Bank Account Reconciliation Setup Wizard
If you want to have full exploitation and save time Continia Payment Management offers you Continia Statement Intelligence module - follow the wizard to get started. The wizard will help you set up the basic information needed to download the electronic bank statement and reconcile your bank account.
If you have multiple bank accounts, you will need to run the setup wizard for each account.
Note
Before running the assisted setup, make sure that you have completed all the steps described in section Install the extension. You must also complete the Setup Wizard for Payment Management Basis, which helps you set up the general features of the extension, as well as complete Setup Wizard for Vendor Payment Information, which helps you set up your vendors' payment information.
Important
You must have purchased access to the Continia Statement Intelligence module to use the guide and all the functions. See more here.
How to run the setup wizard
To start the guide, follow the instructions below:
- Select the
icon or press Ctrl-F3, enter Bank Account Reconciliation Setup Wizard, and then select the related link. - Then follow the instructions.
What does the wizard do
The wizard will help you set up the following features:
| Step | Function | Read more about this feature |
|---|---|---|
| 1 | Checking and verifying bank account, registration number and account number. | Create a bank account |
| 2 | Checking and verifying which bank or bank bookkeeping branch the account belongs to, as well as which accounting group the account belongs to. The posting group indicates which financial account is posted to when posting to the account. | Create a bank account |
| 3 | Setting up which Sender Reference definition code applies to the bank account. Sender Reference Setup - the text displayed regarding the vendors's payment on the bank statement. When you import the bank account statement, the sender reference will be used to identify the correct vendor, in order to complete settlement and update the payment. With Payment Management, it is recommended that you enter a sender reference directly on the bank account, instead of on the individual creditor. When you enter the sender reference in the bank account, Payment Management will automatically generate a unique payment reference number for each payment (UPR number). The sender reference on the bank account always overwrites the sender reference on the individual creditor. | Define payment definitions |
| 3 | Entering the last bank statement number and balance so Payment Management can calculate the correct balance at the next import of bank statements and keep track of all bank statements being loaded. | Setting up account reconciliation on bank cards |
| 4 | Indication of which payment journal to use if the account also contains debtor payments that have not yet been posted. The open debtor entry can be found using the Payment ID if a payment card is used. Alternatively, the debtor entry is found based on the document number (eg invoice number) on the debtor record. | Setting up account reconciliation on bank accounts |
| 5 | Indication of which financial journal to use if the account statement contains entries such as interest and fees that mostly only are advised at the account statement. Using rules you can create a journal posting these financial or bank entries in the specified journal. | Setting up account reconciliation on bank accounts |
| 6 | Definition of rules for which bank or financial accounts the above entries must be posted to. Meaning an "interpretation" of what is stated in the posting text at the bank statement. You can also have positive and negative amounts posted at separate accounts. | Define general or bank-specific reconsiliation rules See also: Define reconsiliation rules for debtors. |