System ➔ General ➔ Settings ➔ Bank settings
As banking transactions are very common in businesses, you need to set the bank settings to define how the administration handles the banking transactions.
The information in this document is applicable to product update 415 and higher. If you have versions lower than this, certain features explained here will not be applicable.
Type the amount in the default currency, which in this case is Euro, to set the amount limit to determine the bank format to be used in Electronic Banking. If the amount of foreign payment made is below the limit specified in this field, the domestic bank format will be used. Otherwise, the foreign bank format will be used. This is because for electronic banking, bank authorities have defined limits above which payments have to be electronically processed using the foreign payments bank format. For example, you set the Limit foreign payments to Euro 500,000 and the amount for that creditor’s invoice is worth Euro 550,000. Hence, the amount will be settled through the foreign payments bank format.
Note: You can type an amount limit up to seven digits.
Type or select the import directory from where you want to import the electronic bank files into the administration. For more information, see Overview of imported and to be imported bank statements.
Type or select the export directory where you want to export the electronic bank files.
Select this check box if you want to use the deduction management function in the matching through the Advanced button. Deduction management will match invoices with a value that is different from the payment/receipt and write off the difference according to the selected type. By default, this check box is not selected, so you will not see the Advanced button during matching in Cash flow ➔ Entries ➔ Cash flow.
Select this check box to enable import selection to be defined for matching criteria. This is to improve the bank statement import by matching the lump sum payments or receipts for multiple invoices. These settings will be maintained even after you update your Exact Globe Next application to a different product update. By default, this check box is not selected. If the Extra matching check box is selected, the Extra matching button will be available in Cash Flow ➔ Cash Instrument ➔ Maintain, under the Settings tab, and also at Cash Flow ➔ Entries ➔ Import.
Select this check box if you want to use the advanced bill of exchange functionality. This function offers integrated handling and processing of invoice payments with the bank instruments that include the bill of exchange. In addition, it also provides advanced features to handle cash-in and cash-out functions for transactions made through letter of credit and cheque in Cash flow ➔ Miscellaneous ➔ Instrument status.
Select this check box to enable the logging of the bank import process. When this check box is selected, the Log button will be available at Cash flow ➔ Entries ➔ Import.
Type the number of days prior to the invoice due date in Days to calculate the collection payment date.
Type the number of days prior to the payroll date in Days to calculate the payroll payment date.
Type the number of days prior to the payment date for other payments in Days to calculate the payment date.
Select this check box to directly journalize or create financial entries for payments and receipts for a payment processed in Cash Flow/Payments Process or a receipt in Cash flow ➔ Miscellaneous ➔ Collection in the selected general journal.
Type or select the general journal to be used in journalizing payments. This is enabled only when the Journalise payments check box is selected. For more information, see Selecting journal.
Select this check box to journalize all the transactions with other payment methods which are linked to the cash instrument in the bank/cash journal. However, if the Journalise payments check box is selected but the Use bank/cash journal check box is not selected, the transactions will be journalized in the general journal.
Select this check box if you want to use a payment in transit account to record the payment and receipt entries. With this option, you can monitor the payments in transit. If the check box is not selected, the balance of cash instruments in the general ledger will be adjusted when a payment or a receipt is processed. This is enabled only when the Journalise payments check box is selected.
Type or select the payment in transit account to be used. This is enabled only when the Payments in transit check box is selected. For more information, see Selecting general ledger accounts.
Select this check box to directly journalize or create financial entries for payments and receipts in the selected general journal. In this section, payments and receipts are made through cash.
Select this check box to journalize all the transactions with cash payment methods which are linked to the cash instrument in the cash journal. However, if the Journalise payments check box is selected but the Use cash journal check box is not selected, the transactions will be journalized in the general journal.
Select this check box if you want to use a payment in transit account to record the payment and receipt entries which are made via cash. With this option, you can monitor the payments in transit. If the check box is not selected, the balance of cash instruments in the general ledger will be adjusted when a payment or a receipt is processed. This is enabled only when the Journalise payments check box is selected.
Select this check box to directly journalize or create financial entries for payments and receipts in the selected general journal. In this section, payments and receipts are made through letters of credit.
