Banking Integration: Auto create bank charges and interest received

When using banking integration, the software automatically creates journals for bank charges and interest received.

Each transaction line in the bank statement data information contains a trans code highlighting bank charges and interest received.

Chart of accounts

In the first instance, the software identifies the matching system accounts for bank charges and interest received.

The auto creation process uses the system account (and the tax code applied to the system accounts in the job) to allocate the account (including the GST code) for the automatically created entries.

How to identify the system account

The system account is identified by hovering the mouse over the information icon on the account register.

The relevant accounts are:

• interest accounts
  • Corporate "Interest Income"
  • Personal "Interest Income (Chargeable)"
• bank accounts
  • Corporate "Bank Charges"
  • Personal "Bank Charges (Chargeable)"

Personal accounts information icon

Corporate accounts information icon

Custom Accounts for bank accounts and interest

If you're using a custom chart of accounts or the internal setting has been removed, the generated  transaction can still be matched based on the account "Import Account Match Code" (used when the internal match doesn't work).

If you want to use your own account to be the coding default for the transactions, specify the following "Account match code" in the expense and revenue account properties:

• "BCAUTO" bank charges and
• "BIAUTO" bank interest

The screen shots shows the "Bank charges" expense account properties:

You may also specify the tax code on this account to override the tax code use in the generated entry.

Notes

• If you use the BCAUTO method with a custom account, you are overriding the default operation. There are other uses for the system bank charges account, (e.g. in personal jobs transactions coded to the system account report on the Annual Administration Return. The non-system account will not report correctly on the AAR)
• If you use the BCAUTO method you will need to update all job accounts
• You should be able to edit the system bank charges account with the tax code that you wish to use for both interest and bank charges