WEBINAR: Bank Statement Processing
- On September 8, 2020
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Realtime Visibility of Your Cash Flow at the Click of a Button
In this 20-minute webinar Softengine consultant’s Kam Luong and Brian Butland will provide a demonstration of Bank Statement Processing with breakdown of the benefits, and demonstration of the implementation in SAP Business One. Once the presentation is complete stay for our live Q&A where these consultants will answer further questions you have about the tool
Key Benefits:
- Allow to Import of the Bank Statement (or Bank File) to SAP saving time on having to entering them manually.
- Automate the Reconciliation process with certain Criteria in order efficiently complete large amount of transactions in a fraction of the time.
- Want to still manually review? You can even after import. This will allow you to the piece of mind to spotcheck and edit the reconciliation if need even after the automation.
What is Bank Statement Processing?
The term Bank Statement Processing refers to the process of confirming the accuracy of the Bank Statement Processing reports. Reconciling the accounts means checking, confirming, and reporting. Records of all transactions are kept by the bank’s accountant who is responsible for calculating the deposits, debits, and credits for your account. If there are discrepancies between what the bank statement says and the amount of money in your account, it needs to be investigated and corrected to maintain accuracy.
The Steps for Automated Bank Statement Processing in SAP Business One
- The first thing is to create a general ledger account for the Bank Statement Processing statement. Validate vendor accounts, debit to check issued out account. The clearance of a check issued out account debit to the bank account. Entering both of these entries help to clear the check issued account. Other accounts will also be cleared when entering information for the bank statement.
You will need to check the following:
- Check all wire transfers
- Check amounts received from the customers
- Check payment issued to the vendor.
- Check for another interim posting
- To configure everything for the Bank Statement Processing statement, make the setting all “global” and then you add your chart and any other details. Create account symbols for your other accounts including the account name, bank charges, wire transfers, check issue, and check received. These symbols will be used in the general ledger account when preparing the Bank Statement Processing statement.
- Once you have named the accounts, you need to create keys for posting rules for the Bank Statement Processing statement. Then clearly define the posting rules for all the keys that were defined in the earlier steps.
- You should define the posting rules for the keys to new entries including account symbol, posting type, the document type used, and credit posting and debit posting keys.
- Create a transaction type entry that is required for electronic statements, enter the transaction type, and save it.
- Next, add external transaction types to the posting rules. Enter the posting rules for these transactions and save the entry. This is only required for electronic statements.
- Assign each account a transaction type. This will need to be entered as key, transaction type, account name, and company reference code.
With this process in place, Bank Statement Processing automation can help you track your expenses and confirm the accuracy of your reports. There may be extra steps you need to take to configure manual statements in SAP.
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