Inter Bank Reconciliation
As per the system the Banks will maintain the account with Apex Bank, Public sector / Private sector Banks. The draft of such Banks will be either issued centrally through their head office or through the branches depending upon their geographical locations. These drafts were issued to the customers by the bank. The Branches will daily send the statement of drafts issued by them to their head office. Periodically the concerned Apex/Public sector/Private sector Bank will send the statement to the Head office with details of encashment of these drafts which will enable the Bank to maintain the balances in the Account. These entries are to be reconciled as soon as possible to maintain an effective accounting system in the Banks.
This inter-bank reconciliation module help the banks to automate the reconciliation to the maximum extent thereby reduce the work load on accounts department through timely and accurate reconciliation of entries. The automated Inter Bank Reconciliation system will improve the productivity of an organization by increasing the efficiency of the employees.
The factors on which Bank entries are reconciled are Account Linkage, Debit/Credit Flag, Amount, and Instrument No.