Full Reconciliation Sample Clauses

Full Reconciliation. Within five (5) business days after the close of the applicable Account statement cycle, the Bank will provide a reconciliation report package, including a consolidated balance sheet and check paid report, detailing the Company’s account activity during the cycle. Within five (5) business days, after the close of the applicable Account statement cycle, the Bank will provide a report package including a consolidated profile of checks paid and checks outstanding for the period.

Full Reconciliation. You transmit current reporting period’s check issue activity to Bank where the issue file is matched to checks that have actually cleared your Account for payment. The matched check data as well as non-check transactions are available to you for download so you can automatically update your accounts payable system.

Full Reconciliation. Bank will provide a statement with the following components: a. Account Balance Summary provides the working balance as of the current cycle cutoff. This component starts with the working balance from the previous cycle cutoff and calculates the net activity (total credits less total debits) for the current cycle. Also includes the number and dollar amount of any outstanding items. b. Statement of Activity provides all activity of credits, debits (both checks and non- check debits) and matched issues (all items that matched successfully without any exceptions) posted for the current cycle. A subtotal of the number of items and the dollar amount is provided for each item. c. Exception Items provides all paid items that created exceptions. The exceptions are grouped by the following types. i. Duplicate Item. Two or more checks paid with the same serial number. ii. Amount Mismatch. The paid check amount and the issued amount are not the same. iii. Future Dated. The check was paid on a date earlier than when it was issued. iv. Posted Against Void. A paid check matched a voided item. v. No Issue Found. A paid check had no matching issue. vi. Serial Error. A paid check is missing a serial number. For example, the serial number may not have been correctly read during processing. vii. Posted Against Stops. A paid check matches a stopped issue. d. Outstanding Issue Items provides a record of checks that have been issued but not yet paid. This component is divided into outstanding issues, future dated issues, voids, stale issues and active stops. The outstanding issues subsection includes all items that are not future dated, voided, stale or stopped. e. Previously Cycled Issues provides items that were paid in a previous cycle without issue but not have the issue entered in the current cycle.