DataByte Bank Reconciliation application allows finance team to audit store sales by performing bulk matching between internal sales data and bank’s sales records. It begins by comparing bank statements and matches them up line by line to the totals for the respective stores on given day. This eliminates unnecessary manual operational steps and effectively increases business productivity especially for clients with hundreds of stores across Australia.
The bank reconciliation application is an integral part of WebTools, that allows importing and matching new bank statements, and searching and maintaining existing ones. Although, the application accepts all operating banks in Australia, usually our client’s would also like to extract extra information from the statement lines which can easily be catered for.
Users can upload any file using supported format from leading financial providers using import functionality. The file is then split accordingly and prompts users to accept the file.
Users can select Auto Match function to traverse through sales posting from Point of Sales (POS) and commit the transactions with the bank records. Or users can perform manual matching by selecting the outstanding records to the ones from POS (right).
By automating the reconciliation process, it eliminates inefficiency while ensuring integrity and consistency of the data matched. The process takes away unnecessary effort from finance team trying to match sales and bank statements, freeing up time to perform auditing on the stores’ behaviour and activities.