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HWM Technologies is a Proudly South African software development company which has developed a "First to market" third-party application, RecIT!© (Copyright reserved 2009) for the Sage Accpac ERP accounting system. The company was formed in 2008 and the developers spent another year on fine-tuning the final product, which culminated in a fully automated reconciliation program.

What is RecIT!©

In a nutshell, RecIT!© is an accounting application which assists Sage Accpac ERP users with inter module reconciliations. The 5 current modules are as follows:

Accounts Receivable
Accounts Payable
Inventory Control module
Shipment Clearing account/s
Payables Clearing account/s

It’s core functionality entails intensive database interrogation, which seeks accounting anomalies between the General Ledger control accounts and the relevant sub-ledgers, depending on the financial year and period/s chosen. RecIT!© generates comprehensive reports and recommended solutions to resolve the anomalies, by means of individual csv import files, per financial period and type of anomaly.

Why RecIT!©

One of the most important tasks in the modern accounting process is the preparation of periodic financial statements which are subject to audits and review by management as well as compulsory statutory audits for certain entity types.

Most existing methods employed by clients or consultants to determine out of balance conditions within a Sage Accpac ERP database entail manual processes. This arduous, time-consuming process and extremely expensive exercise does not provide any further information as to the reasons why the relevant ledger entries are not balanced. Additional time and/or resources are usually then allocated to determine why there are differences and how to resolve them, incurring additional expenditure.

RecIT!© albeit an automated, product specific (Sage Accpac ERP) and process specific Financial Management tool, can also be used extensively for accounting and database verification processes concerning anomalies found therein. These accounting anomalies, in particular, which give rise to a need for an analytical reconciliation process to be undertaken, are inter alia:

Amounts between two reports areas (e.g. Accounts Receivable control account/s in the General Ledger and the associated Debtors list emanating from the Accounts Receivable ledger). Other situations would be Inventory, Accounts Payable and Accounts Receivable Control accounts that give the visual appearance of balancing to each other, yet only upon intensive investigation, manual interference to these values are exposed. These manual interferences are situations such as direct posting to ledger accounts, and so forth, to give the appearance of balancing from one source to another, i.e. force balancing.
The intentional / unintentional and / or deletion / modification of financial data critical to validation processes.
The interruption of the automated flow of data between the Sage ACCPAC modules. This interruption raises its “ugly head” normally during power failures and so forth leading to data corruption or inconsistencies by means of incomplete data processes.
Transactional timing differences leading to incorrect values between various subledgers.
Changes within the current setup process that causes unintentional financial anomalies to occur.

Upon intensive investigation and research, HWM Technologies has found that no such automated reconciliation program exists for Sage ACCPAC ERP.

This need has now been met with RecIT!© (Copyright Reserved 2009)

We therefore would like to look upon RecIT!© as a pre-audit Business Intelligence application, assisting and adhering somewhat to certain Sarbanes Oxley / IFRS adherence and recommendations. This is so because prior to the release and verification of financial information, RecIT!© would assist in the validation of the data to be released as being as near as possible to be true and correct. RecIT!© is truly a FIRST TO MARKET reconciliation application designed specifically for Sage Accpac ERP!

How does it work?

The power of RecIT!© lies behind the screens where an intensive series of interrogative processes are launched against the Sage Accpac ERP database been reconciled. The outcome of these processes results in many informative and accurate reports as well as recommendations. However for the user, the process is uncomplicated and involves the following basic steps:

Choosing the company that you want to reconcile.
Selection of fiscal year and period/s you want to reconcile. For Inventory Control (based on valid setups), a choice to reconcile by either location or account set.
Running the reconciliation and printing/ exporting or emailing the report output, if required.
Reconciled reports are permanently stored in database unless deleted.
Importing the recommended reconciliation csv files, after analysis thereof.
Running the reconciliation again, after the imports, to see what items / entries may still be irreconcilable.

Benefits of ownership!

