Manage bank transactions

This procedure makes it possible to register all incoming and outgoing payments in the same procedure. In addition to registering invoice payments in the accounts payable/accounts receivable, you also register other payments here.

For this to work a few settings are required:

  • The functionality above is activated by a system setting called Register incoming and outgoing payments in the same procedure/journal. Please note! You need to log out and then log in again to the Monitor ERP client after you make changes to this setting. This is done to display the procedure in the procedure menu.
  • You must register a voucher number series for payment journal and enter the next journal number. This is done in the Voucher number series/Journals procedure.
  • If you use batch number on payments, you must enter a start number for batch number under the Accounting tab in the Number series procedure.

You can confirm both incoming and outgoing payments at the same time. This is done by importing a so-called statement file (CAMT.053 XML file) under the Manage transactions via file tab. In connection with the import, the records in the statement are automatically matched with both the accounts receivable and the accounts payable at the same time. When needed, you can do a manual matching of, for example, "lump sums". The import loads all transactions on the statement, that is, including other withdrawals and deposits in addition to invoices. In connection with the import these can be posted and recorded in the accounting. Via the Bank settings procedure under the Bank transaction rules tab, you can create rules for automatic posting of other payments by matching reference or bank transaction code from the file. Matching will primarily be made on reference, and secondly it will match on the bank transaction code.

You can use the Manage transactions via file tab for other files as well, for example, CAMT.054C/CAMT.054D and other confirmation files.

You can use other procedures for confirmation of incoming and outgoing payments, regardless if you have activated Manage bank transactions and there is a joint payment journal. For this payment procedure there is a related journal procedure called Print payment journal. There you handle journals for all types of payments.

When you use the Manage bank transactions procedure you can also link cash books to the different payment types. This is governed by the system setting called Use cash book functionality. This function is mainly intended for countries in Eastern Europe where there are certain rules regarding the handling of liquid funds and cash in the accounting. Here you can also print all cash reports.

All incoming and outgoing cash transactions must be registered in chronological order in the cashbook. Cash transactions are:

  • Internal transactions – For example, incoming payments from employees or from bank account. An outgoing payment to employees is also an example of an internal transaction.
  • External transactions – Customers who pay in cash or cash payments to suppliers.

The cash report shows all incoming and outgoing cash transactions for a specific period, for example per day, week, or month. The report also displays information about the balance of the cash account. Each cash transaction will be given a unique number. All transactions are posted in a cash report. Each report has a number. If you have multiple cash items, e.g., petty cash, in different currencies, you can work with several parallel cash books. If you work with multiple cash books, you are recommended to use one voucher number series per cash book.