Set up cash and bank management parameters
You can use the Cash and bank management parameters page in Cash and bank management > Setup to define rules for checks, and to indicate the number sequences for the various kinds of transactions within Finance.
Prenotes
You can select the Allow prenote creation on inactive bank accounts check box to allow users to create prenotes for inactive bank accounts.
Copies of payments
Select the Allow copies of payments check box to allow users to print copies of payments. These include checks, promissory notes, and electronic payments. The payment copies are printed as non-negotiable checks, which can help users settle disagreements with vendors or customers.
Credit limit tolerance
Use the Bank credit limit tolerance list to select how to notify the user when a posted payment journal causes a balance that exceeds the credit limit.
The following options are available:
- None - No warning or error is generated in the system.
- Warning - The system generates a warning notification.
- Error - The system generates an error notification.
Allow bank statement posting using booking date as posting date
In bank statement posting, new transactions usually are bank fees, charges, or interest. When these records are posted to the general ledger after advanced bank reconciliation, the voucher date is taken from the bank import date. That is the statement creation date.
In reality, even customers do bank reconciliation daily. A bank sends a statement for the previous business day, and customers import the bank statement into Finance at least one day after the actual statement line transaction date. This means the bank statement import date in Finance is always different from the bank statement lines booking date. This can create consistency issues.
With the Allow bank statement posting using booking date as posting date feature, the actual booking date from bank statement lines can be used as the posting date on the voucher level for new bank transactions recorded into the general ledger. This improves the accuracy of accounting data.
You can also import bank statements automatically by using a batch job. Bank statement files can be shared in a SharePoint folder, and a batch job can be scheduled to pick up the bank statement file to upload it automatically. This simplifies the process and reduces the time your team dedicates to uploading bank statement files manually.
Summarize vendor and customer payments to the bank subledger
You can use the Summarize vendor and customer payments to the bank subledger feature to make reconciliation easier. When it is enabled you can post vendor and customer payments in different vouchers, and it will update the bank account in summary to match the bank statement. To enable this feature, go to System administration > Workspaces > Feature management, and select the Ability to post detailed vendor and customer payments, but summarize amounts to bank account feature. Located on the Journal names page, you can allow organizations to summarize the vendor or customer payments in the bank subledger. If enabled, the summarized amount will be reflected on the Bank account transaction page.
