BANKCHGS
The BANKCHGS Gencode Table defines the Miscellaneous Bank Charges that can be created in the Bank Management Program. Miscellaneous Bank Charges are used to record charges or reductions to the bank account balance that are not associated with accounts payable or accounts receivable activity. Examples of miscellaneous bank charge transactions might include interest expense, check printing charges, transfers to another bank account, or other items that are deducted from your bank account.
When a miscellaneous bank charge is processed, a record is created in the Bank File for the amount of the charge and a journal entry is made to record the transaction in the general ledger.
The records in the BANKCHGS table define the miscellaneous bank charges that can be created in the Bank Management program, and the general ledger autopost account that is used to record each charge.
TAX/VAT Processing
The Bank System allows you to record optional vat or sales tax information when you are processing Miscellaneous Bank Charges. If a Vat or Taxcode is entered into a BANKCHGS Gencode record, the system will post the amount of vat or tax specified by the operator based on the Vat code defined in the record. Note: If a VAT or Taxcode is specified in a BANKCHGS Gencode record, this Vat or Taxcode must be correctly set up in the APTAXCOD Gencode Table as the records in that table contains the general ledger account to be used for the Taxcode and vat or tax amount.
The information that should be loaded into each field in each Gencode record in the BANKCHGS table is listed below.
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Table:BANKCHGS |
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Code: The code you wish to use to identify the bank charge (this must be unique). For the title record, you should enter --------- (dashes) into the code field. For the other records in the table, you should enter a code (up to 8 characters), to define the charge type. Examples might include “INTEXP (interest expense), “XFEROUT” (outbound transfer), or CHKCHG (check printing charge). |
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Verify: A Short description of the type of charge (up to 15 characters). |
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Description: A description of the type of charge (i.e. Bank Service Charge, Outbound Transfer, Interest expense) – can be up to 50 characters. |
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Title Flag: N (except for the title record). |
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Data1: The autopost number of the general ledger account that the charge should be posted to. The valid autopost range is 780-799. Each autopost can be assigned to only one general ledger account, but multiple Gencode records in a single table (or Gencode records from this and the below BANKDEPS table can be assigned to the same autopost). This flexibility allows charges and deposits to be posted to the same account if required (i.e. a transfer clearing account). |
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Data2: Optional – this field can be used to store the VAT or Taxcode to be used when this charge is selected. If the Taxcode is specified, the Bank programs will prompt for the tax amount when creating the miscellaneous charge transaction. The Bank programs then post this vat or tax amount to the autopost account that is defined for the vat code in the APTAXCOD table. Note: Any vat code that is specified in this table MUST also exist in the APTAXCOD table and be properly set up in that table. |
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BANKDEPS