Bank Reconciliation Analyst

4 weeks ago

Toronto, Canada Workplace Safety and Insurance Board Full time

Control and analyze WSIB cash flow through cash forecasting and the preparation of daily, weekly and monthly cash flow reports including accounting for inflows and outflows of cash and daily forecasting for investment purposes. Analyze and reconcile all banking transactions to WSIB general ledger, PeopleSoft cash management and other systems.

**Major Responsibilities**:
1. Analyze and forecast WSIB’s cash inflows and outflows to determine the amount of cash required to run the daily operation by:

- analyzing daily inflows and outflows of cash transactions from various sources (such as, ePayments, debit card service, benefit systems, etc.) to balance cash and to identify any irregularities (e.g., suspension of fraudulent cheques) posted to WSIB's bank accounts
- maintaining historical cash flow data and records
- preparing cash flow forecasts for Schedule 1, Schedule 2, EPP and ESPP
- determining amount of funds available for Investments
- predicting WSIB cash requirements (up to 1 year) and advising Investment Accounting as to length of time funds can be invested
- advising Investment Accounting of need to sell short term investments to ensure funds are available to pay for WSIB’s daily operation;
- reporting all daily inflows and outflows of cash transactions, identifying any irregularities (e.g. suspension of fraudulent cheques) posted to WSIB’s bank accounts
- ensuring all WSIB accounts are zero-balanced daily to the WSIB’s main bank account
- recommending improvements to cash flow reports and administrative procedures
- transferring or moving money from various WSIB bank accounts and banks to consolidate surplus funds for investment
- calculating and notifying WSIB’s bank of any daily cash flow fluctuations greater than + - 10 million in all bank accounts to avoid bank penalties

2. Analyze and reconcile all WSIB banking transactions using IFS-PeopleSoft cash management module by:

- ensuring that the daily BAI file (bank transactions file) is received from the bank and uploaded to IFS-cash management system
- determining the most appropriate method to enter banking transactions and to reconcile bank acounts, bank transactions and system transactions
- creating and verifying journal entries as required through IFS-PS-CM and IFS-PS-GL;
- preparing daily reconciliations to verify and balance cheque writing and cash management systems;
- balancing bank statements to the General Ledger (G/L), ensuring all entries are correctly recorded in the G/L, making corrections or referring to appropriate party with supporting documentation
- running PS queries and lists for stop payments, cancelled, stale-dated cheques, outstanding cheques, cashed cheques,
- maintaining files of all bank statements, bank reconciliations and data produced from WSIB systems;
3. Prepare daily, weekly and monthly cash reports and statistics in regard to cash transactions. Prepare internal and external/WSIB bank correspondence to appropriate parties to ensure corrections and adjustments are made to WSIB bank accounts.

4. Analyze and review bank transactions posted to WSIB bank accounts to ensure validity. This includes monitoring daily exceptions report and actioning any unusual irregularities to WSIB bank accounts; identifying and requesting bank reps to reverse or correct bank charges/transactions, providing supporting documentation.

5. Verify WSIB requests to confirm any fradulent activity. Provide details to Manager/Coordinator of any suspected fraudulent activity that occurs in WSIB bank accounts.

6. Process declarations through WSIB's bank including tracking and journalizing the return of funds. This includes obtaining copies of cashed cheques, liaising with appropriate parties, such as Financial Institutions, WSIB legal services, Operations regarding validity of worker's declaratins, whether cheque was cashed by worker/employer, and updating WBS system as appropriate.

7. Prepare and process electronic wire transfers to service providers through on-line banking system by maintaining list and verifying authorizations of wire payment requests, creating and wiring payments, advising financial institutions, confirming accuracy and completeness of wire transfer.

8. Perform other related duties as assigned or required such as:

- suggesting improvements relating to bank reconciliation and forecasting process.

**Job Requirements**:
Education
- University completion at undergraduate level with a specialty focus in accounting/finance or business administration.

Experience
- Three years prior experience in accounting/cash management/banking transaction processing.

**Our commitment to equity, diversity and inclusion**

We respect and value the diversity of our people. We strive to create an environment where employees can be themselves and where our differences are celebrated.

The WSIB is committed to being accessible and inclusive, and following barrier-free and accessible employment practices in compliance with the Access

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