 |
Bank Reconciliation Module
Easy Bank Account Reconciliation
Enter summary information from a bank
statement (such as the ending balance, the total number and amount
of disbursements, deposits and bank transfers shown on a statement).
You can then quickly reconcile that data with the detailed data within
AccountMate by marking which disbursements, receipts and transfers
appear on the statement.
Each transaction category (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.
Manage Bank Accounts
Set up an unlimited number of bank accounts and indicate which currency
is used for each account. You can also set the starting 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. You can also
set up each bank account's beginning statement balances, making it
easier for you to record bank account balances in place before you
started using AccountMate.
Record Bank Transfers
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.
Transaction Code Set Up
You have the flexibility to set up transaction codes in order to classify transactions by type;
thus allowing you to easily identify the nature of the transaction entered (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.
Currency Codes
Currency codes can be set up for each foreign currency used to transact business. These
codes can be assigned to bank accounts, vendors and customers to ensure the proper
currency is used. Exchange rates can be updated at any time and can be overwritten for
most transactions.
Bank Routing Codes
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.
Quickly Generate Recurring Transactions
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
Record checks and other disbursements (e.g., bank fees and loan payments automatically
deducted from accounts) not entered through other modules.
Record Deposits and Other Receipts
You can record deposits and other receipts (e.g., bank interest and automatic customer
payments) not entered through other modules.
Cut-off Date for Purging Old Data
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.
Reports
A wide variety of reports provides you with information required 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.
Integration with General Ledger, Accounts
Payable, Accounts Receivable and Payroll Modules
Integration with the General Ledger module allows a temporary or permanent transfer of
bank reconciliation transactions to the General Ledger through the Transfer Data to GL or
Period-End Closing functions, respectively. You can also control whether or not a
transaction will be transferred to the General Ledger.
Integration with the Accounts Payables module allows all checks recorded to automatically
appear in the reconciliation for the related bank account. For ease of identification
transaction descriptions and references are also shown in the Bank Reconciliation
function. You can also choose whether or not to show vendor names as the payees
associated with AP check amounts in the reconciliation.
Integration with the Accounts Receivable module enables all bank deposit information
entered in Accounts Receivable module to be available in the Bank Reconciliation module.
This saves time when reconciling bank accounts.
Integration with the payroll module allows all payroll checks to automatically appear in the
reconciliation for the related bank account. For ease in identification transaction
descriptions and references are also shown in the Bank Reconciliation function. You can
also choose whether or not to show employee names as the payees associated with PR
check amounts in the reconciliation.
|
