Fraud detection by means of Internal Reconciliation

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Fraud detection by means of Internal
Reconciliation

• www.wizsoft.com
• 516-393-5841

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When is Bank and Account Reconciliation performed?

• Bank reconciliation is performed in order to
  determine the differences between bank account
  data as recorded in the companys books and the
  data that appears in the bank statements.
• Account reconciliation is done in order to
  analyze what makes up an accounts balance.

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• WizCount Reconciliation
• bank and account reconciliation

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WizCount-R solves two basic problems

• Finds the proper reconciliation - when there are
  several options to reconcile certain
  transactions, WizCount-R selects the proper
  reconciliation based on the user-defined
  criteria.
• Finds all the reconciling possibilities - when
  there are one-to-many or many-to-many relevant
  combinations of matching transactions.

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What distinguishes WizCount-R from other software
programs?

• Includes a unique algorithm that finds all the
  one-to-many and many-to-many relevant
  combinations of matching transactions
• Lets the user determine the matching rules
  (criteria)
• Selects the best reconciliation option when a
  certain transaction can be matched in several
  ways
• Includes an automatic stage, where all the
  undisputed reconciliations are automatically
  marked and an interactive stage where the
  software displays the matching options for the
  user to select the right one

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Reconciliation Factors

• Reconciliation Score denotes the relative
  likeliness that the matching is a proper
  reconciliation
• Reconciliation Structure determines the maximum
  number of transactions in each matching

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Option to select mandatory field regardless of
score.
The score is assigned to each possible match.
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Determines the relationship
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How does WizCount-R perform reconciliations?

• WizCount-R uses one of the following two methods
  to issue account / bank reconciliation
• The automatic method WizCount-R reconciles all
  the undisputable transactions based on the users
  criteria.
• The interactive method
• WizCount-R displays all the possible
  reconciliations (that meet the users criteria)
  and the user selects the proper one.
• Wizcount-R allows the user to search for
  reconciliations that are not in accordance with
  any criteria, such as transactions that reconcile
  by amouts.

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Possible matches for reconciliation
Selected transaction
.
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Selected transactions to be reconciled
Possible matches for reconciliation
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How can WizCount-R improve my internal financial
reports?

• WizCount-R formulates various reports after the
  reconciliation is performed
• The Reports on current reconciliation displays
  the non-reconciled or the reconciled transactions
  that were issued on the current running of
  WizCount-R
• The Reports on all reconciliations displays the
  non-reconciled or the reconciled transactions
  that were issued anytime
• The Management report displays a birds eye
  view of the reconciliations in each project

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Many-to-one
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Features and Benefits

• Imports data from bank statements and ERP
  accounting databases through ODBC and ASCII
• Stores the reconciliations that where discovered
  in previous running, into a SQL database
• Allows to edit previously marked reconciliations
• Allows to export the reconciliation data in order
  to update the accounting data
• Carries forward non-reconciled transactions from
  period to period until they are closed

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Features and Benefits

• Allows reconstructing the reconciliation report
  for any given previous date
• Allows to insert new transactions that close
  small differences and to export them to the
  accounting data
• Supports issuing reconciliation in multiple
  currencies and issues rate difference
• Allows to define securities and users
  permissions
• Manages the workflow of reconcilers, reviewers
  and approvers

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Applications

• The user may issue both bank reconciliation and
  account reconciliation for the same account. For
  example, when auditing a supplier account, the
  user may issue bank reconciliation to match the
  data in the books regarding the supplier against
  the supplier statement, then issue account
  reconciliation to analyze what are the open
  transactions that make up the supplier balance.
• The bank reconciliation method can be used to
  reconcile accounts receivable or accounts payable
  against the statements of the customer or
  suppliers.