ReconXpert

Although ReconXpert was originally created to reconcile the Federal Reserve accounting information to the financial institution’s general ledger, the application has evolved to eliminate all time-consuming manual reconciliation processes while ensuring that accurate and timely information is available to the financial institution’s management in order to make crucial business decisions on a daily basis. To date, customers have found this application to be so flexible that they perform the following reconciliations, among others, utilizing interfaces that Sydel has created and includes with the application:

• Accounts Payable Transactions
• ATM Transaction
• Credit Card Statements
• Depreciable and Fixed Assets
• Federal Reserve (FedLine)
• General Ledger Accounts
• Internal Accounts
• Loans in Process
• Security Positions
• S.W.I.F.T. Financial Messages (i.e. MT-940 & MT-950)

ReconXpert contains two distinct modules that work together to create an advanced reconciliation tool that has unparalleled soft-coded matching rules for rapid set-up and reconciling.

The Operations Module is a Web-based application that allows your organization to perform multiple reconciliations based on the business rules defined in the Administration Module. The results are displayed and the users have the ability to review automatic matches, create manual matches and manual journal entries, track open items and investigate items. By virtue of the data warehouse that is created, various searches and management reports are provided as documentation of a successful reconciliation for accounting, compliance and management review

The Administration Module is a Web-based application that enables users to define file information sources, define reconciliation types, soft code rules to be implemented by reconciliation type and define strict application security parameters. Additionally, a Digital Diary documenting every move in the system provides auditors with the perfect tool to verify the integrity of the application.