News & Events
US Postal Service Automates Reconciliation With Chesapeake System Solutions
T-Recs Software to Replace Manual Process
Peter Vogelberger, President of Chesapeake System Solutions, recently announced that the United States Postal Service (USPS) will install Chesapeake's Total Reconciliation Solution (T-Recs) financial software package. T-Recs software automatically reconciles and verifies daily deposits, payroll accounts, ledger to ledger balances, identifies exceptions, and automatically suggests resolution adjustments.
Janet Crowe, USPS purchasing specialist for information technology, remarked how the USPS will utilize T-Recs. "We will automate our reconciliation of bank and credit card accounts with the T-Recs package and provide our staff with case management tools for problem resolution. We will integrate T-Recs into our existing management systems. This will vastly improve what can be an error-prone, manual process."
Added Peter Vogelberger, "Using T-Recs will not only reduce the number of errors that result from a manual process, but through industry-leading exception and resolution capabilities and transaction tracking, management will see an increase in productivity and accountability."
About the United States Postal Service
The United States Postal Service delivers hundreds of millions of messages and
billions of dollars in financial transactions each day to eight million businesses and 250 million Americans. The Postal Service employs over 797, 000 people. In 1999, the USPS accepted $3.4 billion in credit and debit card payments. The USPS deposits $350 million in retail cash receipts daily.
About Chesapeake System Solutions
Chesapeake System Solutions is a worldwide leader in the development, distribution and support of reconciliation, cash management and unclaimed property software. The Owings Mills, Maryland based company was founded in 1988 and has furnished its two products and ongoing support to over 250 customers nationwide. Total Reconciliation Solution (T-Recs) provides multi-outlet companies with a comprehensive and customizable system to collect, analyze, verify and reconcile daily deposits, and to manage the subsequent reports and follow-up actions. T-Recs is a desktop, client-server application, which automates the entire reconciliation process -- from the identification of exceptions to automated resolution and adjustment. Unclaimed Property Compliance System (UPCS) enables corporations to automate the management of unclaimed property for all 53 jurisdictions, including the filing of state-specific regulatory reports for unpaid wages or commissions, stock certificates, dividend checks, overpayments, and accounts payable.