Finding it impossible to reconcile your bank statements with transactions in your ERP? We help you automate your Bank Reconciliation.
At the end of each accounting period, the bank sends us the bank statements, and we are faced with the arduous task of reconciling all the accounting movements, raising the following questions:
- A customer makes a payment, and I have to manually locate which invoice they are referring to, is there a way to automate this reconciliation process?
- Can Bank Reconciliation processes be integrated into the ERP?
- Can I import multiple bank statements into JD Edwards?
These issues are solved with the Automatic Bank Reconciliation module developed by Neteris as one of the 5 treasury solutions in JDE, which will make the recording of daily treasury transactions more efficient and secure.
How does Automatic Bank Reconciliation work at JD Edwards?
First, we will import the account statements from multiple banks into JD Edwards (compliant with Rule 43). We may review and update the imported information interactively:
The system will keep a record of all uploaded statements.
Then, the program will show us a Proposal for the correspondence of movements between the statement and the existing documents in JD Edwards based on the search criteria that we configure (amount, invoice number, reference, order number, customer, etc.).
These proposals will be reviewed by the user, and once validated, the system will automatically account for them.
In the case of the collection of an invoice in Accounts Receivable, the system locates the collection in the statement and generates the corresponding collection of the invoice in the ERP (matching collections/invoices). In Accounts Payable, the system will locate the payment on the bank statement and reconcile it with the corresponding payment generated from JDE.
If you do not locate the payment/collection to which the transaction refers, you will create unapplied Collections or Advances to Suppliers for us to reconcile them later. Items pending reconciliation will be waiting to be processed manually.
With this solution, we will be able to carry out comprehensive management of the Bank Reconciliation process, from the import of bank statements to the reconciliation and accounting of movements in the ERP, improving the traceability and visibility of our treasury module.
Greater control, time and cost savings, and reduced errors.