Bank Management Overview
This document provides an overview of the StreamV Bank Management System. It describes how bank records are created by the system during transaction processing, and how bank records are used and are updated during the bank reconciliation process.
Bank transactions are transactions that affect bank accounts (general ledger cash accounts). Bank transactions can be created when required using the Bank Management program. Bank transactions are also created automatically by other StreamV systems, such as the Accounts Receivable and Accounts Payable systems.
Bank transactions are used to record payments to vendors, deposits from customers or vendors, customer refunds, and other types of bank activity such as interest income and expense, payroll entries and bank charges. Bank transactions are used to record all activity that affects each of your bank accounts, and to reconcile that activity against the appropriate bank provided information
When a Bank Transaction is processed in StreamV, the system normally creates a Bank record and a journal entry.
The Bank record is used to display and to reconcile bank activity. Bank records can also be used to process some types of transactions such as check voids, and foreign currency exchange gains and losses. The Bank record stores the detailed information associated with each check, deposit, or other transaction, including the transaction date, the amount of the transaction in your local (and foreign currency if applicable) and the name of the vendor or customer associated with the record.
Each bank record also contains fields that are updated during the Bank reconciliation process. As bank transactions are verified using an On-Line Banking System or a paper Bank Statement, the cleared date and cleared house currency amount field in each bank record can be updated to indicate that the transaction has been recognized by the bank.
The Journal Entry detail associated with each Bank record is used to document how each bank transaction was distributed to the general ledger, and to update the appropriate general ledger balances. In some cases, one Bank record will have multiple journal entries associated with it.
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Bank Records