Keeping an accurate tab
on cash flow is an important
part of your business
and AccountMate’s Bank
Reconciliation module has
a convenient way
AccountMate 7 for SQL or Express
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 in Payroll, Accounts Payable and Accounts Receivable/Sales Order transactions.
Maintain Bank Routing Codes and Branch Information
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 account. You are able to define the branch number and address for the bank branch where you maintain the bank account. This information can be used when printing checks from the integrated AccountMate Accounts Payable and Payroll modules.
Bank Account Maintenance
Easy View of Real Time Cash Position
The system displays the current book balance for each bank account. It also shows the total unreconciled amount with a drill-down that displays details of unreconciled transactions grouped into debits and credits. These features give you a better grasp of your company’s real time cash position to more effectively manage your resources.
Transaction Code Set Up
There is flexibility to set up transaction codes in order to classify transactions by type. This allows you to easily identify the nature of the transaction entered (i.e. differentiate between charges for returned checks and monthly service fees) and its effect on your bank account balance. The decision can be made to define whether a check or deposit number must be entered for the transaction.
Currency codes can be set up for each currency used to transact business. These codes can be assigned to bank accounts, vendors and customers to ensure that transactions are recorded using the correct currency. Exchange rates can be updated at any time.
Easy Bank Account Reconciliation
Enter summary information from a bank statement such as the ending balance and the total number and amount of checks or other disbursements and deposits or other receipts. You can more easily match bank statement data with the detailed information in AccountMate since they are presented in a convenient grouping of debit transactions in one tab and credit transactions in another tab. Quickly reconcile bank account transactions by marking the checks or other disbursements and deposits or other receipts listed against those that appear on the bank statement.
Generate Positive Pay File for Fraud Protection
One tool to protect your company against check fraud is AccountMate’s positive pay function. This allows you to generate a positive pay file for Accounts Payable and Payroll checks that can be sent to your banks. Arrangements can be made with your banks to honor only those checks listed in the positive pay file. This is a most effective fraud protection tool especially if your company issues a large number of checks.
Record Receipts, Disbursements and Bank Transfers
Record deposits and other receipts (i.e. bank interest) or checks and other disbursements (i.e. NSF charges) not entered through other modules. This also includes recording transfers between two bank accounts having the same currency such as a bank transfer into a Payroll account or transferring funds between accounts that are in different currencies.
Quickly Generate Recurring Transactions
Templates can be set up for recurring disbursements, receipts and transfers that are not entered through other modules and can be scheduled to happen on a specific cycle. These templates can be set to recur at different intervals with a limit on the number of recurring cycles and/or a recurring end date.
Support Multiple General Ledger Distribution Accounts
You can assign multiple General Ledger Account IDs to each Transaction Code and to each check or other disbursement, deposit or other receipt transaction recorded through this module. Use this feature to allocate the receipt or disbursement among the various reporting segments that benefit from the transaction. For recurring receipts or disbursements, you can establish the percentage distribution among the assigned General Ledger Account IDs based on the allocation made to each affected reporting segment.
Generate Reconciled Bank Statements for Prior Statement Periods
The system maintains each month’s bank reconciliation data. This provides the ability to review or print reconciled bank statements for a prior period that can be submitted to banks, accountants, auditors or other reporting agencies.
Integration with General Ledger, Accounts Payable, Accounts Receivable and Payroll Modules
AccountMate Software Corporation
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