The below reconciliation steps are meant to guide and assist in reconciling your bank account(s) using the reports that are available within the iDoxs User Console with KUBRA.
V2 Reports - The v2 reports will be helpful in reconciling whether a client is either net/gross settled or T+1 and T+2 settlement
STEP 1: Review the remittance file by looking at the Daily Remittance Summary Report within iDoxs User Console. Look for the days that you are trying to reconcile.
If you are T+2 — Review the remittance the business day after payments were made.
If you are T+1 — Review the remittance the next business day (remittance is T+1).
STEP 2: Review your bank statements based on a Wire or ACH setup (T+1 or T+2) This represents the timing of funding to your account against the Daily Remittance Summary Report that you just pulled.
STEP 3: If you see a discrepancy, perform the following:
- Verify receipt of all reports.
- Validate that prior periods are in balance.
- Look across neighbouring dates.
- Note that holidays will delay sales and returns postings by one business day. Hence, you may need to combine two days to balance.
- Validate that your bank is accepting all debits to your account for returns (No Debit Blocks on your Checking Account).
- For any questions, open a case with KUBRA by providing the following: the date, the bank posting details (with any screenshots), and the amount to the variance. You can email clientsupport@kubra.com or call 800.766.6616.