You will process account payments and receipts, customer receipts, supplier payments and VAT payments or refunds using this function.
When you process customer and/or supplier receipts and/or payments using this function, you will need to allocate the receipts and payments under the customer and supplier menu options, however, if you have selected to auto allocate receipts or payments for your customer or supplier, the system will automatically allocate the receipts or payments to the oldest invoices.
Capturing your Bank Statements
How do you get the information from your bank into your accounting software? – with Accounting it is easy and we offer a number of options to suit your preferences.
- You can manually capture your banking transactions.
- You can import your bank statements into Accounting (using OFX or CSV files).
- You can set up bank feeds to pull your bank statements straight from your bank into Accounting.
You can access this function by selecting the Banking…Transactions…Banking menu option.
All your newly imported transactions will appear in this tab. Once you are happy that you have assigned your transactions to the correct account you can process them – this will move them to the “Reviewed Transactions” tab where they will be considered reviewed.
By selecting the Actions check box to the left of the transaction line, you have the option to review or delete transactions. If you select the Mark Selected as Reviewed button, the selected transactions will be moved from the New Transactions tab to the Reviewed Transactions tab. If you select the Mark All as Reviewed button, all the transactions will be moved to the Reviewed Transactions tab.
If a user selects a number of transactions and clicks the Batch Edit button they are able to update multiple rows at one time.
Import Bank Statements
Click on the Import Bank Statements button to import your exported bank CSV or OFX file:
Show Shortcut Keys
Click on the Shortcut Keys link to display the list of shortcuts available on this screen. This will aid you in processing your banking transactions even quicker.
|| Create Rule (Bank Statement Mapping Rules)
These rules will change the way you do your cashbook processing and save you countless hours. They apply to users that import their bank statements into Accounting using either the Bank Feeds or the normal Import Bank Statements feature.
What these rules will do once you have set them up is look for a key word in your bank statement for example “Telkom” and if it sees this text in your import file it will automatically assign this transaction to the correct account in your accounting records in this example “Telephone Expense”.
You can set these rules up in such a way that 80% of your cashbook processing is already done as soon as you import your bank statement.
|| Split Transactions
With the Split Transaction option you can split one bank statement line into various account allocations. So if you pay City of Johannesburg for Rates, Electricity and Water and want to record these separately in Accounting, you can by splitting the payment to different ledger accounts.
|| Allocate your Customer Receipts and Supplier Payments
When you receive money from a Customer or pay money to a Supplier you are now able to allocate that money directly to the invoice which it relates to – straight from the Banking screen.
You are able to attach any documents such as proof of payment, remittance advice, etc. to each transaction imported on the banking screen.
|| Additional Information – Show More/Less
There are so many options for you in Accounting as well as information to display, because of this not all of your information displays on the transaction line. To access the additional fields like the comments section or to assign a transaction to an Analysis Code you will need to click on the Show More Icon.
We will also display your split information if you have split the transaction or we will display the invoices you have assigned your payment or receipt to.
Reconcile your transactions
The Reconciled checkbox is your way of telling the system that you have agreed that what is in Accounting is what is actually in your bank account – remember that if you import your bank statements straight from your bank account there is no need to even do a bank reconciliation as all of your transactions are considered to be reconciled.
You can search through the transactions in the banking screen. We will be able to find anything you search for in either the Payee or Description column.
Sorting the columns
You can sort on each of the columns on the banking screen from largest to smallest or alphabetically – this will allow you to sort the data quickly and easily to help you review your transactions.
Unallocated Income and Expenses
When your banking transactions are imported into Accounting your Bank Balance is automatically updated, each transaction will be assigned to the correct account based on any Mapping Rules that you have set up – if there are no rules set up or Accounting does not recognise the description in your bank statement the transaction will be assigned to an Unallocated account in your profit and loss – this will allow you to review these transactions and correctly assign them in your general ledger.
You process payments and receipts via one or more bank accounts. You can reconcile these bank accounts against the bank statement if you wish to.
The reconciliation process does not affect any values on your system, and its use is optional. It lets you match each payment and receipt you have entered into the system against a physical bank statement. This helps you to ensure that the amounts are correct. For example, you may write a cheque for 100.00, but enter it into the system as 1,000.00. Alternatively, the bank can make an error.
The reconciliation process also helps you know the value of the cheques that are not yet in your bank statement, so that you can plan your cash flow. For example, you may have cash in the bank, but unless you know the value of cheques that suppliers have not yet deposited, you do not know whether there are sufficient funds in the bank. If your reconciliation is up to date, you can view these undeposited cheques.
Note that the bank reconciliation takes into account all payments, receipts and other transfers that you have entered. This includes customer receipts, supplier payments and other account transactions.
You can access this function by selecting Banking…Transactions…Reconcile Banks and Credit Cards. You can also open the Reconcile Banks and Credit Cards from a number of Quick Links areas.
You mark items as being present on the bank statement by selecting the Reconciled check box.