Bank Settlements

The latest  build of Aware includes improved bank reconciliation’s via a new Bank Settlement feature.

Bank Settlements is especially userul for organisations with multiple retail locations that receive or pay large amounts of cash, cheques or EFFTPOS.

The new bank settlement features include:

  • Definition of Bank Settlement Groups defining how banking transactions are settled by the bank into bank statement transactions
  • Ability to run bank settlements as required (end of shift, end of day etc.)
  • Simplified Bank Reconciliation’s

The individual components consist of:

Bank Settlement Groups

A new Bank Settlement Group allows for the definition of how different receipt and payment transactions should be settled and grouped onto the bank statement.

Example for Store EFT where Mastercard, Visa & EFTPOS receipts are totalled onto the bank statement.

Bank Settlement

The new Bank Settlement activity allows for a location or individual store to run when settlement occurs (at the end of day or a shift), this will summarise all banking transactions into appropriate settlement lines based upon the bank settlement groups that have been set-up. This assists reconciling cash, cheques and EFTPOS taken at that location, the existing banking report is complimentary and can also be used to help identify problems and correct transactions. The bank settlement may be run as often as desired before being completed.

Example Bank Settlement showing cash payments/receipts being grouped into a single settlement line.

Bank Reconciliation

Bank Reconciliation will summarise bank settlement lines to assist in bank reconciliation this streamlines and simplifies bank reconciliation’s especially for multi location organisations that handle large numbers of cash, cheque and EFFTPOS transactions.

In progress Bank Reconciliation illustrating Bank Settlement groups.

Clicking on a Bank Settlement Group allows viewing of the details bank transactions that make up the settlement group.

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