AccountMate 7 for LAN: BR

AccountMate
Software
Corporation

Keeping an accurate tab on your cash flow is an important part of your business and AccountMate’s Bank Reconciliation module makes it a breeze.

With this module you
can record
miscellaneous disbursements, receipts and bank transfers not recorded in other AccountMate modules, monitor which transactions have cleared your banks and reconcile your bank accounts with pinpoint accuracy. You can also set up and amend bank account records and define the currency in which transactions will be shown for each bank account. Being able to view your current bank account balance and
the last reconciled bank statement balance, keeps you informed about the real-time
cash position of your company.

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AccountMate 7 for LAN
Bank Reconciliation Module

Manage Bank Accounts

Set up an unlimited number of bank accounts and indicate which currency is used for each account. Users can also set the starting check and deposit numbers for each account, define each account’s maximum check amount, and specify which bank accounts will be used in Payroll, Accounts Payable and Accounts Receivable/Sales Order transactions. Users can also set up each bank account’s beginning statement balances, making it easier to record bank account balances before AccountMate is first put into use.

Bank Account Maintenance—Information Tab

Maintain Bank Routing Codes and Branch Information

Electronic bank routing codes for each bank account can be defined. These codes are used by the Electronic Funds Transfer Agency (EFTA) to process transactions related to the bank account. Users can also define the branch number, fractional routing number and address for the bank branch where the account is maintained. This information can be used when printing checks from the integrated AccountMate Accounts Payable and Payroll modules.

Easy View of Real Time Cash Position

The system displays the current book balance for each bank account. It also shows the total un-reconciled amount with a drill-down that displays details of un-reconciled transactions grouped into debits and credits for more convenience. These added features give users a better grasp of the company’s real time cash position to help them more effectively manage the company’s resources.

Transaction Code Set Up

Users have the flexibility to set up transaction codes in order to classify transactions by type; thus making it easier to identify the nature of the transaction entered (i.e. differentiate between charges for returned checks and monthly service fees) and its effect on the bank account balance. Users can also define whether a check or deposit number must be entered for the transaction.

Currency Codes

Currency codes can be set up for each currency used to transact business. These codes can be assigned to bank accounts, vendors and customers to ensure that transactions are recorded using the correct currency. Exchange rates can be updated at any time and can be overwritten for most transactions.

Easy Bank Account Reconciliation

Enter summary information from a bank statement such as the ending balance, and the total number and amount of check/other disbursements and deposits/other receipts. Users can more easily match bank statement data with the detailed information in AccountMate, which is presented in a more convenient grouping of debit transactions in one tab and credit transactions in another tab. Quickly reconcile bank account transactions by marking the checks/other disbursements and deposit/other receipts listed in two detail tabs based on the transactions that appear on the bank statement.

Bank Reconciliation integrates seamlessly with other AccountMate modules so all transactions affecting the bank balance are displayed together.

Record Receipts, Disbursements and Bank Transfers

Users can record deposits and other receipts (i.e. bank interest), or checks and other disbursements (i.e. NSF charges) not entered using other modules. They can also record transfers between two bank accounts having the same currency (i.e. bank transfer into a Payroll account) or transfer funds between accounts that are in different currencies.

Quickly Generate Recurring Transactions

Templates can be set up for recurring disbursements, receipts and transfers that are not entered using other modules, and can be scheduled to happen on a specific cycle. These templates can be set to recur at different intervals with a defined limit to the number of recurring cycles and/or a recurring end date.

Support Multiple GL Distribution Accounts

Users can assign multiple GL Account IDs to each Transaction Code and to each check/other disbursement or deposit/other receipt transaction recorded. They can use this feature to allocate the receipt or disbursement among the various reporting segments that benefit from the transaction. For recurring receipts or disbursements, users can even pre-set the percentage distribution among the assigned GL Account IDs based on the allocation to be made to each affected reporting segment.

Generate Reconciled Bank Statements for Prior Statement Periods

The system maintains each month’s bank reconciliation data. This gives users the ability to review or print reconciled bank statements for a prior statement period, which can be submitted to banks, accountants, auditors or other reporting agencies.

Integration with General Ledger, Accounts Payable, Accounts Receivable and Payroll Modules

Integration with the General Ledger module allows a temporary or permanent transfer of accounting entries to the General Ledger using the Transfer Data to GL or Period-End Closing functions, respectively. Users can also control whether or not accounting entries for a transaction will be available for posting to the General Ledger.
Integration with the Accounts Payables module allows all recorded AP checks to be available for reconciliation of the related bank account. For easy identification, transaction descriptions and references are also displayed during bank reconciliation. Users can also choose whether to show during reconciliation the vendor or payee names associated with AP check amounts.
Integration with the Accounts Receivable module enables all bank deposit information entered in the Accounts Receivable module to be available in the Bank Reconciliation module. This saves time when reconciling bank accounts.
Integration with the Payroll module allows all recorded PR checks to be available for reconciliation of the related bank account. For easy identification, transaction descriptions and references are also displayed during bank reconciliation. During reconciliation, users can also choose whether to show the employee names associated with PR check amounts.

Other Features

Enhanced layout of the Bank Reconciliation Report groups all debit transactions and all credit transactions
Generate separate reports for outstanding or cleared checks, other disbursements, deposits, other receipts, bank transfers and recurring transactions
Period-end closing is independent of the bank reconciliation process
Disbursements, receipts and bank transfers posted prior to a specific date can be purged

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