Revision [1111]

This is an old revision of BankMatching made by PhilDaintree on 2008-02-08 12:30:06.

 

Bank Matching


Certain general ledger accounts can be defined as bank accounts - as many bank accounts as needed can be defined. General ledger accounts defined as bank accounts can be reconciled to bank statements using the matching facilities. Entries made to bank accounts using receipts or payments, also create a total receipt or payment, which is retained for the purposes of matching off the bank statements. Using the bank payments page, general ledger payments can be analysed to any number of other general ledger accounts, but only one entry to the bank account is made. This page also allows payments to supplier accounts to be created. Similarly, using the receipt entry page, a series of receipts from customers which may all have been banked together can be deposited as one amount to a bank account. There is only one amount appearing on the statement as the total of all these receipts, this bank account transaction is created and available for matching deposits off the bank statements.

Once all receipts and payments are matched to bank statements, the bank reconciliation statement can be printed which should show how the current general ledger balance reconciles to the bank statement for this account.

Bank accounts are defined from the setup tab from the link to Bank Accounts Maintenance. There is facility to enter the name of the account, the bank account number and the address of the bank if required, as well as selecting the general ledger account to which it refers. There are links to edit existing bank account records and to delete them. However, once defined as referring to a particular general ledger code it is not possible to change the general ledger code of the bank account. This is because there would be entries made to this account. Similarly, if bank transactions have been created using this bank account it is not possible to delete it. The bank account transactions must be purged first (but currently no facility exists to purge bank transactions).

Bank Account Payments


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From the general ledger tab, the first link under transactions is Bank Account Payments.

The following data is required:

* The bank account from which the payment has been (or is to be) made. A select box allows this to be selected from the list of defined bank accounts.
* The date on which it was paid. This is important since the accounting period in which the payment is entered is determined from the date. The system will default to today's date - this must be changed where bank payments are being entered retrospectively.
* The currency which is being paid. The entries to all bank accounts are made in local currency, but payment to suppliers may be made in foreign currency being purchased in local currency at the exchange rate entered. All bank accounts are recorded in local currency (there is no facility for foreign currency bank accounts). By default the system will use the functional currency of the business as defined in the company preferences page.
* The exchange rate - if the functional currency of the business is being used this should be 1. If another currency is being purchased with the payment then the rate at which it is being purchased should be entered.
* Narrative - applicable to the whole payment. Narrative applicable to individual general ledger entries can be entered separately.

Payments can take two forms - either it is a general ledger payment or it is a payment to a supplier. General ledger payments require an analysis of how the payment should be posted to the general ledger. General ledger accounts can be specified either as the account code directly (if the account code is known) or by selecting from the select box. Any narrative applicable to the general ledger amount can be entered too - and the amount to be posted to the selected/entered account. The total payment is taken as being the sum of all the entries made. If the total of all entries made is negative then this is entered as a negative payment - these are accepted to allow for correction of data entry errors.

Bank Account Receipts


The following data is required:

* The bank account to which the payment has been (or is to be) made. A select box allows this to be selected from the list of defined bank accounts.
* The date on which it was paid. This is important since the accounting period in which the payment is entered is determined from the date. The system will default to today's date - this must be changed where bank payments are being entered retrospectively.
* The currency which is being paid. The entries to all bank accounts are made in local currency, but payment to suppliers may be made in foreign currency being purchased in local currency at the exchange rate entered. All bank accounts are recorded in local currency (there is no facility for foreign currency bank accounts). By default the system will use the functional currency of the business as defined in the company preferences page.
* The exchange rate - if the functional currency of the business is being used this should be 1. If another currency is being purchased with the payment then the rate at which it is being purchased should be entered.
* The receipt type, this can be chosen from a drop-down list.
* Narrative - applicable to the whole payment. Narrative applicable to individual general ledger entries can be entered separately.

This is a test of a proposed help file system for webERP

Muz, I don't think its an issue getting the system to work this way - there is an interesting dilemma though - on the one hand having the functionality is useless if the pages don't exist and on the other no one will create these pages if the functionality is not there....

However, there is nothing to stop building the pages first and when we get 20 or 30 useful contributions which would be useful whether or not the system is changed and then it really would be of value to have the links coded in the system and we could let the balance of the how-tos be contributed (or not - ok I am sceptical having been around this for a while!).
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