REDUCE CASH MANAGEMENT COMPLEXITY
Cash reconciliation is a complex undertaking for any retailer. Regulatory compliance, stringent internal audit demands, and fiduciary duties amplify the task of ensuring accurate transaction reconciliation and financial certainty. Today’s retailer needs to cope with many cash reconciliation complexities; reconciling multiple bank accounts and cash deposits, storing cash in both the drop safe and cash deposit devices, disbursements, cashbacks, and money transfers at the till.
ReconAssist™ Cash enables businesses to control cash throughout the cash flow cycle. With features including an electronic cash book, in-store float management, automated exception handling, and cash flow reporting , this enterprise wide service enables your business to manage and reconcile all cash streams.
A FEATURE RICH SERVICE
ReconAssist™ Cash enables businesses to guarantee all cash usage is electronically recorded, automatically reconciled, audited, and visible to the relevant stakeholders and systems within the enterprise. The service tracks cash flows across cashier work stations, in-store cash office (safe, cash deposit devices, back office systems), cash centres, cash-in-transit (CIT) service providers and bank accounts.
ReconAssist™ Cash is a fully configurable service ensuring alignment to store and head office cash processes. The system supports the configuration of multiple bank accounts from multiple banks, enabling reconciliation against multiple control accounts in the general ledger. Trading calendars can be set from week period to financial year-end. ReconAssist™ Cash may be configured for branch deposits or CIT collections. Depending on your product selection from your acquiring bank, ReconAssist™ Cash may be configured for float ordering, same day settlement, Autosafe reconciliation, and automated ledger postings of verified deposits, overs and unders.
ReconAssist™ Cash provides a single system for managing cash processes across banks. The service normalises all data into and out of your retail systems and standardises all reporting and internal processing.
The Cash Book feature offers an electronic petty cash entry system for administrators, enabling users to record all cash movements electronically on a daily basis. The Cash Book maintains a real-time running balance per configures trading outlet for real-time reporting of store balances. All transaction activity is available on-line in real-time. The Audit function ensures that balances are verified and validated using recommended industry controls.
Businesses can submit an electronic copy of all cash transactions for the day to ReconAssist™ Cash. The system uses the theoretical values to ensure all CIT collections and bank deposits are allocated to the correct day regardless of collection time or deposit type (cash deposit device, branch deposits, CIT collections).
Bank Statement Processing
Bank Statements can be imported into ReconAssist™ for onward processing to the general ledger. ReconAssist™ translates statement entries into journal postings for automated transaction posting to finance systems. Bank Statement entries are also reconciled to the day’s trading position to maintain data integrity and identify any drift between theoretical and actual values.
The Cash Flow reporting feature enables treasury and store management to use historical data to make improved future cash requirement decisions. All cash usage is recorded in ReconAssist™ Cash and made available to decision makers in accordance with the configured forecasting rules. The ReconAssist™ Cash data model stores all transaction activity at all levels.
Bank Service Support
The ReconAssist™ Cash supports the processing of various bank product offerings including Same Day Value services, float ordering and automated verified deposit posting. ReconAssist™ Cash is easily integrated into your new offerings giving you peace of mind that your cash solution will adapt and grow with your banking vision.
Float and Petty Cash Management
This feature allows administrators to configure float pack denominations for easy electronic ordering and administration of in-store float and petty cash. Float orders can be placed via this service and float receipts are recorded in the Cash Book on delivery, where a running balance is updated. Daily Float issued to cashiers can be captured by staff or submitted to ReconAssist™ Cash using an electronic file. Coupled with a Track and Trace capability, diagnostic reporting enables administrators to monitor the full float lifecycle from float deliveries vs. orders, to float usage by cashiers and bank withdrawals against receipts.
Electronic Deposit Slip
ReconAssist™ Cash submits sales totals for each store and cashier to the bank to assist the cash count process, enabling timely crediting of store takings. The ReconAssist™ Cash system caters for any number of transaction types from cash, cheque deposits to In-store withdrawals and re-banking of the surplus float.
Track and Trace
ReconAssist™ Cash supports CIT tracking from CIT service request ordering through to tracing the deposits from store to cash centre. Logistical reports are made available, enabling business access to a comprehensive cash transportation and movement audit trail.
ReconAssist™ will post any number of transactions to the general ledger including bank deposits, overs/shorts declared and any corrections performed.
- Increased transparency of cash on site.
- Determine accurate float pack values based on analytical reporting.
- Reduce staff count for reconciliation tasks.
- Eliminate manual processes.
- Quick turn around of exceptions.
- Your bank integration partner for complex electronic cash management processes.