Overview

Bank management is key to smooth financial operations. iVendNext offers tools to handle banks, accounts, and transactions with ease. This article covers how to set up banks, configure accounts, and run bank reconciliation in iVendNext.

1. Creating a Bank

1.1 How to Create a Bank

Creating a bank in iVendNext is a straightforward process. Follow these steps:

1. Navigate to Home > Accounting > Bank Statement > Bank.

2. Click on New to create a new bank.

3. Enter the bank name and save.

1.2 Configuring Data Import for a Bank

To ensure smooth bank reconciliation, you need to configure data import settings for your bank:

1. Under Field in Bank Transaction, select the field to be updated in the Bank Statement Transaction Entry form.

2. Under Column in Bank File, enter the corresponding column from the Excel file exported from your bank.

This setup allows you to map transactions from your bank statement to the ledger in iVendNext seamlessly.

2. Setting Up Bank Accounts

2.1 Creating a Bank Account

Bank accounts can be created for your company, customers, suppliers, and other parties. Here’s how:

1. Go to Home > Accounting > Bank Statement > Bank Account.

2. Click on New and enter the account name.

3. Link the account to the appropriate General Ledger account in the Chart of Accounts.

4. Select the bank associated with this account.

5. Save the bank account.

2.2 Additional Options

When creating a bank account, you can set additional options:

• Is the Default Account: Enable this to use the account as the default for all journal transactions.

• Is Company Account: Enable if this is a company account.

• Account Type and Subtype: Use these for further classification in reports.

3. Bank Reconciliation

3.1 What is Bank Reconciliation?

Bank reconciliation is the process of matching the transactions in your iVendNext account with those in your bank statement. This ensures that your records are accurate and up-to-date.

3.2 How to Perform Bank Reconciliation

1. Go to Home > Accounting > Banking and Payments > Update Bank Transaction Date.

2. Select your bank account and the date range for reconciliation.

3. Update the Clearance Date for each transaction to match your bank statement.

4. Use the Bank Reconciliation Statement report to verify that the balances match.

3.3 Reconciliation Tools

iVendNext offers two reconciliation tools:

• Manual Reconciliation: Allows you to set clearance dates manually.

• Semi-Automatic Reconciliation: Automatically imports bank transactions and matches them with existing entries.

4. Importance of Bank Management

Effective bank management in iVendNext ensures that your financial records are accurate and up-to-date. It helps in:

• Tracking Transactions: Easily track all bank transactions and reconcile them with your ledger.

• Financial Reporting: Generate accurate financial reports based on reconciled data.

• Compliance: Ensure compliance with financial regulations by maintaining accurate records.