The University of Missouri Uses ReconNET to Better Manage Deposit Verification and Account Reconciliation
Overview
The University of Missouri system operates on four main campuses plus statewide extension and outreach programs. The University of Missouri’s transactions must be reconciled for campus bookstores, health clinics, ticket offices and food service providers, such as cafeterias and convenience stores.
Challenges
The University system was reconciling deposits through a time-consuming and inefficient manual process. This process was performed on a weekly basis for 200 locations with over 50 bank accounts, with little time and few resources left over to research exceptions.
Objectives
The University of Missouri wanted to achieve the following objectives:
- Reduce staff time devoted to account reconciliation
- Decrease exposure to excessive write-offs and improve ability to research missing or incorrect information
- Improve reporting processes
Capabilities Provided
The University of Missouri implemented ReconNET to reconcile deposits, credit cards (Visa, MasterCard, Discover), lockbox transactions, and electronic receipts.
Other Information
For more information on how you too can better manage deposit verification and account reconciliation with ReconNET, contact Trintech today.
