Banks, supplier bills and payment runs

This guide covers the bank accounts, bank reconciliation, supplier bills and payment runs.

Bank accounts

Accounting > Banks and reconciliation lists the company's bank and cash accounts. Starting the books creates one for each way of paying; you can add more (a second bank, a euro account). Each has the ledger account it posts to, the ways of paying it receives (transfer, cheque, card, cash), its own currency if not the company's, and the next cheque number. One account per way of paying is the default: payments recorded without a bank go there. The account number is stored encrypted and shown masked.

Importing a statement

On the account, Import a statement takes a CSV or Excel file from the bank. It needs a date column and either an amount (negative for money out) or money in and money out columns; description and reference are used when present. Lines already imported are skipped, so importing an overlapping file is safe.

Reconciling

Match automatically pairs each statement line with an unmatched ledger line on the same account for the same amount within seven days, closest date first. What is left is on the Statement lines tab:

• Match pairs a line with a ledger line you pick.
• Book it posts a line that is not in the ledger yet (a bank fee, interest) against the account you choose, and matches it.
• Ignore sets a line aside with a reason.
• Undo separates a matched pair.

Record customer payments looks for money in whose reference quotes an open invoice or payment link and records the payment, which then matches.

The account's page shows the reconciliation: the bank's balance, the ledger balance, items on one side and not the other, and the Unexplained difference, which should be zero.

Supplier bills

Accounting > Supplier bills > Enter a bill: who to pay (a provider from the network or any name), their reference, the bill date and due date, the expense account, a cost centre, the amount, and a VAT code if the tax is recoverable. A bill is entered as a draft and someone other than the person who entered it must Approve it; approval posts it to the ledger. To pay lists approved bills not yet paid.

Payment runs

Accounting > Payment runs > Draw up a payment run gathers everything due by a date: approved supplier bills, approved provider invoices, balances owed to reinsurers and co-insurers, and refunds owed to customers on credit notes. Choose the bank account, the way of paying and the payment date.

Every payee is screened against the watch lists first. A payee that may be on a sanctions list is held: the payment stays out of the run until compliance reviews the match and Release is used.

The run is then approved, by someone other than the person who drew it up and within their approval limit; for cheque runs the cheque numbers are given at that point. Bank file downloads the transfers as a CSV for the bank's bulk upload. Mark as paid records every payment, each posted to the ledger and closing the bill, invoice or statement it pays. Payments can also be removed from a run before it is approved.