The reconciliation is part of the QL platform. All electronic multibank bank accounts statements (MT940, 42 and/or CAMT) are stored in the QL central database and the detailed information (KYC) will be matched against the outstanding invoices (Debit), Accounts payables (credit), FX Deals, Lock Box, Custody, Credit Card, General Ledger, Intercompany and Bank reconciliation. Even long before official working time starts.
QL ensures a very high grade of matching and straight-through processing. For manual processing of the bank account statements (multi-bank) use QL Receivables for the automatic unmatched invoices with full reporting (DSO analytics).
QL Receivables and Reconciliation is designed for real time DSO and more control over your accounting and treasury lifecycle. QL easily automates your daily, monthly and periodic reconciliation and account balancing processes to help your organization tighten controls, reduce risk, cut costs, leverage cash and make more informed decisions.
QL codifies your unique business rules by automating your workflow and reducing human error. QL features both detective and preventative controls to improve auditability and compliance with Sarbanes-Oxley (SOX) requirements.
Reduce Exposure to Risk
QL immediately detects and flags issues for review, so you can resolve exceptions quickly and eliminate losses due to fraud, error or unnecessary chargebacks. Analysis tools provide insight into your unique business trends, allowing you to proactively reduce losses.
Automate over 90% of your processes, improving productivity while reducing the costs associated with time-consuming and error-prone manual processes. QL streamlines your workflow, so you can deploy resources to other areas critical to your business.
Maximize Use of Available Funds
Transfer more of your available funds into higher-yielding concentration accounts using QL’s truly anticipatory ACH capabilities.
Make More Informed Decisions
QL can help you turn raw data into valuable decision-support information. Powerful reporting tools allow you to compare key performance metrics, so you can optimize processes and financial relationships to reduce costs and increase performance.
QL automates over 90% of your reconciliation processes, and scales to fit your needs with the ability to reconcile overnight automatically. With QL, users can begin the day with the bulk of their reconciliation activities already completed, increasing productivity and enabling them to focus on resolving exceptions and other critical tasks.
QL's built-in research features provide you with tools that support your exception resolution processes and automate communication with the field, including resolution status tracking, automatic escalation of open items and reporting on incidents and exception items.
QL makes account balancing a fast and easy process, for a timely period-end close that takes only minutes or hours, instead of days. When balancing, QL can automatically post fees and adjustments to General Ledger and other accounts, eliminating the need for manual entries.
Automated Clearing House (ACH)
QL's highly flexible, anticipatory Clearing capabilities will help you decrease costs, time and effort involved in cash management activities. With QL, you can automatically move cash from depository accounts into high-yielding concentration accounts - quickly and accurately. Sophisticated calculations enable you to maximize the use of available funds while avoiding overdrafts.
Sarbanes-Oxley (SOX) Compliance
QL's detective and preventative controls enable confidence and compliance with audit, accountability and reporting requirements such as the Sarbanes-Oxley Act. Security settings ensure controls are maintained, and QL's audit trails and flexible reporting features simplify the creation of supporting documentation.
View, print or export your data with QL's flexible reporting module, which features a variety of standardized reporting templates and easily-customized reports.
Accelerated Workflow Management
QL automatically opens incidents as research requests arise, then generates an email to field locations, regional offices or other designated contacts for details on the disputed transaction. Unresolved incidents are escalated by the system automatically, preventing expired response times by alerting you to upcoming deadlines.
QL provides you with a single view of all open incidents, including current activity and status. Customizable chargeback thresholds let you determine which research requests to escalate and which ones to accept. A historical database of all activity gives the system robust reporting and analysis capabilities – reports can be generated by chargeback type, incident resolution ratio, chargeback ratios by location, merchant or processor and more.
Key Benefits Workflow
• Assures the full allotted time to respond to a retrieval request
• Ensures that all requests are tracked
• Enables internal controls to be implemented that can identify and eliminate unnecessary chargebacks
• Reduces unnecessary losses due to requests that have expired
• Reduces the costs and effort associated with dispute resolution by automating the process.
QL's GL General Ledger Reconciliation & Certification
QL's GL is a self-documenting internal control solution for general ledger account reconciliation and certification – providing organizations with high volumes of ledger accounts a truly comprehensive workflow and analysis tool that improves compliance and reduces financial risk.
QL's GL strengthens internal controls across an enterprise, allowing management to assess the potential risks to the organization and respond appropriately. Featuring role-based workflow management for reconcilers, reviewers and approvers, QL's GL automates time-consuming tasks such as the notification and tracking of accounts and deadlines. Powerful risk management features enable detailed analysis, reporting and documentation of current and potential risk, and quality assurance tracking tools allow for qualitative and policy-driven assessments to be performed and compared historically – ensuring that operational improvements continue to occur over time.
• Complete visibility into the status of the control across the entire company, department, location or region
• Reduced cost and effort involved in reconciliation program administration
• Proactive identification of current and potential compliance issues
• Visibility into 100% of accounts – including high-volume, transaction-intensive and low-volume accounts
• Ability to evaluate the net impact of un-reconciled items on both the balance sheet and P&L
• Support for all types of reconciliations, GL, balance sheet, tax, and accounting.
A truly “self-documenting” solution, QL's GL streamlines business workflow while enforcing an internal control structure QL's offers complete segregation of duties and tracks all system activity as users perform daily responsibilities – facilitating the creation of documents and reports needed to comply with recent auditing requirements.