The bank transaction process can be done through batch creation. In one batch we can do one transaction or multiple transactions at a time. We have an option in the maintenance screen that is the setup cm option, with the help of this we can determine how information can be display on the batch entry screen.
The task displays the status for any unposted batches, such as In Use, On Hold, Out of Balance, Balanced, Posting, or Interrupted.
We can do batch registers to proof deposits, and reconcile bank statements or bank transactions before posting them.
In bank reconciliation process if we want to cancel any reconciliation , we will just delete the batch entry. Once the batch will be deleted system will assign the status as outstanding to the transaction.
In this blog, we will go through a step-by-step guide to create bank transactions in sage 500.
To create bank transaction entries in Sage500, navigate to :
Sage 500 -> Cash Management -> Activities -> Bank Process Transaction.
How to create bank transaction
- Open the process transaction screen.
- The above screen will appear. Now create the new batch number. Without entering batch number we can’t create the transaction.
- Once you have selected the batch number, posting date and description will automatically fetched.
- Posting date will be your system date.
- Choose bank account
- Select bank account number from the present account list.
- Enter transaction
- Click on enter transaction button below screen will appear.
- Select the transaction type which entry you want to perform.
- Such as Deposit, Withdrawal, MS check, Bank transfer from, Bank change, Bank interest earn, Misc bank credit, Misc bank debit.
- Set the transaction No as a unique id to identify the entry.
- Once you select trans type date and GL offset account will fetch automatically.
- Also we will get option to change GL account.
- Set the amount for completing the transaction
- And just the save the record entry.
Now the added entry will be displayed on the bank transaction process screen as you can see below.
- Register/Post the entry
After completing the transaction entry register or posting the entry by clicking on the register/ post button. It will pop up another screen.
Click on proceed button to preview the entry and post the entry.
By using the bank transaction process in Sage 500,
- It automates the data entry.
- Gives the real-time visibility into cash flow
- Protects the financial data.
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