The StreamV Bank Management System provides you with a powerful set of tools that can be used to manage and reconcile your bank accounts.
Bank records are created automatically by the Accounts Payable and Accounts Receivable systems when transactions that affect your cash account balances are processed.
The Bank Management program allows you to view and clear various types of bank transactions, and to create bank entries for bank transactions that are not posted automatically by other systems
The Bank Query program can be used to generate standard and customized activity reports for each of your bank accounts and to print or export the report output.
The Bank Reconciliation program allows you to reconcile your bank account activity on a regular basis, to ensure that your general ledger cash account balances are accurate and up to date.
Bank Management and associated programs allow you to view the general ledger activity associated with each bank transaction, and to display any accounts payable or receivable documents related to the transaction.
The Bank Management system is an on-line, real time system, and it is fully integrated with the Accounts Payable, Accounts Receivable and General Ledger Systems. The Bank Management system supports both local and foreign currency transaction processing.
The Bank Management system includes robust security options that allow you to control access to programs, program options, and specific data fields. Security can be specified at the operator, group or branch level.
The Bank Management programs allow you to easily add or associate comments, images, and other documents to each bank transaction, and to restrict the associated information to specific users or groups when required.
This document describes the business processes that can be performed using the Bank Management system, it provides a list of the main features that are present in the system, and an overview of Bank Transaction processing. This document also describes the programs and procedures that are used to record and update bank transactions.
Bank Management - Business Processes
The primary business processes that can be performed with the Bank Management System are listed below. Each of these tasks are described in more detail in the overview and procedures sections of this document.
Display Bank Transaction Details - The Bank System can be used to quickly access detailed information about the activity in your general ledger cash accounts. The Bank Management programs allows you to quickly display the check, deposit and other transactions affecting a specific bank account, and to view detailed information about each transaction.
Process Bank Transfers The Bank Management program lets you quickly transfer funds between your various bank accounts.
Process Bank Transactions - The Bank Management program allows you to record bank transactions that are not related to accounts payable or accounts receivable activity. Examples might include interest expense, loan payments, payroll, and bank or service charges.
Clear Bank records - Programs in the Bank System allow you to quickly clear check, deposit and other bank transactions. Bank records in local currency are cleared by adding the date that the bank cleared or processed each transaction to the bank record.
Record Exchange Rate Gains and Losses - The Bank System can be used to process adjustments which are required due to exchange rate variances on foreign currency bank transactions. The Bank system allows you to specify both a cleared date and a cleared house currency amount for foreign currency transactions, and it automatically records any exchange rate gain or loss that results due to clearing the record.
Create Outstanding Check, and Bank activity Reports - The Bank Query program allows you to quickly produce information that is useful for bank reconciliation purposes, such as a list of the outstanding (un-cleared) check, wire or deposit transactions for each account, and activity reports showing the transaction totals for specific periods of time (deposits or payments for a specific date range).
Reconcile Bank Account Balances The Bank Reconciliation program allows you to compare the current general ledger or book balance for each of your bank accounts to the current bank balance for the account. The program displays the current book balance for the account and it allows you to enter the Bank supplied balance for the account (from a bank statement or an on-line banking system). The Bank Reconciliation program then adjusts the bank balance for the account by the net amount of un-cleared bank records in your system (which are displayed in the program) to calculate an adjusted bank balance and it displays the difference between the adjusted bank balance and the current general ledger or book balance for the account. When the difference displayed in the program is 0, the account is reconciled. A Bank Reconciliation report can be produced to document the balances and outstanding documents as of a given date.
Note: The StreamV AP and AR systems automatically create bank records when vendor and customer payments are processed. This document describes only the programs and procedures that are specific to the Bank Management system. For more information about Accounts Payable payment processing or Accounts Receivable payment and deposit processing, please refer to the documentation for the appropriate system.