News & Events
Whitehall Jewelers Verifies Deposits from POS to Bank with Chesapeake's Total Reconciliation Solution (T-RecsŪ)
OWINGS MILLS, MD - Chesapeake System Solutions, Inc.Ū announced today that Whitehall Jewellers, Inc. has gained valuable productivity and informational improvements following its installation of Chesapeake's Total Reconciliation Solution (T-RecsŪ). Rather than spending time manually reconciling accounts, accounting managers at the retailer now have time to resolve the underlying problems that can lead to deposit discrepancies.
Whitehall Jewellers, Inc., a retail jeweler operating stores in upscale malls, uses T-RecsŪ to verify deposits for all 371 of its stores nationwide. The company's point-of-sale (POS) system transmits deposit amounts to T-RecsŪ after stores close their cash registers at the end of the day.
"The balance on the POS is the recommended deposit, and that's what we're expecting the store to take to the bank," said Lisa Stanczak, Senior Financial Analyst at Whitehall Jewellers. "T -RecsŪ uses that in-store POS data and matches it with the bank data to verify that the cash made it to the bank."
One of Whitehall Jewellers' goals is to identify missing deposits faster. The retailer, which has its headquarters in Chicago, also wants the ability to analyze shortage patterns and then institute loss-prevention measures where needed. T-RecsŪ allows Whitehall Jewellers to set rules for reconciliation which automatically match minor variances in amounts and flag larger unmatched deposits for investigation by accounting or loss prevention staff.
"We are no longer spending all our time doing the actual matching, which was largely a manual process," Ms. Stanczak said. "Now we have timely information about missing deposits that helps us to address theft in its early stages."
Whitehall Jewellers purchased T-RecsŪ after working to develop an in-house automatic reconciliation solution.
About Chesapeake System Solutions, Inc.
Chesapeake is an industry leader in automated reconciliation, account analysis and compliance software solutions. Chesapeake's growing success evolves from its powerful combination of customer and industry-driven software, personalized customer support and pioneering technology and functionality. Chesapeake's single-vendor product and support solution includes the Total Reconciliation Solution (T-RecsŪ), a comprehensive reconciliation and deposit verification system, Unclaimed Property Compliance System (UPCS?), which automates unclaimed property reporting for all 54 jurisdictions and SmartAnalysis?, which helps you quickly confirm your bank is fulfilling its promises by analyzing trends and comparing services across your banks. Please visit www.chessys.com for more information.
About Whitehall Jewellers, Inc.
Whitehall Jewellers is America's family jeweler for over 100 years, with over 371 stores in 38 states. Founded in 1895, the family-run company operates stores in regional and super-regional shopping malls under the Whitehall Jewellers, Lundstrom Jewelers, and Marks Bros. Jewelers brands. The company has been listed on the New York Stock Exchange since January 2000. Visit www.whitehalljewellers.com for more information.