Account Reconciliation
Bank of Oklahoma offers several reconciliation options to satisfy your company's specific requirements.
Fine Sort - checks are sorted in serial number order to assist in reconciliation and discrepancy resolution.
Partial Reconciliation - a detailed electronic or hardcopy register of checks paid by BOK is provided, from the date of your previous reconciliation through the report date. The register lists paid items in serial number order.
Full Reconciliation - provides the status of all items in your company's disbursement account, both paid and outstanding. Your company supplies BOK with issued check information for all items issued during the reconciliation period. The reconciliation report then displays all check numbers, amounts, and the date items are paid or issued as applicable. Voided, cancelled, and stopped checks are also included.
Positive Pay (detailed in another section) - is the most sophisticated of all account reconciliation services. It is recognized as the premier defense against check fraud.
Range Reconciliation - simplifies the task of account reconciliation by reporting check numbers in sequence by serial number for a specified reconciliation period. Your company simply forwards input forms to BOK, specifying the "range" of serial numbers issued during the previous account period.
Deposit Reconciliation - provides complete account reconciliation of deposits made from multiple locations to a single account. Deposit tickets are MICR encoded with a location number in the serial number field. Each deposit made to your account may then be related to a specific operating location. Deposit Reconciliation reports may be provided on a daily, weekly, or monthly basis, totaling deposits by location or division.
Benefits
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Reduces management and clerical time associated with the tiresome task of reconciling your corporate accounts.
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Improves management and audit control of your accounts by providing concise and timely journals on check activity and historical information.
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Increases speed of reconciliation and improved accuracy resulting from the reduction of manual reconciliation errors.
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