Bank Reconciliation System

SSI's Bank Reconciliation System is designed to manage all the check transactions produced by any of SSI’s other software systems for reconciliation with any or all bank accounts maintained. It includes the following features:

 

 

• Maintains a database of all check transactions produced by any SSI software system, including manual checks, voided checks, and stopped payments

• The system gives the Fund the option to create an electronic file of all check transactions to send to a bank, if the bank provides the reconciliation reports, or the Fund Office can perform the account reconciliation.

• By keying in individual check numbers, and verifying check data manually

• By accepting data from a bank in electronic form and automatically recording cleared checks

• Detailed Data Reporting. Including reports of:

• All checks issued

• All checks cleared, with the date cleared and highlighting any checks cleared for an unexpected amount

• All checks outstanding

• All voided checks

• Cash deposits or bank charges may be entered in order to compute a checkbook balance at any time

• Each payment system, e.g., pension payment, health or disability claims payment, accounts payable or annuity administration, properly displays the check status within the payment system to assist the participant services department in responding to questions.