Cash Management in detail

Enlarge screenshot

Cash Processing

The new streamlined payments system enables you to make one-off payments to vendors and to record receipts from customers. If you specify a reusable payment template, the whole process from account selection to payment and matching takes place within just a few clicks.

Banking

You can set up multiple bank accounts for each company in your organization. One company may, for example, have two US dollar bank accounts and a Euro bank account. Then you can set one of these bank accounts to be the default used when you enter a cash entry. This saves time and increases accuracy.

Reconciliation

The bank reconciliation feature enables you to compare and match FinancialForce transaction values against those shown on a bank statement in order to uncover any discrepancies. A bank reconciliation done regularly can reduce the number of errors and make it easier to find missing payments and deposits. As part of the bank reconciliation process, you can record any bank charges and interest shown on the bank statement. When the reconciliation is committed, the application automatically creates and posts the corresponding journals.