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 (Hand_Cursor), then click to go to the subject.

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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 (Hand_Cursor) , click to get more information.

Outside Date RangeCloseClosing DifferenceBulk Post SelectedUnreconciled GLUnreconciled GL detailAccount NumberClear Grid FilterAuto PostBankManager AccountsPost to GLBM Save ExistingAuto FillRulesVATAuto FillClosing BalancesOpening DifferenceOpening Balance BankOpening Balance GLProjectBranchSummary BarSearch RowBM ReconciledReferenceBM New Journal AccountRetrieveQuick DateDate RangeGet this Import OFXImport CSVImport OtherExisting GL EntryBankmanager3

 

Methods for Reconciling Your Bank Accounts

 

1) Auto post: This is the quickest method:

2) Manual.

3) Bulk: Mainly used by accountants who manage their clients' books. Click here for more information.

 

Imported Notes:

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, 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

  1) Select all the transaction.

  2) Select 'Auto Post'

  3) Manually post transactions that was not posted.

 

 

If the Running Total Bank is the same as the Closing Balance Bank, you can proceed with Auto Posting even if there is an Opening Difference.

If there was an Opening Difference, open your bank reconciliation after completing all of your reconciliations. The unreconciled transactions will be the issue. Delete them or create an adjustment journal for the incorrect transactions and reconcile them manually.

 

2) Manual Reconciliation.

a) Select a transaction to work with in the grid on the left.

b) If the journal entry was posted earlier, the system will find the match based on the date and amount. The data will be displayed in the Existing GL Entry pane (marked in red on the above form).

c) 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.

 

Note:

If the entry does not exist because you did not post it beforehand, you can use the New Journal Entry pane (marked in red on the form) to post the entry. See the image below.

 

BankManager_New Journal Entry

 

 

 

 

 

GL Account: If it is a cash book posting.

 

Supplier: If it is a supplier payment.

 

Customer: If it is 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:

1. Use a suspense account (e.g., named Inter-Account Clearing).

2. When reconciling the other bank account, select the suspense account again.

 

 

Splitting Amounts

Let's say you want to split an 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 (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 (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 select the next entry and post it.

 

BankManager_Match

 

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.

 

BankManager_select_existing


After the entry is selected, the amount will be changed from R927 to R930.

2) Click the plus button, and the R3 will be added.

3) The last step is to click on the Post to GL button




1) 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.






 

 

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

 

 

     

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