Automated Bank Reconciliation for PeopleSoft Treasury

Bank reconciliation with PeopleSoft

Organizations without an automated bank reconciliation process in place face several different challenges including inefficiencies with time management and real-time reporting. Manual bank reconciliations are typically performed in Microsoft Excel, and those Excel workbooks require a high degree of manual effort that is prone to error. Human error is often the culprit of erroneous accounting entries to the General Ledger, bad book-to-bank reporting, and increased risk due to a lack of real-time fraud detection. Multiple sources of data, logging into bank portals, for example, requires a lot of valuable time and effort. Productivity is lower when reconciliation is manual, and more internal controls are necessary and expensive.

The PeopleSoft Treasury functionality for bank reconciliation is both powerful and user friendly. It delivers insight into your financials as well as introduces automated solutions that increase team efficiencies. Implementation of PeopleSoft bank reconciliation automates bank statement load, reconciliation, accurate accounting entries when required, and real-time fraud detection and reporting.

Bank Statement Processing & Reconciliation in PeopleSoft:

Automated bank statement loading saves users valuable time and energy. Before starting the workday, all prior day statements are loaded into the system. Automatic Reconciliation (Auto Recon) will then compare the bank statement to the PeopleSoft system-side to reconcile approved items. System-side transactions include Treasury, Accounts Payable, Accounts Receivable, Billing, Expenses, General Payroll and can include third-party systems outside of PeopleSoft.

Bank statement items not in the system will be flagged as exceptions. Bank Statement Processing (BSP) can take care of those items on the bank statement that are not in the system. If some of the exceptions are valid, such as Zero Balance Account (ZBA) transfers or fees, the exceptions can be automatically added to the system-side, with the appropriate accounting entries, and reconciled. Any remaining exceptions may be a potential source of Fraud that can be addressed with the bank immediately.

Reduction of Time and Energy Spent on Reconciliation: 

PeopleSoft automated bank reconciliation increases efficiency and frees up users and teammates for analysis. Bank statements are automatically loaded, Auto Recon compares bank-side transactions from Previous Day statements to system-side transactions, and appropriate bank-side transactions not in the system are recorded using BSP.

These are just a few of the key features and benefits automated bank reconciliation in PeopleSoft Cash Management has to offer. For further details and additional information, check out the webinar recording for “Treasury Transformation through Automated Bank Reconciliation and Cash Forecasting in PeopleSoft 9.2” available here.