Raceday Reconciliation
Many sales occur during a race day, this process is for managing and recording these sales after a race day occurs. The main goal of this process is to transfer the information from the point-of-sale machines into Ungerboeck. Cash payments and EFT each have their own process. A large part of the manual process is verification of correct cash values entering the system as what has been recorded.
Applications involved:
- TASK: Management platform which integrates with the point of sale machines, records all sale transactions, and manages EFT payments. TASK is integrated with Ungerboeck, so all EFT transactions are automatically input to UB database.
- Ungerboeck: Stores the information on the sales for use in future management.
- Excel: Is used for verification in matching transactions with bank statements.
Workflow Diagram:
- For EFT transactions, POS transactions are automatically input to UB. The information from TASK is transfered to an excel file and is kept in a storage library.
- POS information is then compared with the bank statements in TASK, where it will be imported to Ungerboeck.
- The data in exported to excel where the cash and EFT transactions are seperated. The EFT transactions are then then matched to their respective bank statements using VLOOKUP.
- Next is the verification process. The POS terminal ID is then compared for each EFTPOS, where if there is a difference then reconciliation occurs. If the amount matches the ANZ transaction in the POS library then the EFTPOS amount will be entered manually, however if there is a difference between the dollar value, the AMEX value needs to be entered manually, where it will be posted on the bank statement and deposited through AMEX.
- In the second part of the verification process, if EFTPOS does not match it must be manually split into AMEX and EFTPOS.
- After verification is completed, the EFTPOS journals are posted and deposited in Ungerboeck.
- A final verification check occurs where deposited amount is compared to the ANZ bank statement.
- The cash reconciliation uses the TASK the same with its Ungerboeck integrations.
- The money deposited is recorded in the POS system, which is compared to the actual TASK sales information.
- The actual value of money deposited is compared to the stated amount in Ungerboeck, where an investigation will be called if there is a significant difference in values.
- After the check, the journals are posted and deposited.
- A final verification check occurs where deposited amount is compared to the ANZ bank statement.