Select this check box to journalize all the transactions with letter of credit payment methods which are linked to the cash instrument in the bank/cash journal. However, if the Journalise payments check box is selected but the Use bank/cash journal check box is not selected, the transactions will be journalized in the general journal.
Select this check box if you want to use a payment in transit account to record the payment and receipt entries which are made via letter of credit. With this option, you can monitor the payments in transit. If the check box is not selected, the balance of cash instruments in the general ledger will be adjusted when a payment or a receipt is processed. This is enabled only when the Journalise payments check box is selected.
Select this check box to directly journalize or create financial entries for payments and receipts in the selected general journal. In this section, payments and receipts are made through bank/cheque.
Select this check box to journalize all the transactions with bank/cheque payment methods which are linked to the cash instrument in the bank/cash journal. However, if the Journalise payments check box is selected but the Use bank/cash journal check box is not selected, the transactions will be journalized in the general journal.
Select this check box if you want to use a payment in transit account to record the payment and receipt entries which are made via bank/cheque. With this option, you can monitor the payments in transit. If the check box is not selected, the balance of cash instruments in the general ledger will be adjusted when a payment or a receipt is processed. This is enabled only when the Journalise payments check box is selected.
Select this check box to directly journalize or create financial entries for payments and receipts in the selected general journal. In this section, payments and receipts are made through post dated cheque.
Select this check box to journalize all the transactions with post dated cheque payment methods which are linked to the cash instrument in the bank/cash journal. However, if the Journalise payments check box is selected but the Use bank/cash journal check box is not selected, the transactions will be journalized in the general journal.
Type or select the accounts receivable to be used. This is enabled only when the Journalise payments check box is selected. For more information, see Selecting general ledger accounts.
Type or select the accounts payable to be used. This is enabled only when the Journalise payments check box is selected. For more information, see Selecting general ledger accounts.
Select this check box to display the Void button in the Who processed screen at Cash flow ➔ Statistics ➔ Who processed. You also need to clear the Advanced: Instrument handling check box in the General section and select the Journalise payments check box under the Payments: Bank/Cheque section to display the Void button. The Void button enables you to void cheque payments in the Who processed screen.
Select this check box to automatically print the payment specification when a payment installment is processed into an export file.
Select this check box to automatically print the payment specification when all payment installments are grouped and processed.
Select this check box to enter the cheque or letter of credit number manually in the cash flow entry screen for cheque, letter of credit, or post dated cheque payment methods. By default, this check box is selected.
Select this check box to generate the deposit number automatically in Cash flow ➔ Entries ➔ Cash flow. The automatically-generated deposit number will always be numeric and it will be the last used deposit number +1. Despite selecting this function, you can still manually type the deposit number. However, if you type a number that was used before, a message "Already used: Deposit number, Continue?" will be displayed. Click Yes to continue using the same deposit number or click No to change the deposit number.
Type or select the general journal to be used for creating journal entries related to the cost transactions of the cash advance entry. For more information, see Selecting journal. Cash advance entries can be made at Cash flow ➔ Entries ➔ Cash advance.
Select this check box to calculate the IBAN automatically for the debtor and creditor bank accounts. By default, this check box is selected for the Belgium legislation. Once the check box is selected, a message "IBAN values are calculated in accordance with European banking standards. Licensee is solely responsible for the validation and use of the calculated IBAN values. Exact is not liable for the correctness of the calculation and/or the results." will be displayed. Click Accept to close the disclaimer screen and the check box will be selected.
Select this check box to display the Allocation rules button in the cash instruments maintenance screen at Cash flow ➔ Cash instruments ➔ Maintain. Once the check box is selected, you can create custom payment allocation rules for the CAMT bank statement import from external formats and systems. For more information, see Customizing payment allocation rules for CAMT bank statement import.
Select how you want the requested collection date to be calculated. Due date or Payment date can be selected. By default, Due date is displayed. If Due date is selected, the requested collection date will be based on the SEPA direct debit (SDD) file linked to the debtor's account. However, if Payment date is selected, the banks will have to process the collections on the next day if the requested collection date falls on a non-working day or public holiday.
Note: This field is only applicable to the banks in Germany, Austria, the Netherlands, and Belgium.
Click this to view all the information of the changes you have made in the settings.
Click this to save all the changes you have made to the bank settings.
Click this to exit.