Process Bank Statement Transactions
Once your bank statement is imported; you may proceed to check and allocate the transactions to the correct accounts, where necessary.
The recommended process is as follows:
- If the bank references for all accounts are set correctly, and these references match the bank statement, these will be automatically be allocated to the correct accounts and Tax (VAT / GST / Sales Tax) accounts.
- Please refer to the next sections for more information.
- Once all the transactions are correct, you need to:
- Click on the F8: List icon to print a list of the transactions in the batch.
- Click on the F6: Post icon to Update the transactions to the ledger.
- Exit or close the Batch Entry screen.
The ^D: Delete statement icon is similar to the Erase Batch option on the Process options for this batch (F9:Process).
It will only clear erase all the transactions in this batch. The Bank Statement will still be on the list of Bank Statements on the Import Bank Statement screen.
The lines (rows) with a cream background colour, indicates that the account is an open item account, which is already linked to a transaction.
The Tax column with a red background colour, indicates that Tax (VAT / GST / Sales Tax) should not be selected for debtor (customer / client) accounts and / or for creditor (supplier) accounts, as the Tax are already processed in the sales or purchase transactions.
Open Item Accounts
When allocating (selecting) a bank statement transaction to an account, which is set as an Open Item Account (e.g. D000001 - Mr. Mike Davies), the following open item selection screen is displayed:
On this screen; you may select a specific invoice or other transaction to link the transaction. As in this example, this deposit need to be linked to INV004.
In addition to this, you may also use the following context menu options:
Select from account open item list – This will display a list of the transactions on the Open Item Selection screen for the selected account. On this screen, you may select a transaction from a list to link the transaction in the Batch Entry screen.
Open Item – Launch the Open Item screen, if an account is selected.
Payment difference - This will launch the Receive Payments screen with the default PAYDIV in the reference field. On this screen you may process discounts or adjustments, if necessary.