With iTracs, your reconciliation is automated, allowing you to focus your time only on the items which require attention.
Two-Way vs. Three-Way Reconciliations
ALTA Best Practice 2, as well as the Bars in many states, now requires a monthly three-way reconciliation. While a two-way reconciliation compares the bank balance to the balance in your settlement software (the “book balance”), the three-way reconciliation goes a step further by reconciling the book balance to the sum of all of your client ledgers.
Since the iTracs reconciliation is automated, you can actually run it as often as you’d like – weekly, daily, even multiple times a day. It is no longer necessary to spend hours on this mechanical exercise.
Standard Reconciliation Tools
iTracs delivers to you a three-way reconciliation in your Reconciliation Package once a month. In addition, your Morning Report will show you the status of your three-way reconciliation on a daily basis. And if you want to know the status more frequently, you can generate a three-way reconciliation report within the application.