The Challenges of Infor XA Bank Reconciliation
When Cashbook integrates with Infor XA using EGLi, transactions move through several systems before reaching the general ledger. Postings pass through the Legacy Bridge component and IFM E-Financials before entering the Infor XA Enterprise General Ledger. Understanding this transaction flow is important when reconciling general ledger data against bank statement transactions.
Key Takeaways:
- Multiple systems are involved as transactions pass through several stages, including the Legacy Bridge component and IFM E-Financials, before reaching the Infor XA Enterprise General Ledger.
- Unique transaction references enable precise reconciliation as Cashbook assigns a unique reference to each transaction, linked to the corresponding bank statement entry and carried through the entire posting process into the Infor XA EGLi general ledger.
- Reconciliation accuracy depends on reference quality when general ledger data originates outside of Cashbook, successful reconciliation relies on the quality and consistency of the references provided by the originating system.
- Automation reduces manual effort with consistent references, algorithms can automate the matching process through service jobs, allowing users to focus on reviewing exceptions rather than performing routine reconciliation.
Transaction Flow
During the integration of postings between Cashbook and Infor XA that uses EGLi, transactions pass initially through the Legacy Bridge component (also known as External Financial Transactions under PowerLink) into International Financial Management (IFM) E-Financials, before finally entering the Infor XA Enterprise General Ledger for System i (EGLi).
Configurable enterprise accounting maps transactions between IFM E-Financials and Infor XA EGLi using reason codes, models, events, and subsystem data.
Matching Cashbook Transactions
When it comes to reconciling data that originates from Cashbook, accuracy moves to 100% matching. Cashbook assigns a unique reference to each transaction and links it directly to the corresponding bank statement transaction. This reference then passes through each stage of the posting process until it reaches the Infor XA EGLi general ledger.
With the originating unique reference in the Infor XA EGLi general ledger, algorithms can precisely match the data. When Infor XA EGLi general ledger data originates outside of Cashbook, reconciliation becomes reliant on the quality of the references provided. Where good, consistent references are available—either originating from Cashbook or external sources—algorithms can be built to automate matching. These algorithms can run as service jobs, allowing users to move on to other activities. When processing completes, the system presents users with exceptions that require review.
Cashbook then uses the general ledger data from Infor XA EGLi to reconcile against bank statement data.
Conclusion
When you maintain consistent references throughout the posting process, you can automate reconciliation and achieve high accuracy. This allows users to focus their attention on reviewing exceptions rather than performing manual matching.
What’s Next?
With Cashbook, that transformation is not only possible – it’s proven. The future of finance automation is here, and it’s time to embrace the efficiencies and strategic advantages that modern technology can provide. Contact Cashbook today to see how we can provide a positive impact for your business.
