Credit card reconciliations provide their own unique challenges.ReCons  the Credit Card Reconciliation solution from Codea Technologies takes the pain out of the credit card reconciliation process. ReCons is an easy, cost-effective, automated alternative to manual, error-prone credit card reconciliations.
Whether you're working from Excel, paper statements, or a home grown system, we can help.

ReCons for Credit Cards provides:
·Multi-site credit card reconciliations.
·High speed matching for site-to-site, amount-to-amount, and credit card type-to-credit card type within a user defined date range.

Included in the program is a look-up table that converts merchant numbers into site numbers, allowing for multi-site matching. In addition, our software extracts merchant numbers from bank text fields so they can be converted to site numbers
.
Matching with three sets of data: Bank, Internal and your Credit Card Processor

Using the credit card edition as a base (some customization required), use your Credit Card Processor's data as an index/lookup table to help group and batch your detailed transactional data to match to the batched/summarized deposit data in your bank statement. For using three types of data

A. Typical '2-way'

In a 'typically' scenario - only two sets of data are used in the Automated Transaction Matching process - your internal records and the bank's record. This can be used when batches are recorded in your internal records, and the bank data is in a similar fashion.

B. Internal -> Credit Card Processor -> Bank Matching Process

However, there may be times when your internal records are kept in a detail/transactional manner, and a match is needed to the bank's batch amounts.

This matching can be achieved using either a:
   --programming routine, or
   --lookup table

Programming Routine

This involves consolidating internal detail records and attempting a match against the bank's summary record. If successful, each detail record, along with the bank record, are marked with the unique audit trail number. If unsuccessful, a secondary (or tertiary) matching routine can be applied to attempt a match. Otherwise, the records remain unmatched and can be manually acted upon or followed up in one of our standard reports.

An example of when a programming routine would be indicated - all credit card deposits for the day are batched and sent to the processor in one batch. This batch is processed and sent to the bank for deposit. Any fees, commissions, or charge backs would be processed separately and not effect the batch total.

Our programming logic would summarize the detailed records by calendar date for the match against the bank records.

Lookup table

Sometimes life is not so simple, in that calendar date cut-offs are not available - or followed - on a regular basis. When the relationship between the detailed transactional records and their corresponding bank summary record can not be programmatically defined (either through logic or consistency), a lookup table will be used.

This lookup - or 'index' table will be used as a reference by the program to help identify the relationship between the two sets of data. In addition, the table can be used to help identify differences between the sets of data and generate an adjusting entry on the internal record set.

Example:

Twenty credit card transactions were received at a retail location for a total of Rs 1,50,000.00. Upon closing for the night ('Z' ing the register), this detailed information was transmitted by that location to their credit card processor. The credit card processor rejected one of the transactions for Rs 30,000.00 and sent the remaining Rs 1,20,000 for payment to the bank. The bank records reflect a Rs 1,20,000.00 deposit.

Using a lookup table, Bank Reconciliation would identify the Rs 30,000 rejection at the processor and would generate a detailed entry on the internal books for –Rs 30,000. Depending on the default settings chosen by the retailer, this exception can be flagged for further validation/verification, or processed and marked as matched, and of course available for management review on an exception report.

Technical detail from above:
The system actually creates two equal and offsetting entries, one for Rs 30,000 and one for –Rs 30,000. The match would consist of the following records:
Internal Rs 1,50,000.00
Internal - Rs 30,000 (system created)
Bank- Rs 1,20,000
 The remaining Rs 30,000  system created entry would remain open as an un reconciled entry, available as a source for journal entry back into your accounting system (note - this entry can also be suppressed as above).
Of course, the same logic above applies to fees, charge backs, and any other adjustments.

Regardless as to whether your application necessitates a programmatic approach or lookup table approach, these are custom applications - and these routines would be in addition to the off shelf version available on the Internet

Additional Features:

·Provides high speed automated matching capabilities.
·Takes into account the deposit float - in days- until your deposit is credited at the bank.
·Accommodates for multiple locations with various merchant numbers and/or site numbers.
Recons Software's credit card reconciliation system handles this and more. You can automate the entire process, so you and your staff can focus on the most important records - namely the exceptions.

ReCons Software offers:

·SQL Server compatibility and security
·Responsive customer support
·A company with a track record of success
·Affordable and cost effective licensing options
·Software that fits your business
·A highly documented, mature program with an on-line Knowledge Base
·Easy installation - Install at an individual workstation or a SQL or Citrix server (optional).
·Easy and intuitive solutions - We are a Microsoft Certified Partner and fully support Copy and Paste with Excel.

Compatibility:
Your data can be in any common file format, and can be generated by virtually any accounting package, payroll system, on-line banking system or credit card service provider.

For more details of Recons contact us