Overview

Generally for any reconciliation, there is a common key which is lookup to reconcile, for e.g. check numbers in Bank Reconciliation. But where there is no common key, its become a nightmare for any finance personnel to reconcile it. Where the quantum of transactions per day is 10000+, it's become very frustrating to perform the reconciliation.

 

The issues previously were:

 

1. The bank selected while executing transaction and from the bank amount actually received found to be different.

 

2. Any cash transaction found to be received from Bank

 

And there were numerous errors which this model has countered and addressed with 0% human intervention. I have made a reconciliation model for a retail giant in Pakistan, where reconciliation of sales from Credit Card gets reconciled in just less than 2 mins, which is per branch.

 

It has allowed the Company to know the accurate amount of money receivable from bank at any point of time where the transaction is unpaid. It's a combination of processes where transaction first reconciled through unique number, if available or else reconciled through model based unique generation code which ensure 99.99% accuracy of the reconciliation.

Share
Reviews Add a review
No reviews yet

More From Rahim Damani

Browse our top rated business templates. See All
Bank Reconciliation Report Generator
101
0
Generally, Bank Reconciliation is done to ensure reconciliation between the Balance of Ledger to the Balance of Bank and difference…
Bank Reconciliation Template
80
0
Generally, Bank Reconciliation is done to ensure reconciliation between the Balance of Ledger to the Balance of Bank and difference…
CAPEX Distribution Model
1,012
1
It distributes Total Project Cost per Project as per Project Duration by comparing to the project starting date, identifying the…
Income Categorization Model
919
0
It's a model which adjusts general entry to the period mentioned in its narration by identifying the period involved, distributing…
See All