RynohReport

RynohReport combines the power of RynohRecon and RynohTrax to provide comprehensive daily and monthly reports. This module:

• automates and prepares monthly, three-way reconciliation reports;
• addresses time-sensitive errors;
• reports bank errors, possible fraud, embezzlement, and other credit/debit anomalies.

This module also offers the ability to customize the recipients and frequency of the automated daily and monthly reports.

The Morning Report

The Morning Report is the daily exception report of all automated reconciliations through the previous day. The purpose of this report is to:

• highlight discrepancies between transactions clearing the bank and transactions posted in the books;
• provide customized alerts for key outstanding items;
• and create an available funds report.

The specific components of the Morning Report are:

• Daily Reconciliation Balance – Indicates the three-way balance status of the bank account.
• Reconcile Alerts – Provides notification of items clearing the bank that have no corresponding match in the production software. It also lists any deposits showing in the production software that have not yet shown to be on-deposit in the bank.
• File Balance Report – Lists all files showing either undisbursed, remaining funds, or negative files.
  • Files showing positive balances indicate incomplete disbursement
  • Reports on available funds, not just posted funds.
• User Defined Alerts – Displays any customized alerts established by the user within Rynoh regarding key outstanding items based on payee, purpose, or amount.

Check Exceptions Report

RynohReport sends a daily Check Exceptions Report to designated recipients via email. This report will list any checks clearing the bank that are not found in your settlement software. The email will state either “NO CHECK EXCEPTIONS” or “CHECK EXCEPTIONS.”

Note: The Client is solely responsible for taking the appropriate action with their bank to reverse payment on the item in question. Under no circumstances will Segin be liable for the failure of the agent to have the item in question returned by their bank (paying bank).

Reconciliation Analysis Report

The Reconciliation Analysis Report identifies items that may represent audit or regulatory issues such as:

• Transactions banked but not booked
• Pending deposits
• Negative file balances
• Retained (undisbursed) funds
• Stale dated checks

Monthly Three-Way Reconciliation Report

RynohReport also maintains an archive of monthly three-way reconciliation reports along with associated documentation that may be required by auditors and regulators. On the condition that all discrepancies reported in the Reconcile Alerts section of the Morning Report and Reconciliation Wizard are corrected, the associated escrow account will always be balanced three ways.

Monthly reconciliation reports can be automatically sent to your underwriter each month if desired. Before the monthly reconciliation is sent to the underwriter, the agent is sent the reconciliation along with the reconciliation analysis report to review. The length of time that elapses between agent review and underwriter submission can be set by the agent.