Bank Manager |
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Go to Ledger> Bank Manager
Watch the video: Bank Manager
Hover the mouse over the different menu options. If the cursor changes to a hand (
), then click to go to the subject.
Comparing your electronic bank statement's transactions, either in OFX or CSV file format, with your business's internal transactions to ensure they're accurate.
Download your bank transactions in either OFX or CSV file format.
Steps.
1. Add your bank and bank details.
2. Import your bank transactions. Click the button with the appropriate file format (see image below), and your bank transactions will now appear in the grid. The date range and bank opening and closing balances will also be filled in.
Hover the mouse over the different fields on the form. If the cursor changes to a hand () , click to get more information.
There are three methods for reconciling your bank accounts.
1) Auto post - This is the quickest
2) Manual
3) Bulk: Mainly used by accountants that do their clients books. Click here for more information.
Please keep in mind that if you have posted a transaction and the date in your journal differs from the date on the bank statement, no match will be detected.
You can set a number of days in Account Options > Existing GL Entry - Day Range Around Transaction To Show.
This can potentially lead to double postings. 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.
1) Auto Post
If the "Running Total Bank" is the same as the "Closing Balance Bank", then you can proceed with the "Auto Posting" even if there is an "Opening Difference".
If there was a "Opening Difference," open your bank reconciliation after you have completed all of your reconciliations. The unreconciled transactions will be the issue. Delete them, or do an adjustment journal for the incorrect transactions and reconcile them manually.
1.1) Select all the transaction.
1.2) Select "Auto Post"
1.3 Manually post transactions that was not posted.
2) Manual Reconciliation.
Journal entry was posted earlier.
Step 1. Select a transaction to work with in the grid on the left.
Step 2. If the journal was posted earlier the system will find the match (based on the date and amount), and the data will be displayed in the Existing GL Entry pane (marked in red on the form).
Click the Save button to reconcile the transaction.
If a match is found the Post to GL [F9] button will be grayed out, preventing you from posting it twice.
Transaction not posted
If the entry does not exist because you did not post it beforehand, the New Journal Entry (marked in red on the form) pane can be used to post the entry. See the image below
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GL Account: if it is a cash book posting.
Supplier if it is for a supplier payment.
Customer if it is for a customer payment.
Click the "Post To GL" button to post the transaction. The transaction will now be marked as reconciled and removed from the "Unreconciled GL Details" tab. |
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, in this case electricity.
3) In the Match / Split form (marked in red in the top image) 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 / Split form select the first entry and post it, then the next and post it.
Only when the sum total of the matches equals the bank transaction amount will the transaction be marked as reconciled.
Troubleshooting
To correct an incorrect amount that you have posted per hand on the bank manager form.
Example you posted the amount as R930 and on the bank statement the amount is R927.
The amount of R927 will be under the Bank Transactions and the amount of R930 under Unreconciled GL Details
1) Select the entry.
2) On the Existing GL Entry form, click on GL Detail Entry [select], a list of unreconciled transactions will appear, select the entry you want to correct. The selected transaction will be transferred to the New Journal Entry form.
3) In the Match/Split form, select the + and the difference will be added. Now post both the entry's namely the R1000 and the R1
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Disable Auto Fill
By default the detail will be filled in automatically.
You can disable this in Ledger Account Options.
The same functionality is always available by clicking on the Auto Fill button.
https://bit.ly/SI_Bank_Manager
