Bank Statement Automation

This Cashbook module allows companies to upload a bank statement and algorithms are applied so that cash receipts and manual payments are automatically allocated. The module can automate anything from 30-80% of your daily cash transactions.

The process begins with uploading a bank statement into Cashbook. If the bank statement includes good quality reference data our solution can automatically suggest invoice allocations for accounts receivable transactions. We also suggest manual journal postings as well based upon the reference data in the bank statement. The word “suggest” is used as no automatic postings are completed, everything must be approved by the appropriate credit controller.

The variation in automation from 30-80% depends upon the bank that your business is using and the way your customers pay you. We can easily assess the level of automation you are likely to get at no charge if you supply an example of one of your daily bank statements.

This module can be implemented in the Benelux region or anywhere across Europe.

Features

JDBC access to multiple ERP systems either directly integrating with system data or via staging databases.
Approval process, ensures excellent workflow
Can be adapted for any Bank globally
Standard bank statement upload process no matter what bank/currency or ERP you are using.
Supports algorithms across customer numbers, invoices, sales orders, customer bank accounts, pick list, packing numbers, customer purchase orders, shipment numbers, sales orders.

Caters for partial payments, credit/debit notes, unallocated payments, multiple discount terms, foreign exchange gain or losses, write-offs, bank charges, suspense account postings.
Integrated with Excel and Customer Lockbox Modules and Bank Reconciliation which enables usage with high and low volume customers
Multiple sites, environments or ERP systems can be catered for.

Benefits

Creates the ability to run Shared Service Centers without the need for a common ERP platform or version updates.
Global companies can employ a global solution for all sites across multiple different banks.
Automated processing of bank statement data reduces manual entry and consequently increases financial control.
Elimination of manual effort allows companies to allocate more staff time to other higher-value activities

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