Reconciliation via Bank integration

This tab is used to import bank statements via Bank integration.

With Bank integration, the bank statement is integrated, giving a more effective bank reconciliation. The bank statement is automatically available in Monitor ERP and is reconciled against the bank transactions in the general ledger.

You can save the bank reconciliation and continue continue at a later time.

Under Settings mark for which period you want to reconcile the bank account. You can then approve and print your reconciliation report, which means that no changes can then be saved for the selected period. If you need to adjust anything, you can cancel the approved report. Approval and cancellation of bank reconciliation is done in the Approve/Print bank reconciliation procedure.

Reconciliation

All transactions in the general ledger which correspond to the bank statement will automatically be marked as "reconciled" and are handled as reconciled with the bank account. Transactions which cannot be matched must be manually handled by the user. You can either match them manually by dragging and dropping a row from the top box to a row in the bottom box, or you can add the missing transactions.

For other payment records (which are not linked to invoices), these can be recorded automatically via bank transaction rules that you configure in the Bank settings procedure. You can configure it to match on reference or on bank transaction code. Matching will primarily be made on reference, and secondly it will match on the bank transaction code.

There is also support to match one or multiple rows in the bank statement to one or multiple entries in the general ledger. This is done via a function button on the menu. Firstly, mark a row in the statement that has not been matched, and then click the Match manually button in the function menu. You will then see a window containing all the transactions from the bank and in the general ledger for that day. By marking records as reconciled, the total of the transactions from the bank can coincide with the total from the transactions in the general ledger. Click OK once the difference between the bank transactions and the general ledger is null. The marked records are then reconciled in the main window.

Records on the bank statement that have been confirmed via bank integration are automatically marked as reconciled.

Since bank integration confirms and records incoming and outgoing payments simultaneously, it is necessary for the Register incoming and outgoing payments in the same procedure/journal system setting to be activated in the Accounting tab. It is important to note that you need to log out of Monitor ERP and log in again for the change to be registered.

In Voucher number series/Journals you are able to link voucher number series to payment types for the integration Payments.

Mark the Detailed posting­ checkbox in Voucher number series/Journals to facilitate bank reconciliation.