Create reconciliation model for deposit interest and bank fees

The bank statement reconciliation feature of Viindoo Enterprise Management Solutions makes checking and controlling money data simpler. In this process, there are transactions that often arise or are repetitive, which makes the accountant spend extra time on picking up data for accounting such as Bank fees, Deposit interest , etc. Setting up the Reconciliation model beforehand will speed up these tasks for the treasurer.

Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Account counterparts

Reconciliation models

1. Button to generate counterpart entry.

2. Rule to suggest counterpart entry.

3. Rule to match invoices/bills.

Button to generate counterpart entry

To create a new reconciliation model, on the Accounting app with the Administrator right , you can navigate by two methods:

• Method 1: Accounting ‣ Dashboard, on the Bank Journals or the Cash one , click on the Three vertical dots icon and choose Reconciliation Models.

• Method 2: Accounting ‣ Configuration ‣ Bank ‣ Reconciliation Models.

Press Create button and add the following required information:

1. Reconciliation model information:

   • Name: Add a short and comprehensive name.

   • Type: Select Button to generate counterpart entry.

   • To Check: If checked, the journal entry created from this reconciliation model will be added to the To Check field in the Other info tab to mark waiting for the user to check all the information.

2. Conditions on Bank Statement Line:

   • Journals Availability: The reconciliation subject will be displayed with the chosen journal.

3. Counterpart Entries:

   • Account: Select the counterpart account of the money account.

   • Amount Type: Select the suitable type.

     • Fixed: Used in case you usually have a fixed amount of transactions;

     • Percentage of balance: Used in case the system calculates a defined percentage of total bank transactions;

     • Percentage of statement line: Used in case the system calculates a defined percentage of statement line;

     • From label: Used to get value according to certain criteria in statement label (Example: Get numeric values ​​(Amount) found on bank statement label). To write this formula you need to have knowledge of Regex.

• Analytic Account: This can be used for analyzing and managing according to the needs of the administrator.

• Analytic Tags: This can be used for grouping and searching purposes.

• Journal Item Label: The content of the generated journal entries.

Press Save and the reconciliation model is now created.

When you reconcile a bank statement, you can use the available buttons in the Manual Operations tab to automatically add pre-configured information from the reconciliation models.

Do the final check for the starting and ending balance on the bank statement then press Validate. The bank statement status will be changed from Processing to Validated.

Rule to suggest counterpart entry

This reconciliation model suggests right away the counterpart values need to be confirmed. The automation is done based on the set of conditions configured on said model.

1. Reconciliation model information:

• Name: Add a short and comprehensive name.

• Type: Choose Rule to suggest counterpart entry.

• Auto-validate: If checked, when reconciling a bank statement, the reconcile action is automatically confirmed and journal items will be created based on the configuration of the reconciliation model.

2. Tab Bank Transactions Conditions:

• Journals Availability: The reconciliation subject will be displayed with the chosen journal.

• Amount Type: The reconciliation is applied for the following transaction types:

  • Amount Received: Applies to received money only.

  • Amount Paid: Applies to the paid money only.

  • Amount Paid/Received: Applied for both types.

• Amount Condition: The reconciliation will be applied when the amount of money is smaller, bigger, or in a determined range.

• Label: The reconciliation will be automatically confirmed if the transaction’s description:

  • Contains: The description must contain the value written in this field.

  • Not Contains: The description does not contain the value written in this field.

  • Match Regex: Determine the content based on your own rules.

Note

• Regex is the abbreviation of Regular Expression. Regular Expression is extremely useful in extracting information from a piece of text. It looks for characters in the text that match a specific rule.

• Note: The reconciliation is applied only on transactions that satisfy the conditions on the note (similar to the Label field).

• Transaction Type: The reconciliation model is applied only on transactions that satisfy the conditions (similar to the Label field).

• Partner should be set: If checked, the reconciliation mechanism is applied to Customers/Providers. These subjects can be reduced with the following conditions:

  • Only Those Partners.

  • Only Those Partner Categories.

• Counterpart Entries: Refer to the settings of the Button to generate counterpart entry model for more information.

3. Tab Partner Mapping: You can create multiple conditions for partner mapping, each line is a corresponding partner with the find conditions in the Label and Notes fields.

Press Save. With the above example, the conditions set for the reconciliation model are:

• Label contains: fee.

• Counterpart Entries:

  • Account: 6425

  • Amount Type: Percentage of balance.

  • Amount: 100

When you create a bank statement and select Reconcile, the system will automatically search and match each journal item with the bank statement as in the image below.

Finally, you have to validate the bank statement to finish the reconciliation process.

Rule to match invoices/bills

This type of reconciliation model will automatically choose the right customer invoice or vendor bill that matches the payment amount. The configuration for this model is similar to the one for the Suggestion counterpart values model. However, you need to pay attention to the following fields:

1. Reconciliation model information

• Past Months Limit: Number of months in the past to consider accounting incursions when this condition applies.

• Matching Order: Choose the transactions matching order, there are 2 options:

  • Oldest first.

  • Newest first.

2. Tab Bank Transactions Conditions

• Same Currency: If checked, only the journal items in the same currencies can be reconciled.

• Payment Tolerance: The acceptable payment amount difference in percentage or in absolute amount. This will be used in case of underpayment.

• Match Invoice/bill with: If checked, it will increase the ability to find the exact invoice that matches the payment.

3. Tab Partner Mapping: Fill the information to map partner.

Click Save. You need to add the full name of the customer or provider when reconciling from a bank statement. The system will search and match the invoice that was created earlier.

Then press Validate to proceed with the reconciliation and also Validate the bank statement.

See also

Related article

• Cash on hand management

• Foreign currencies management

Optional module

• Vietnam Chart of Accounts - Circular 200 and 133

• Account bank statement import

• Accounting analysis