What is Reconciliation?

The Reconciliation Module used for E-reconciliation in Workcube is an Addon. Reconciliation essentially means agreement and compromise.  It is used to mutually agree on the debit and credit balances of the current breakdowns of the enterprises. With current reconciliations, the parties check whether their accounts are kept.

By using the reconciliation module on Workcube, a balance notification is made to the party enterprise via e-mail.  The party to which the reconciliation notification is sent approves or rejects the reconciliation amount sent by making a comparison with the balance on its side. Approval and rejection transactions are tracked on the reconciliation module.

Let's observe the process in practice by making a reconciliation process on an example:

Transaction Type: Reconciliation, Current Balance Reminder, RN, and NS Notification Sales options can be selected.

Reconciliation: In reconciliation transactions, the balance amount and status (debit-credit) formed in the current statement as of the day of reconciliation and the beginning of the fiscal year are taken as the basis. After the reconciliation is created, an e-mail is sent to the relevant account, where it can confirm and reject the balance.

RN: Adds the totals of RN Documents registered in the system to the balance. It can be sent to the relevant customer for Approval and Rejection by mail. When the reconciliation is created, the number of RN documents is shown.

NS Notification Sales: Adds the total of the NS documents registered in the system to the balance. It can be sent to the relevant customer for Approval and Rejection by mail. When the reconciliation is created, the NS document numbers are displayed.

Current Balance Reminder: It is a similar process to the reconciliation. Current reminders do not include a confirmation/rejection mechanism when sent via e-mail.  It is sent for reminder purposes only.

Select Currency: All transaction types can be saved as Transaction Currency and reconciliation emails can be sent in transaction foreign currency. If the 2nd transaction currency is selected, the system will be sent with the 2nd transaction currency. If the transaction currency is selected, you can send in any currency registered in your system. When one of the Transaction Currency options is selected, current accounts are listed together with their balances in different currencies.

Whichever transaction currency you want to reconcile, check the box of the relevant line and click the "Save" button.

Note: Reconciliation e-mail addresses are drawn from the e-mail field of the relevant account.

After clicking the Save button, the relevant reconciliation is created.

On the screen that opens, the assistant and current account statement of the relevant current account can be checked. In order to send an e-mail to the other party, the box at the end of the line is checked and the "Send Mail" button is clicked. In this way, a ready reconciliation template is sent to the relevant concubine.  You can access and view this template by clicking the print icon on the relevant line.

Note: The created reconciliations can be approved/rejected by any method other than e-mail. (For example, fax, face-to-face meeting, SMS, etc..) In such cases, you can confirm the approval and rejection status of the reconciliations without sending an e-mail to the other party by clicking the approval and rejection icons on the left side of the Printer icon.

 If the reconciliation is to be approved and rejected via e-mail, the e-mail sent to the e-mail address is displayed as follows:

Clicking the Approve and Reject buttons will redirect you to another page via e-mail. On the redirected page, a short form is requested to be filled in according to the option selected in the e-mail (Approve/Reject options). Let's fill out a model form assuming we approve the reconciliation letter sent to us.

When the relevant form is filled and the "Update" button is clicked, the information specified by the other party in this form can be viewed in the Workcube Reconciliation module.  When a model form like the one above is filled and sent, the reconciliation made in Workcube is automatically updated.

As can be seen from the image, the fields “Approval Date”, “Approved”, “Approved Amount”, “Approved Person”, “Description” and “Approval type” and “Approval Status” are updated.  These fields are the information filled in the form directed from the reconciliation mail as stated before.