1. We need to match two or more journals with one or more bank statements , how do we achieve this with Churpy Reconciliation?
Answer: Currently we can handle multiple statements from one bank. Working on comparing internal records with different bank statements simultaneously.
2. How do we match transactions sticking out from two or more journals with multiple bank statements. Following this question, transactions that spills out from the bank (that could not be match with wallet report) how can it be automated as such that it will correspond with each wallet report bearing in mind that multiple partners payout through the bank ?
Answer: We can rely on the information that you pass to the bank from the internal system as unique identifiers e.g bank account, original transaction ID,In cases where there are no clear unique identifiers, we can use loose markers such as value date and amount and provide suggested matches for the team to narrow down the matching set (as opposed to looking through the entire statement(s).
3. Can the automation process detect when a transaction was paid out by a bank and same paid out by another bank?
Answer: We have an update going out at the end of July to flag duplicates.
4. How do we go about when we need the bank statement to be segmented by each partner ?
Answer: We can develop a tentative dashboard with the team post-reconciliation - we’d need a connection to the ERP to provide up-to-date analytics.
5. How do we go about when we need to take the charges from the bank and the wallet report to get the exact value?
Answer: Indeed, we can study the statements to see if the value lands in the bank net charges and if the charges are separately, we can segregate them.
6. How do we match transactions sticking out from the spill out of two or more journals with multiple bank statements.
Answer: We can rely on the information that you pass to the bank from the internal system as unique identifiers e.g bank account, original transaction ID,In cases where there are no clear unique identifiers, we can use loose markers such as value date and amount and provide suggested matches for the team to narrow down the matching set (as opposed to looking through the entire statement(s).
7. What makes Churpy Reconciliation stand out from other software solutions?
Answer: Churpy Reconciliation provides customizable modules that allow users to set their own reconciliation rules, real-time analytics for better insights, high-capacity invoice processing capabilities, OCR PDF remittance advice processing, and seamless ERP integrations, making it a comprehensive solution for automating accounts receivable and bank reconciliation operations.
8.How can businesses get started with Churpy Reconciliation?
Answer: Businesses interested in leveraging Churpy Reconciliation can schedule a demo with the Churpy team by contacting sales@churpy.co. During the demo, our experts will provide a comprehensive overview of the platform's features and capabilities, as well as guidance on implementation and integration processes.