eZRecon

eZRecon is a client based application utility software internally developed by Lotex for doing reconciliation of two data sets. Reconciliation of internal GL accounts, Bank reconciliation, HO Vs Branch data reconciliation, etc. are some of the reconciliation activities that can be performed using eZRecon utility tool.

Key Benefits

  • Automated transaction matching – an in-built rule engine where matching rules/processes can be defined
  • High speed matching at the rate of several thousand records per minute
  • Scheduler to perform automated transaction matching
  • Manual matching window available for user with unmatched records (which did not pass the auto matching rules)
  • Many to many matching
  • Multiple Templates can be created and stored based on the nature of reconciliation. eZRecon remembers each settings
  • Unique Recon ID will be generated based on the mode of reconciliation – Auto match or Manual match, based on which the matching history can be tracked down in a future date
  • Audit trail – A full audit trail is created for each record – from import through matching
  • Risk Assessment – For the records which remain unmatched, a detailed explanation is provided as to why they did not match – allowing user to follow up based upon exposure and their own internal risk assessment
  • eZRecon can be integrated with all major accounting, billing, payroll and other industry financial packages
  • Reporting – User can export industry standard reconciliation reports, as well as user ad hoc reports to the screen, printer, Excel or HTML.

Need for Reconciliation

  • To ensure the reliability of the financial records and maintain data integrity
  • A robust reconciliation process improves the accuracy of the financial reporting function. It provides an independent verification of the accuracy of the accounting records of the business
  • Bank reconciliation is important to get a clear idea of how much cash is available in bank account
  • Risk mitigation – Necessary part of the internal controls of a business particularly in terms of identifying recording errors and fraud