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

The software identifies the matching bank charge and interest received accounts based on an internal system setting on the charts of account.

The software uses the system account to allocate the financial coding (including the GST code) for the automatically created entries.

Custom Accounts

If you're using a custom chart of accounts or the internal setting has been removed 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: