This module allows for the cash book to be electronically populated when a bank statement is imported where large volumes of transactions are processed. Once verified, the information can be updated to a cash book batch and then to the general ledger. The bank statements are acquired by using a download facility that’s provided by each of the four major banks in South Africa (ABSA, First National Bank, Standard Bank, Nedbank). Supported formats include OFC, CSV and ASCII.
The advantages of using this module include the instant processing and coding of accounts once the initial process of assigning recurring coding has taken place; and the process of reconciliation and account coding is virtually guaranteed. Another benefit exists for transactions where the codes have been assigned as per the relevant accounts. Codes need not be assigned a second time – only new transactions have to be coded in the months to follow.