WEBrec - QB-Bank Recon . System     0165-01  ZZall

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                             TO: Interested Ministries                                                                                                   FROM: Jim Bramer, Retired Auditor-CPA 
                                                                                                                                                                              FILE: 0165-01/all

                              RE: WEBrec, a QBs Bank Recon. System                                                                    Originated:   January 2002                                           

    WEBrec, or a QBs Bank Reconciliation System

    Some Banks, or Financial Institutions, provide Ministries with a "Sweep" service based on a Ministry having three accounts with them; 

1 -- Checking Account, 
2 -- Some type of Daily Interest Bearing Savings (DIBS) Bank Account and a
3 -- Line of Credit (LOC). 

    On a regular basis, the Bank "sweeps" the Checking Account and Money is automatically moved to/from the DIBS account --- if nothing is in the DIBS account, then needed money comes from the LOC.   See 0006 for more details of how you can obtain more Interest Income. Of course, agreed fees are charged for such Bank services.
    Beginning in 2007 the  ECCU  Credit Union provide some "Sweep" services. 
|   ECCU (3) does also provide their members (Individuals or Ministries) with some fantastic Online bank services via a service that ECCU calls the EC*Web system that can be a real blessing. Please Click Here  for more specifics.  Suffice is to say, you can go online and obtain today's bank account details .... virtually as if you had your hard copy of the monthly Bank Statement in front of you.  Plus ECCU's  transactions can also be uploaded electronically directly into QBook's or Quicken's desktop software.  Please Click Here  and locate other financial institutions who provide such services other than ECCU.

QB-WEBrec (2)

    Let me introduce you to "QB-WEBrec", or doing a Bank Reconciliation via Quickbooks (QBs) software and the above EC*Web system.
    For example, a Ministry uses ECCU and QBs and gets their ECCU hard copy Bank Statement each week and they do their Bank Reconciliation (BREC) to insure that their QB records jibe with the ECCU's records.   The usual objective is to have the weekly Bank Statement balance be the same as the amount appearing in QBs as of that date.
    As indicated within 0006, the Ministry needs to earn the maximum amount of Interest Income, or they need to Float Manage by keeping  the minimum amount in their Checking Account and the maximum amount in their DIBS Account .... even if you have to do this "sweeping" process manually. 
    The "QB-WEBrec" process provides you with the means to accomplish the following two objectives; namely:

1> See that ECCU and your QB maintained bank records are the same amount, or Bank Reconciliation -BREC, and 
2> You have in your Checking account only what money is needed to clear released checks. 

      We are very impressed with the prospect of this WEBrec system providing you with the tools needed to Float Manage and provide the Ministry with as much Interest Income as possible.

    Also ask me about a number of Credit Card Companies providing, like ECCU and various Banks,  a means for you to get a copy of your month-to-date statement.  This allows you to process your Credit Card transactions at any time of the month.  This can be quite helpful;  especially when staff does not timely turn in their Plastic charges, etc.  Click here  and  Here  for  more info.  Please also  Click Here and learn about an "ATF-After The Fact"  process whereby your QBs bank account register info always agrees with ECCU's weekly bank statement equivalent.  Plus you weekly make online payments to the Credit Card company and you do not have to have a "Due to CrCard" liabioity etc.
    Let me know   Jim@bcidot.org   if you have any comments or questions on any of these matters..

   --MINISTRY FINANCE "LINGO"  ABOVE INCLUDES--:

   ATF = "After The Fact" - weekly accounting system - makes the BREC process easier
   BREC = Bank Reconciliation
   DIBS = Daily Interest Bearing Savings 
   ECCU =  Evangelical Christian Credit Union
   EC*Web = see details about ECCU and providing the equivalent of a Bank Statement upon accessing your account at ECCU via their web site Online services.
    Float Manage = See 0006 whereby the maximum amount is maintained in the DIBS account and the minimum in the Checking Account.
   LOC = Line of Credit
   QBs = Quickbooks
   QBs-WEBrec = see details about how the EC*Web is combined with BREC features within QB.
   Sweep = see details above about how it is arranged among three accounts (Checking, Savings and LOC) that the Checking Account is at minimum so that your balances are earning the maximum of Interest Income for the Ministry and/or paying the least amount of Interest Expense at the LOC.

     This publication originated in January 2002. UPTD: May 03, 2008  Contact me at  Jim@bcidot.org  

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        (1) An Online Document, or WRIT (Writing), may be applicable to all Ministries, or it may be designed for just groups like: Evangelical Church, School, Missionary Agency or Organization, Christian Camp / Conference, or other named group.
        (2) WRIT formats include the perspective of   Jim@bcidot.org   via IOMs (Inter-Office Memos) to the Ministry Finance Team (MFTeam); THRDs, or a hypothetical Online conversation (thread) with members of a MFTeam; FWIW; A periodic editorial (For What it is Worth); TRUISM, or believed Ministry Finance principles; or via a FAQ, or a response to Frequently Asked Questions.