Bank Management Features

•      Automatic creation and posting of Accounts Payable related bank transactions  Accounts Payable checks and wire transfers, are automatically recorded in the Bank Management system.

•      Automatic creation and posting of Accounts Receivable related bank transactions  Accounts Receivable deposit and refund transactions are automatically posted to the Bank Management System.

•      Streamlined processing of miscellaneous deposits and charges  The Bank Management program can be used to quickly record recurring items such as bank fees and charges, interest income, and interest expense in a controlled fashion.  “Gencode” tables allow you to specify and control the accounts that these transactions can be posted to.  The general ledger is updated on-line as each transactions is processed.

•      Fast and flexible handling of other bank transactions  Bank Management allows selected users to create bank transactions that can be distributed between multiple general ledger accounts.  Bank transactions can be tied to journal entries that can be imported, recalled, or stored for future use.   This allows you to handle recurring items such as payroll or unique situations such as capital contributions, distributions or other items that you do not wish to processing using the AR or AP Systems.

•      Bank Reconciliation  The Bank Reconciliation program allows you to quickly compare your book and bank balances to ensure that your cash account details are correct and complete.  Accounts can be reconciled on a daily basis – allowing you to take advantage of your on-line banking options.

•      Bank Query Program  The Bank Query program allows you to quickly generate standard or customized bank activity reports using SQL, and to print or export the report output.

•      Bank Transfer option  The Bank Transfer option in the Bank Management program allows you to quickly move funds between your bank accounts

•      Foreign Currency Support  All accounts receivable and accounts payable related bank transactions can be processed in both local and foreign currency.

•      VAT (value added tax) Support  The Bank Management program allows you to record and track vat amounts for miscellaneous bank charges.

•      Clear Local and Foreign Currency Bank transactions  Both house and foreign currency bank transactions can be cleared as they are recognized by your bank.  The Bank Management program allows you to specify the date on which each bank record was processed by your bank, and to record any currency exchange rate gains or losses associated with each transaction.

•      Check Void Options  Vendor checks can be voided to deal with error situations or checks lost by the vendor.  The void process automatically re-opens the appropriate invoices and updates the bank record and the general ledger as appropriate. 

•      Automated handling of voided or NSF customer payments  If a customer payment has been applied, and deposited in the bank, and the payment is later voided due to a mistake or an NSF (non-sufficient funds) situation, the system creates a negative deposit (a check void) transaction to record the payment reversal.

•      Record unused checks   The Bank Management system allows manual creation of a void check (to record a document that is damaged before use and that will never be issued).  These bank transactions are created with an amount of 0 and are created in the bank system in order to avoid gaps in your check numbering sequence.  The transactions are not posted to the general ledger.

•      Flexible, powerful lookup programs Multiple Inquiry screens allow you to display bank records by company, date, cleared date, check or deposit number, or by batch.   The information displayed when each display sequence is selected can be customized by the user without program changes.

•      Robust Security  Programs, individual program options, and specific fields in the Bank Management system can be restricted to selected users.

•      Integrated Comment and Imaging Support  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


Bank Management Overview