Bank System Startup Checklist

1.  Verify the StreamV application has been installed and that you are pointing to the startup data set

2.  Verify that the CRM, Vendor, Accounts Receivable and Accounts Payable Systems have been setup.  These systems contain the customer and vendor records that Bank transactions are pointed to, and these systems should be loaded and configured before you import or create bank data.

3.  Verify that your Bank accounts have been set up in the GL and that autopost numbers have been assigned to the accounts.  Each account that you will issue payments from or receive money into should be set up and each account should be assigned a unique cash autopost number in the range of 100-119.

4.  Determine if you will be converting bank data from your old system.  When you begin operations in StreamV, you will normally have cash balances in your bank accounts, and outstanding  (un-cleared), checks and deposits for these accounts.  You can create beginning balance records for these documents (and cleared documents), and then begin operations,  or you can begin operations with an empty bank file, and create only new transactions as you process checks and customer deposits.

5.  “Clearing” is the process of identifying the bank transactions that have been cleared or recognized by your bank on your bank statement. Local currency bank transactions are cleared by adding a cleared date to the bank records that have been processed by the bank.  This cleared date is normally set to the date on which the transaction was processed by the bank.  The Bank Management program allows you to clear multiple local currency transactions at the same time.

6.  Clearing Foreign Currency check, wire transfer and deposit transactions.  When foreign currency bank transactions are cleared in the Bank Management program, the system allows you to specify both the date on which the transaction cleared the bank, and the local currency amount at which the transaction cleared the bank.  This option allows you to recognize any difference between the local currency value of the transaction in the system and the local currency amount that was actually recorded by your bank (this difference is normally caused by the bank clearing the transaction with a different exchange rate than that used in the system f

7.  If the amount of the bank record (in local currency) does not match the amount cleared by the bank, the system makes an entry to a foreign currency gain or loss account for the amount of the difference.

8. 

The Bank Management program allows you to view the Bank, Journal Entry and other details associated with each bank transaction, and the program also allows you to perform other tasks.  These tasks include.

•      Clearing Local Currency Bank Transactions – The Bank Management program allows you to add a cleared date to local currency bank transactions to identify which transactions have been cleared or recognized by the bank.  This cleared date is used to generate a report of outstanding transactions that can be used when reconciling the bank account to the bank statement.

•      Clearing Foreign Currency Bank Transactions – The Bank Management Program also allows you to clear foreign currency transactions.  When a foreign currency transaction is cleared, the system allows you to specify both the date on which the transaction was cleared by the bank, and the local currency amount of the transaction (this allows you to recognize and record any difference between the local currency amount processed by the bank and the local currency amount recorded in the system).

•      Create Miscellaneous Deposit and Bank Charge transactions to record cash transactions that are not related to accounts payable or accounts receivable payment activity. 

•      Create bank records for checks that were voided and that will not be processed in the system.

•      This document also presents reference information about the Bank System, including the various document types and source codes which are used in the Bank System, and the data files that are used or updated by the system.  For more detailed information on how to process bank transactions, please refer to the Bank System Procedures Guide.  For more information about the individual programs in the Bank System, please refer to the Program Reference section of the Bank System documentation.  For more information about the data files and fields that are used by, or affected by, the Bank System, please refer to the Expanded Field Definitions Documentation.

•      - On a regular basis, reports should be run to verify that all Bank records are substantiated with the proper journal entry detail and vice versa.  This is especially important since the bank system is date oriented and the general ledger is period and year oriented. 

•      Bank Transaction register - used to print a report of both outstanding and cleared checks.  Also audits the journal entries associated with each bank record to make sure that all amounts have been properly recorded in the general ledger.

•      Reconciling bank activity to the bank statement

•      Outstanding check list. - prints both fc and cleared hc amounts

•      General ledger postings report - once GL tied to bank transactions can use the balance forward plus adj for os checks, deposits to tie to bank.

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