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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.
Reconcile Bank Account Function
Manage Bank Accounts
Set up an unlimited number of bank accounts and specify 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.
Transaction Code Listing - Report Preview
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 provide 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 enables the transfer of bank reconciliation
transactions to the General Ledger through the Transfer Data to GL and Period-End
Closing functions. You can also control whether a transaction must be transferred to the
General Ledger.
Integration with the Accounts Payables module enables all checks recorded to appear
automatically in the reconciliation for the related bank account. The Bank Reconciliation
function shows transaction descriptions and references for ease of identification. You can
also choose whether 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 the Accounts Receivable module to be available in the Bank Reconciliation
module. This saves time when reconciling bank accounts.
Integration with the Payroll module enbles all payroll checks to appear automatically in the
reconciliation for the related bank account. The Bank Reconciliation function shows
transaction descriptions and references for ease in identification. During reconciliation, you
can also choose whether to show employee names as the payees associated with PR
check amounts.
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