Bank System Features

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

•      Automatic creation and posting of bank transactions for accounts payable checks and accounts receivable deposits.

•      Allows manual creation of bank transactions for miscellaneous deposits and charges (for items like bank fees, interest income or expense).  Generic code tables control the accounts that these transactions can be posted to.  The general ledger is updated on-line as each of these transactions are created.

•      Vat support for miscellaneous bank charges.

•      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 it updates the bank record and general ledger as appropriate.

•      Allows manual creation of a void check (to record a document that is damaged before use and that will never be issued).  These documents are created with an amount of 0 and are created in the bank system in order to avoid gaps in your check numbering sequence.

•      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.

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

•      Multiple Inquiry screens, as well as operational and management reports, provide the tools required to research, verify and reconcile cash account activity. The system provides the user with multiple ways to review bank transactions and related information.  The bank records created by the accounts payable system can be used to summarize vendor payments by check number and to display the payment detail associated with each check or wire transfer.

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Bank System Overview