Configuring Bank Statement Import Settings
Continia Banking simplifies the process of importing your bank account statements, whether through uploading files or direct bank communication. Once you import the statement, Continia Banking converts the bank's file format to list all the information needed to reconcile your bank account. On the Banking Import Setup page, you can customize automatic matching of entries, establish tolerances for payment proposal variations, and define essential details to ensure precise reconciliation. By default, the most relevant settings are pre-configured to streamline your banking operations.
Additionally, to facilitate reconciling Bank Account Ledger Entries without an existing entry, you can link a Cash Receipt, General, and/or Payment Journal to the Bank Account Reconciliation. This setup ensures that any payment proposals not directly associated with a Bank Account Ledger Entry generate corresponding journal lines in the journal dedicated to Bank Account Reconciliation. This way, the user can stay on the Bank Account Reconciliation page and can make a posting elsewhere before continuing with the bank account reconciliation.
To configure bank statement import settings, follow these steps:
Select the
icon, enter Banking Import Setup, and select the related link.On the Import FastTab, in the Default Bank Statement Description Field Template field, you can set the default field to be used as the statement description and transaction text when importing bank transactions. By giving priority to specified fields, such as the first line of additional information, blank descriptions from banks can be handled effectively during event imports.
On the Matching FastTab, you can edit the following settings:
Field Description Min. Search Length Specify the minimum number of words, necessary for the system to consider entries during the matching process, enhancing the accuracy of your reconciliations. Bank Ledger Entries, Customer Ledger Entries, Vendor Ledger Entries, Employee Ledger Entries You can activate automatic matching for specific entries. Allow Tolerance To ensure a balance between precision and flexibility in financial transactions, you can enable tolerances for payment proposals by defining allowable variances. Search Rules If enabled, the matching process includes using search rules to find account types and numbers. Default Search Field Template In this field, you can choose a default template for search rules. Tolerance Amount Displays only if the Allow Tolerance option is enabled. Specifies the tolerance amount for automatic matching of Payment Application Proposals. If both the Tolerance Amount and Tolerance Percentage are set, the system calculates based on the percentage. If the calculated value is less than the Tolerance Amount, it's used; if greater, the Tolerance Amount is applied.
The tolerance value amount is always in LCY and cannot be negative.
The tolerance setup on the Customer or Vendor Card is used if the Tolerance Value field contains an amount and if a customer or vendor is identified during the reconciliation. If the Tolerance Value field on the Customer or Vendor Card is empty, the Tolerance Value field on the Bank Account is used.Tolerance Percentage If the Allow Tolerance option is enabled, this field specifies the tolerance percentage for automatic matching of Payment Application Proposals. If both the Tolerance Amount and Tolerance Percentage are set, the system calculates based on the percentage. If the calculated value is less than the Tolerance Amount, it's used; if greater, the Tolerance Amount is applied. Bank Transaction Code Rules Indicates whether bank transaction codes should be used to match account types automatically. Related Party Rules When enabled, Continia Banking searches for related bank accounts to provide possible matches for transactions that require additional information to complete the reconciliation process. IBAN When enabled, Continia Banking searches for related IBANs to provide possible matches for transactions that require additional information to complete the reconciliation process. Name and Address When enabled, Continia Banking searches for related names and addresses to provide possible matches for transactions that require additional information to complete the reconciliation process. Exact Name When enabled, Continia Banking searches for related transactions using the same name to provide possible matches for transactions that require additional information to complete the reconciliation process. On the Amount Difference FastTab, you can edit the following settings:
Field Description Show Dialog If enabled, the dialog for amount differences will be displayed when creating journal lines. For more information refer to the [Handling amount differences] Default Account Type Defines the account type used for amount difference lines. If set to Account Type, it defaults to the account type from the bank statement line or payment reconciliation journal line. Default Account No. Specifies the account number to be used for amount difference lines. Posting Description Template Determines the default template to be used for posting descriptions when creating lines for discrepancies in amounts. The default journals for Bank Account Reconciliation are automatically set up upon activation of Continia Banking. You can customize the following settings on the Bank Account Reconciliation FastTab:
Field Description General Journal Template Name Allows you to define the default general journal template to use in reconciliation to post rent, fees, or other recurring entries. General Journal Batch Name Allows you to define the default general journal batch name to use in reconciliation to post rent, fees, or other recurring entries. Cash Receipt Journal Template Name Specifies the default cash receipt journal template to use in reconciliation for posting customer payments. Cash Receipt Journal Batch Name Specifies the default cash receipt journal batch to use in reconciliation for posting customer payments. Payment Journal Template Name Specifies the default name of the payment journal template to use in reconciliation for posting vendor payments. Payment Journal Batch Name Allows you to define the default payment journal batch name used in reconciliation for posting vendor payments. Default Create Journal Line Method When a search rule is applied, this specifies the default method for creating journal lines. Show Dialog If enabled, the manual reconciliation dialog will be shown when creating journal lines manually. Journal Template Type (Manual handling) Defines the default journal template type used when manually creating journal lines. If Account Type is selected, the template type is determined by the account type of the bank account statement line. Journal Template Type (Amount difference) Defines the default journal template type for creating journal lines related to amount differences. If Account Type is selected, the template type is based on the account type of the bank account statement line. On the Payment Reconciliation FastTab, you can enable the Post Sum per Posting Date functionality. This setting is only effective on Payment Reconciliation journals and means that when you activate it, only one balance account entry will be recorded for a specific posting date during payment reconciliation. In other words, all the transactions for that date will be combined into a single account entry. However, due to this consolidation, a few limitations exist:
- Same document number - all entries share the same document number in the accounting records. This simplifies the tracking process but may limit detailed documentation for individual transactions.
- Limited dimension support - detailed dimensions (extra categorizations of transactions, like departments or projects) cannot be fully supported in this consolidated balance account entry. The system won't capture this detailed information due to the summarization of entries.
- Rounding differences - when dealing with foreign currencies, where exchange rates fluctuate, rounding differences may occur. These discrepancies might happen during the consolidation process due to the system rounding off amounts to simplify the entries.