Most transactions flow through your trust account without the need for any special handling on your part. Some transactions, however, may indicate heightened risk or abnormal activity. Our service focuses on helping you identify only the items on which you need to focus, so you can manage by exception. We alert you to these items using one of several tools.
The Morning Report is a daily report which alerts you to the items which may require your attention in a near real-time manner. It shows you unrecorded bank transactions, uncleared wires and checks, and transactions with incorrect dates. It also allows you to define “custom alerts” which warn you of transactions and conditions of particular interest, such as payoff checks that haven’t cleared in a pre-determined amount of time, recording fees which haven’t cleared, and credit card payoffs. The Morning Report is delivered through email, so you can view it on your computer or mobile device.
The Reconciliation Package is delivered to you monthly. In addition to the three-way reconciliation report, it includes a number of helpful supporting reports to give you the details supporting your reconciliation. After reviewing the Reconciliation Package, you can file it away with your bank statement, ensuring that you are fully prepared for your next audit.
Reconciliation Analysis Report
In addition to the Reconciliation Package, we also provide you a Reconciliation Analysis Report. This report details the results of our review of your account against common risk areas. If there are items in your account which meet our pre-defined criteria, they will show on this report, so you know exactly where you need to focus your efforts.
iTracs includes a basic level of monitoring services (higher levels of monitoring services are available for an additional charge). Our monitoring services complement the Morning Report, Reconciliation Package, and Reconciliation Analysis Report by calling special attention to items in your account which may pose a potentially high level of risk.