Databases can be reconciled within minutes!! (Tests conducted by us on live databases as well as pilot sites have been reconciled within a few minutes, the longest thus far was 7 hours on a 78 Gb database). The great part of this is that this is machine time and requires no user intervention once the reconciliation process begins.
The initial cost of ownership is paltry compared to the repetitive cost incurred in continuously correcting these accounting anomalies.
Drastic reduction of time and costs involved in the reconciliation, transaction verification and validation processes.
RecIT!© enables organisations to realise exceptional return-on-investment in very short periods of time in addition to improved compliance and control.
Dispensing of the need to hire casual / contract workers to assist in the reconciliation and validation processes, thereby alleviating error prone results, delays and monetary costs as well as casual / contract workers undergoing a learning exercise iro the Sage ACCPAC processes
Substantially reduced accounting and auditing fees incurred as well as the time spent thereon.
Shorter month-end / year end procedures. No more lengthy downtime periods correcting these accounting anomalies.
Reconcile any existing company within your Sage ACCPAC system.
Each user can have their own RecIT! database, e.g. A Creditors / Debtors manager from various regions or Inventory Locations.
Ability to accurately reconcile key control accounts as often as you please.
Enhanced confidence gained from knowing that your processes and its findings are not going to result in negative repercussions for the entity concerned.
Eradication of the reliance placed on user-specific manual processes which need to be revisited if a user is no longer employed by the entity concerned.
Ability to reconcile accounts within a desired fiscal year and period/s.
The automated permanent storage of the results of these findings.
Not only does RecIT!© reconcile specifically chosen control accounts in Sage ACCPAC ERP but also gives detailed reports for you to analyse that key accounting processes are adhered to, i.e., Credit Inventory, Debit Cost of Sales, etc. This would then lead to awareness raised in respect of patterns inconsistent to transactions outside the ambits of standard procedures and the user/s attributed thereto.
Ability to “explain” why the inconsistencies have occurred through various verification reports.
Enhanced verification of the data flow from the source entry right into the General Ledger.
Recommended solutions bmo of RRI (RecIT!© Recommended Imports) which can be imported into your Sage ACCPAC system to correct accounting anomalies that were detected in the relevant reconciliation run. These are optional and if utilised will be ignored in later reconciliation runs for the same period. This also saves you time in recapturing data transactions.
RecIT!© is a growing process where procedures and reports are constantly modified thus becoming more information rich as we continuously garner information from new scenarios affecting your Sage ACCPAC ERP financial system.

Reconcile any pre-version 5.4 Sage Accpac ERP database - this can be done on request to HWM Technologies.
Reconcile other third-party applications. However, the modules that RecIT!© does reconcile are still possible if the other third-party products do not affect RecIT!© processes directly.
Work on databases other than Microsoft SQL 2005 / 2008. If your database is not Microsoft SQL, please contact your BP for a solution.
Reconcile consolidated data which has been set up for posting on a detail transaction level.
Allow customisation of reports.
Write-back directly to the Sage ACCPAC ERP database.
Reconcile over two or more years. It does however, allow you to reconcile any one year chosen and a period or range of periods therein.
Guarantee results - Albeit that RecIT!© has successfully been tested on many Sage ACCPAC ERP Microsoft SQL databases, if there is a lack of data integrity, especially around non-adherence to recommended Sage Accpac ERP processes, and data manipulation, the results may be inconsistent. However, despite this, RecIT!© WILL take you almost all the way to a desired result! We should mention that thus far we have yet to FAIL a RecIT!© reconciliation process!
Supply RRI csv import files for the Payables and Shipment Clearing accounts - these will be available in the next release.
Report in source currency, only home / functional currency.
Reconcile by individual Account Sets if Vendors/Customers have moved between Account Sets. A "lockdown" then occurs and all Account Sets are reconciled.
Reconcile Inventory Control by Locations if the Location override segment Account Structure composition is not the same as the default Inventory Control Account Structure.
Reconcile in any period/s where a "Clear History" has taken place in any of the Sage ACCPAC modules.

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RecIT!© reconciles and recommends, YOU analyse, interpret and correct!