Performing a monthly bank reconciliation can be a tedious task for any accountant or bookkeeper. However, this necessary evil also keeps us on top of a company’s cash position, and thus cannot be neglected. Luckily, Adagio BankRec can speed up the bank reconciliation process significantly, while making it easy to account for NSF checks and apply payments to high volume accounts.
BankRec, which integrates with Receivables, Payables and Ledger, provides a single point of entry for cash receipts into Adagio. An on-line inquiry instantly shows your current cash position, and allows you to recalculate the position “as at” any date in the past. The reconciliation process is simple and straightforward, easing month end processing chores. Unlike bank-based reconciliation services, Adagio BankRec does not require you to tell your bank what checks have been issued. The deposit slip report saves you the trouble of manually listing each check on your bank’s deposit slip.
BankRec’s top features include:
- Monitor your cash position with up-to-date cash balances
- Reconcile your bank statement with a few mouse clicks, or import your bank statements and reconcile your bank account electronically
- Auto-apply cash to outstanding invoices in Receivables
- Drill-down from a deposit to see the individual checks making up the deposit
- Automatically reverse NSF checks, accounting for bank fees and charges to the client
- Automatic creation of a cash batch for Adagio Receivables
- Automatic retrieval of all checks written in Adagio Payables
- Automatically mark cleared items in Adagio Payables
- Import checks and check batches written by other systems such as payroll
- Determine your expected cash position with the Cash Flow Report — forecast cash shortages and surpluses by aging Receivables, Payables and estimated payroll amounts on a single report.
- Print donation receipts and maintain an audit file of donations
- Print a bank deposit slip
- Supports Multi-currency
This is an excerpt from The Score Adagio newsletter. Find more issues, technical tips and more here.