Bank Manager

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The SI+ Bank Manager add-on module eliminates the process of manually capturing transactions from your bank statement.

Reconciling your bank account has never been quicker or easier.

Go to Ledger> Bank Manager

 

Overview

 

The Bank Manager compiles the cash book by using an electronic bank statement and either matching existing customers, suppliers or General Ledger entries or creating new GL entries.

It uses bank statements in OFX file format that are available from all major South African banks.

The system will automatically remember previous matches and the next time you import an OFX file it will automatically fill in the GL Account, Customer, Supplier, etc.

You can split lines into multiple accounts.

Setup

Step 1

Add your Bank and  bank details.

Select your general ledger bank account.

Click Save.

 

Step 2

Import your bank OFX  file.

Your bank statement transactions will now populate the Bank Transactions grid as well as the date range, bank opening and closing balances.

 

Bankmanager3

Matching Transactions

 

Step 1

Select a transaction to work with in the grid on the left.

 

Step 2

You either need to select an existing GL entry or create one.

 

Select an existing entry - e.g the first line displaying R4000.

If you had previously posted the journal the system will find the match (based on the date and amount) and the data will be displayed in the Existing GL Entry form, see image below.

 

BankManager_Existing

 

If a match is found the Post to GL button will be grayed out, preventing you from posting it twice.

Click the Save button (image above) to save the match and reconcile the transaction.

OR

If the entry does not exist because you did not post it beforehand, the New Journal Entry form can be used to post the entry.

Select the GL Account, if it is a cash book posting

or the Customer field (BankManager_Customer) if it is for a customer payment

or Supplier  field (BankManager_Supplier)  if it is for a supplier payment.

The amount has to be the same sign(+ or -) as the bank transaction e.g. -4000 for money out; 4000 for money in.

Click the Post To GL button to post the transaction. The next time the same transaction appears on your bank statement the account will automatically be selected.

 

BankManager_New Journal Entry

 

Step 3

After clicking Save or clicking Post To GL the transaction will change to Reconciled.

The transaction will now be marked as reconciled and removed from the Unreconciled GL Details tab.

See section below for split amounts.

 

Balances

Opening Balance Bank

The opening bank balance is worked out from the closing balance in the OFX file.

 

Opening Balance System

Is the General Ledger Account balance.

If you want to check the bank managers Opening Balance System against the General Ledger Balance,

1) Get the first transaction date in the bank manager e.g 12th December.

2) Go to your General Ledger Enquiries, change the To Date to the date just before the first entry in the bank manager e.g the first entry in the bank manger is the 12th December, change the To Date to the 11th December  

 

If there is a difference between the Opening Balance Bank and Opening Balance System, the reason is that the date range of the bank transactions are incorrect. Go to your bank and retrieve a new OFX file with the correct dates. Another reason may be because you have not reconciled the dates from before the OFX file transactions start.

 

Closing Balance Bank

Is the closing balance as retrieved from the OFX file.

 

Closing Balance System

Is the General Ledger Account balance as on the last date.

 

Closing Difference

Closing Balance Bank - Closing Balance System. This difference must be 0 after all the transactions are reconciled.

 

Should the opening Balance on the bank manager match the opening Balance of your bank in the system, but there is a Closing Difference, one of the reasons this may occur is for e.g.:  The last reconciled date is the 9th of January and there are unreconciled transactions on or prior to the 9th.  Check the unreconciled transactions, which can be matched in the GL Account enquiry

 

Special case - transfer between bank accounts

 

You can't post from the bank manager directly to another bank account. The reason is that both the transactions will be marked as a BMD (Bank Manager Detail) transaction

and this will prevent you from reconciling the contra bank account.

To correctly post the transaction use a suspense account (e.g. named Inter-Account Clearing), then if you reconcile the other bank account select the suspense account again.

 

Split amounts

 

Say you want to split the amount, for instance R5000 between electricity (R3000) and property taxes (R2000).

 

1) Select the entry you want to split.

2) In the New Journal Entry form change the amount from R5000 to R3000 and select the General Ledger Account (BankManager_GL), in this case electricity.

BankManager_New Journal Entry

3) In the Match form select the Plus (green +) button, the difference, in this case R2000 will be added automatically. Select the general ledger account namely property taxes and change the VAT type to the correct type.

4) In the Match form select the first entry and post it, then the next and post it.

 

 

BankManager_Match

 

Only when the sum total amount of the matches and the bank transaction amount are the same will the transaction be marked reconciled.

 

Troubleshooting

 

After you completed the reconciliation and the Closing Difference is not zero, check the Unreconciled GL Details tab for entries that is problematic.

Please note the Unreconciled GL Details tab - All cashbook journals that have been posted per hand and that have not been matched, will be found on this tab.

 

Please remember that if you have posted a transaction and if the date of your journal differs from the date on the bank statement  then SI won't find a match. This can potentially lead to a double posting. If you do post a duplicate  journal, then there will be a closing difference that will indicate that the reconciliation does not balance. To correct this select the incorrect  journal and click delete to delete the entry.

 

To correct an incorrect amount that you have posted per hand

 

Example you posted the amount as R1000 and on the bank statement the amount is R1001.

The amount of R1001 will be under the Bank Transactions and the amount of R1000 under Unreconciled GL Details

 

1) Select the entry.

2) On the Existing GL Entry form, select the entry you want to correct. This will be put in the New Journal Entry form.

3) In the Match form, select the + and the difference will be added. Now post both the entry's namely the R1000 and the R1.

 

BankManager_select_existing

 

Disable Auto Fill

By default SI will automatically fill in the detail.

You can disable this in Ledger Account Options.

The same functionality is always available by clicking on the Auto Fill button.