8.7.2 Bank Reconciliation Report (08607m)

The Bank Reconciliation Report provides the best method of verifying that individual transactions on the bank statement have been correctly processed to the Muli system.

Report sequence may be:

1. Cheque written sequence
2. Cheque by Day presented sequence

The report may be in consolidated or extended format. “Cash in Bank” management should be a major focus for project groups, particularly where money is loaned to the development arm and passed to the construction arm to execute projects.

Muli provides a unique feature where a single bank account may be used This is a major saving where banks and governments impose transaction based charges.

When a cheque is written with the “For and on behalf of” statement, it refers to the correct legal entity.

Thus, if the Supplier "Fred Pty Ltd" is receiving payments from 3 companies in the group, he will receive three separate cheques and remittance advices, all on the same bank account. Muli will keep track of the transactions by legal entity with the sum of the bank accounts for legal entity equal to the bank account.

1. Company - All/Single
2. Bank Alpha - All/Single
3. Report Group - Bank/Company
4. Reconcilliation Date
5. Show all transactions - Yes/No