The programs included on the Bank Management System Operations Menu are used to view and process bank transactions, and to reconcile bank account activity.
The Bank Management program is used to view information about existing bank records, to create miscellaneous bank deposit and charge transactions that are not associated with accounts payable or receivable activity, and to clear bank records.
The Bank Reconciliation program allows you to compare your current bank balances in the system (adjusted for any un-cleared transactions) to the actual balances for each bank account.
Tasks you can perform using the Bank Management operations programs include:
• Viewing bank transaction details and the general ledger activity that is associated with each bank record.
• Processing transfers between bank accounts.
• Creating Miscellaneous deposit and charge transactions for recurring items like interest income, interest expense, bank fees, loan payments, etc.
• Creating bank records for other activity such as payroll entries, and non-payroll related payments to principals, or employees.
• Clearing house (local) and foreign currency check, wire transfer, charge, and deposit transactions.
• Reconciling bank account activity and bank balances to your bank statements or online banking system.