data file of paid check information from BankAtlantic will allow your company to automate its reconcilement process. Transmitted data serves as input to your internal check reconciliation system where the check register and paid item data can be electronically matched.

We provide you a listing of items paid for the statement cycle

Paper reports accompany the bank statement – data includes serial number, reference number, amount and paid date
Data is available online

Account Reconciliation Benefits:

Savings

  • Save time and money by automating the labor-intensive reconciliation process

Control

  • Increases accuracy and timeliness of account information
  • Improves audit control and alerts you to any fraudulent activity

Efficiency

  • Simplifies your accounting tasks
  • Accelerates problem resolution and reduces exceptions from posting errors
  • Expedites and simplifies check research

 

 

 

Securities and Investment Products are:

• Not a Deposit • Not FDIC Insured • Not Bank Guaranteed • Not Insured by any Federal Government Agency • May Lose Value

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