Bank Recon Automation
- Home
- Bank Recon Automation
Issues
- Lot of manual reconciliation
- Delayed month end closure
What we did
- Enabled auto transactions import feature in the ERP (Oracle)
form the bank statement. - Scheduled daily bank statement (MT940 format) to be sent to ERP directly by the concerned bank
- Set up reconciliations rules to auto mark invoices as paid or receipt in the system.
- Achieved 76% auto reconciliation in the first 3 months of implementation.