Manual bank reconciliation can take a lot of time and can lead to mistakes. This is especially true when matching customer payments with little information.
FastBank solves this problem by automating bank reconciliation leveraging OpenBanking. It saves time, reduces manual effort, and boosts operational efficiency.
And it does so in three ways:
Firstly, by connecting to your bank accounts, downloading statements, and importing them into SAP Business One. You can automate imports and set them to occur on a scheduled basis.
Secondly, by simplifying the process of allocating payments. If the invoice number is clearly mentioned in the transaction description, it will match the invoice in SAP Business One. Where invoice number is not available, it will suggest a match in accordance with rules set by you.
The third way that FastBank helps is by automating the posting of miscellaneous transactions. This includes bank charges and interest payments. It also makes it easier to reconcile supplier payments between your bank account and SAP Business One.
Let’s take a closer look at some examples.
Firstly, incoming cash allocation.
Where we have, say, an incoming receipt from our customer, MaxiTeq. FastBank suggests we may want to match to document 2196 based on bank reference information. Document 2196 is a sales invoice in SAP for the same amount. If we agree, you can click the process button. This creates an incoming payment and allocates it against the invoice in SAP Business One.
If an incoming payment relates in for multiple invoices, you can easily select the documents based on a customer remittance, post, and reconcile.
Secondly, Category Matching.
Your bank will provide categorisation for each transaction. These vary per bank. Category rules can be setup to suggest incoming or outgoing payments to GL accounts with specific account determinations.
FastBank will match by category. You determine how those rules are applied. For example, which account code to allocate fuel expenses to, or bank charges paid.
Our third example is a simple postings of expenses or ad-hoc payments.
With Fastbank, it is easy to create outgoing payments directly to GL Accounts that don’t match a category or text rule, with users able to code VAT and cost centre analysis.
Nearly all supplier or other outgoing payments will already be in SAP Business One having been created by the Payment Wizard. Fastbank simplifies the matching and reconciliation these transactions with actual bank postings.
Take the next step
To see FastBank in action, watch the video on our FastBank Bank Reconciliation page. For more information, please speak to your LAKE Customer Success Manager.
By Paul Barns