Bank Reconciliation

The AccountMate Bank Reconciliation module assists you with the following activities:

•Efficient classification of numerous bank transactions by type (e.g., to differentiate between charges for returned checks and monthly service fees).

•Set up bank account records

•Set up currency code records and exchange rates

•Easier reconciliation of bank accounts

•Associate vendor names with check amounts

The following outlines the AccountMate Bank Reconciliation major transaction features:

oRecord Bank Disbursements

Use this feature to record other disbursements (e.g., bank fees and loan payments automatically deducted from your accounts) that are not entered through other modules in the system. You can then use this function or the Reconcile Bank Account function to mark these disbursements as “reconciled" to indicate that the bank has paid them.

oRecord Bank Receipts

In this function you can record other receipts (e.g., bank interest,etc) not entered through other modules in the system. Also use this function or the Reconcile Bank Account function to mark these receipts as "reconciled" to indicate that the bank has accepted them.

oRecord Bank Transfers

Transfers between two of your bank accounts or from other bank accounts (e.g., wire transfers) are handled here. Also, you can process fund transfers using different currencies from one bank account to another bank account. For example, the target bank may be designated for either foreign or home currency which may not necessarily have same currency as that which is designated for the source bank. The system automatically converts the amount transferred from the source bank account to the currency equivalent of the target bank account. You can use this function or the Reconcile Bank Account function to mark these transfers as "reconciled" when they clear the bank.

oSet up and Generate Recurring Bank Transactions

Create templates to handle recurring disbursement, receipt, or fund transfer transactions. Using the Recurring Entry set of functions, you can set up and generate bank transactions that occur frequently for a consistent amount. Creating templates for these recurring bank transactions saves time when these must be prepared on a wide variety of transaction cycles.

oReconcile Bank Account

Enter summary information from a bank statement; then, quickly reconcile that data to the detailed data in the system by marking which disbursements, receipts and transfers in the system appear on the statement. Disbursements, receipts and transfers recorded using functions in other modules are shown along with the disbursements, receipts and transfers recorded in this module. Selection criteria options are available for you to filter the transactions making it easier to match the bank statement transactions with the system’s transactions. You can quickly mark those transactions that have cleared the bank. When the system and bank information totals match for each category, simply click the Save button and the system does the rest. All records are updated and adjustments are posted to the General Ledger module, if activated.