Contents
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- Traffic Lights
- Automatic Synchronisation
- Viewing the statement information from the software
- Security
- Workflow Integration
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- Secure file upload
- Email Alerts to the signatory
- Workflow alerts and approvals
- Audit History
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- Real-time Status Updates
- Centralisation
- Resending Authorisation Reminders
- DEFT Invoicing – Receiving BPAY
- Remittance Advices
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Bank feeds
Traffic Lights
Bank statement information is now viewable from within the software. A visual traffic light indicates
if an account is in balance. A mouseover shows the bank balance the ledger balance and the
difference.
Below shows a snapshot of the reconciliation between the bank ledger and the bank account
balance. This give you a day-by-day indicator that you bank account is in balance, which helps you
know your accounts are in always in balance and up to date.
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Green means the bank balance and the ledger balance match up |
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Amber means the bank balance and the ledger balance do not match up |
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Red means data is not synchronizing. Contact your bank or check your account number. |
You can also check if accounts are in balance via the Practice. Open the practice > Job Bank Accounts. Expand the bank and a list of jobs for that bank appears with the same traffic light indicators.
The account summary is available from the bank account register, where you can print a statement
and link to internet banking.
Automatic Synchronisation
The bank statement data is synchronised automatically each morning. Software users don’t need to
take any action to bring the statement data in. If you add a new bank account, the data is
automatically available.
Note: Bank feed data is downloaded automatically. |
Auto create entries
The software automatically creates bank charges and interest received based on the information
automatically downloaded each day from the bank.
Debtor receipts will soon be automatically receipted from the bank data.
Viewing the statement information from the software
You can now print a statement from the software.
Daily Bank Movements Alerts
On each day there is some activity in an account, the reporting manager receives an alert email of
the daily movements. If you’re waiting for a transaction to complete, then you don’t need to log into
internet banking each day to determine if you have funds available.
Alerts can be turned off by disabling notifications.
Security
As bookkeeping staff no longer need to login to internet banking, there’s no need to manage their
internet banking permissions. This avoids any chance of granting unintended access to online
banking.
Note: By viewing the bank feed data from the software, users do not need to log in to internet banking. |
Workflow Integration
Statements are also integrated into statutory report preparation workflow.
When preparing statutory reports such as the BAS and Form 5602 you can choose to save a copy of
the bank statement in PDF and attach the report as part of the workflow.
Electronic Payments
Secure file upload
Users can upload ABA files seamlessly to the bank. The ABA file is obscured from the user, so
eliminates the possibility of someone tampering with the ABA file data. An audit train is kept of each
step within internet banking.
Note: A user is prompted for their password when uploading a file, in case they have stepped away from their desk. |
Fraud Protection and security
Setting security permissions allows you to split the roles of users to ensure a separation of duties.
The system can require two separate users to create and upload the files.
Note: By setting up roles you can make sure the person creating the file is different from the person uploading the file. |
Email Alerts to the signatory
Once payment files are uploaded, an email is sent to the signatories.
Workflow alerts and approvals
Once the ABA and BPAY file(s) have been uploaded to the bank and await authorisation, an email is
sent to the approver(s).
The email allows the authoriser to:
• match the file-reference on online banking authorisation with the integrated payment
authorisation process
• Drill down on the transaction detail and any attached backup documents associated with the
payment
• Link directly to internet banking to authorise the payment online
Audit History
The upload process is tracked with audit trail history recording who performed each step. The audit
history is viewable from a pop-up on the bank account register and the transaction.
Transaction status
Real-time Status Updates
The processing status of transactions is reported back to the software without needing to logon to
internet banking.
From the software you can view the current payment status.
The transaction status is reported back as authorised online in real-time. You can see if the
transaction has been authorised, is still pending approval or any errors have been reported.
You can view the upload/approval status of each entry at a glance from the bank account register:
The upload process may be initiated from the Practice area, so payment files may be uploaded for all
jobs in one centralised process.
Resending Authorisation Reminders
Status indicators show you if a payment goes “stale”. Before that happens, you track a transaction
(highlighted by a purple status) and send a reminder email alert to ensure that online transactions
do not go stale.
In any case, you do not need to recreate the transaction from scratch. In that case, you can create
another payment file for upload.
DEFT Invoicing – Receiving BPAY
If an account is enabled for DEFT, you may issue accounts receivable invoices with a BPAY Customer
Reference and payment reference allowing your payers to make BPAY payments.
DEFT receipts are automatically receipted against invoices in the software. For full details, see this
knowledgebase article.
Remittance Advices
Once a transaction has been processed, you may send a PDF remittance advice via email.
The remittance advise format is customisable.
An example of the remittance email is below:
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