Keeping an accurate tab on your cash flow is an important part of your business and AccountMate 6.0’s Bank Reconciliation module makes it a breeze. With the Bank Reconciliation module you can record disbursements, receipts and bank transfers not recorded through other AccountMate modules; indicate which receipts, disbursements and transfers have cleared their banks; and then reconcile their book entries to their bank statements. You can also set up and amend bank accounts and define the currency in which transactions will be shown for each bank account, keeping you informed on the real-time cash position of your company.

Enter summary information from a bank statement (such as the ending balance, the total number and amount of disbursements, and the total number and amount of deposits and bank transfers shown on a statement). You can then quickly reconcile that data to the detailed data within AccountMate by marking which disbursements, receipts and transfers appear on the statement.

Each category of transaction (Checks, Other Disbursements, Deposits, Other Receipts and Transfers) appears on a separate tab in the bank reconciliation window, making it easier to check off the items that have cleared the bank.

Bank Reconciliation integrates seamlessly with other AccountMate modules so all transactions affecting your bank balance are displayed together.

Figure 1: Reconcile Bank Account Function

Set up an unlimited number of bank accounts and indicate which currency is used for each account. You can also set the check and deposit numbers for each account, define each account’s maximum check amount, and specify which bank accounts will be used for Accounts Payable and Accounts Receivable/ Sales Order functions.

Record transfers between two bank accounts (e.g. wire transfers) that are not entered through other modules. You can also transfer funds from one bank account to another using a different currency.

You have the flexibility to set up transaction codes in order to classify transactions by type (e.g., to differentiate between charges for returned checks and monthly service fees). Transaction codes can also define whether a check or deposit number must be entered for the transaction.

Figure 2: Transaction Code Listing – Report Preview

Currency codes can be set up for each foreign currency used to transact business, which then can be used to update each currency’s exchange rate. Currency codes can be assigned to bank accounts, vendors and customers to insure the proper currency is used. Exchange rates can be updated at any time and can be overwritten for most transactions.

Electronic bank routing codes for each bank account can be defined. These codes are used by the Electronic Funds Transfer Agency (EFTA) to process transactions related to the bank accounts.

Templates can be set up for recurring disbursements, deposit receipts and transfers that are not entered through other modules, and can be scheduled to happen on a specific cycle, i.e. weekly, monthly, quarterly, or yearly.

Record checks and other disbursements (e.g., bank fees and loan payments automatically deducted from accounts) not entered through other modules.

You can record deposits and other receipts (e.g., bank interest and automatic customer payments) not entered through other modules.

You can maintain bank reconciliation data for an unlimited number of years, or specify dates for purging data. Separate cut-off dates can be entered for disbursements, receipts and bank transfers.

A wide variety of reports provides you with information you need in the daily operation of your business. Quickly find out which checks, deposits and transfers have cleared and which have not; the status of each bank reconciliation; what recurring transactions have been generated; and what transaction codes and currency codes have been set up.