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Bank Reconciliations Plugin - Managing Bank Accounts and Account Bank References

Article Index

Managing Bank Accounts and Account Bank References

When Bank Statements are imported, it will automatically import all transactions into the Batch Entry screen (combined Payments and Receipts Journal). You need to allocate the transactions to the correct accounts, as the bank statement does not know which accounts in TurboCASH is matched to items on the bank statement.

TurboCASH allows you to manage these references to specific accounts. When importing a bank statement, and the account links are correct, it will automatically allocate the bank statement transactions to the correct accounts.

When importing statements and these are not linked, e.g. new receipts, payments, etc., these will then be set to Empty in the Accounts column of the Bank Accounts Batch Entry screen.

To automate the process for allocating (selecting accounts) to an imported bank statement, please take not of the following settings:

  1. General Ledger Accounts
    • Bank References – This needs to be correctly entered on the Bank Links tab. If this is correctly entered (edited), it will match the references as imported from bank statements.

    • Tax (VAT / GST / Sales Tax) - If you are registered as a VAT / GST / Sales Tax Vendor, and VAT is applicable to the specific account, you need to link that account to the correct Input or Output Tax (VAT / GST / Sales Tax) account.
  2. Debtor Accounts
    • Bank References - This needs to be correctly entered on the Bank Accounts tab. If this is correctly entered (edited), it will match the references as imported from bank statements.
    • Bank Accounts – The Banking details for the Debtor (customer / client) account needs to be correctly maintained on the Accounting Information tab of the Debtor account. This may be used to manage debit orders, refund debtors, etc. via the automated payments system. BIC (Bank Identifier Code) and IBAN (International Bank Account Number) accounts are also supported.
  3. Creditor Accounts
    • Bank References - This needs to be correctly entered on the Bank Accounts tab. If this is correctly entered (edited), it will match the references as imported from bank statements.
    • Bank Accounts – The Banking details of the creditor (supplier) account needs to be correctly maintained on the Accounting Information tab. This may be used to pay creditors (suppliers) via the automated payments system. BIC (Bank Identifier Code) and IBAN (International Bank Account Number) accounts are also supported.

Ledger Account Settings

For the BankOnline plugin, the Bank Links and the Link Tax are important.

To set the Accounts for BankOnline:

  1. Click on the Action → Accounts menu.
  2. Select an Account. 
  3. Link Tax – If you are registered as a Tax (VAT / GST / Sales Tax) vendor, and Tax (VAT / GST / Sales Tax) is applicable to the specific account, you need to link that account to the correct Input or Output Tax (VAT / GST / Sales Tax) account. If you are not registered as a Tax (VAT / GST / Sales Tax) vendor, this field should be set to T-Empty.
  4. Bank Links – Enter the reference as per Bank Statement (if available).
  5. Click on the Save (tick) icon.
  6. Click on the Save icon or Save button.
  7. Repeat the process as necessary.

Debtor / Creditor Account Settings

You may need to enter / edit the Bank Details of your Debtor / Creditor Accounts. These accounts may be used to manage references and for the following automatic payments in the F9:Process options for bank accounts:

  • Automatic Payments (Payments Debtors / Creditors)
  • Automatic Receipts (Receive Debtors / Creditors)

To Enter the Bank Details of a Debtor Account:

  1. Click on Action → Debtor menu.

  2. Select a Debtor account and click on the Edit button.

  3. Click on the Accounting Information tab. 

  4. Enter the following where applicable:

    1. Bank Account Type – Only Proof / Abitrair is available for the dutch market. When workin in the Bank Account Batch Entry screen, and selecting the Update Bank Accounts (on the context menu) this is field will automatically be updated to “AutoAdded”.

    2. Bank Account No. - Enter the standard Bank Account Number of the debtor (customer / client).

    3. Bank Name – Enter the name of the standard Bank Account of the debtor (customer / client).

    4. BIC - (Bank Identifier Code)

    5. IBAN - (International Bank Account Number) See - http://en.wikipedia.org/wiki/International_Bank_Account_Number

  5. Click on the Bank Accounts tab. This tab is used to manage the Account Bank References for debtor (customers / clients).

  6. Repeat the process for creditors (suppliers) on the Action → Creditor menu.