General Ledger

Ensuring Perfect Balance of General Ledger

The crux of the entire reconciliation process lies in matching the enterprise-wide multiple transactions with General Ledger of respective banks. However, this sacred book of accounting has always been subjected to repeated human and operational errors.

While spreadsheets and manual books are globally accepted for decades, most of the banks are realizing the significant interference of automated solutions for operational efficiency, hence resorting to the use of general ledger reconciliation softwares becomes a necessity.

Ascent AutoRecon^© which is currently being implemented in UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kenya and Malaysia automatically balances the transaction records with that of General Ledger, using highly intelligent algorithms. It extracts, verifies, validates and matches various types of transactions including, Cash Sales, Bank Statements, Cash Deposits, POS, Commissions, Internal Systems and AP & AR.

Functionalities of the General Ledger Reconciliation Software

• Updates the host General Ledger (and or other downstream systems) on real-time basis
• Performs necessary reversal and updates host GL, in case of cancel correction of already reconciled transactions
• Automated review and approval work flows, with proper segregation of duties involved in General Ledger Reconciliation, It also adds proper controls for users to General Ledger Reconciliations.

Cash Reconciliation

Ascent AutoRecon^© Cash Management Reconciliation software now instantly provides the treasure with the information to manage the cash position on a daily basis and make the arbitration. With Ascent cash management reconciliation software now banks and financial institutions can reconcile their cash on a daily, weekly, monthly or on demand basis.

The software has the feature to upload multiple data sources from different system and then can perform advances and intuitive management of current account by automatically reconciling the entries to track aged items and identify basis point impact of breaks.

Thus Autorecon^© Cash & Liquidity Management software solution is most comprehensive integrated cash management solution currently deployed in banks for UAE, Qatar, KSA, Oman and other GCC countries.