Banking - Financials - In Depth

The de Facto S5 Banking module is fully integrated into the Nominal Ledger, Sales and Banking modules, all of which are integrated with the Logistics Suite, Production and Costing modules. Like all de Facto S5 modules, the Financial Suite provides built in Customer and Supplier Relationship Management (CRM/SRM) features.

The Banking module provides key features from the Financial Suite, such as Multi Currency and Open Period Accounting. The Suite also benefits from all of the System-wide features, such as easy Data Importing, and Email and Fax Integration.

The banking module provides multiple bank accounts, each of which is linked to a specified nominal ledger account. In common with all other account types, balances are maintained in real time for up-to-the-minute information. Different types of accounts can be specified for bank, cash and credit cards, for example.

The de Facto S5 banking module provides the facilities for handling payments and receipts for the Sales, Purchase and Nominal Ledgers. Flexible payment allocations provide many easy-to-use features such as oldest first and best fit matching. Facilities are also provided for over and partial credit allocation.

Fast entry options are also available for all types of transactions; these allow the required fields to be specified by user and transaction type. These facilities are designed to speed up repetitive data entry tasks, such as opening balance entries.

A further useful option shared by all de Facto S5 transaction types is the ability to have both internal and external references as well as a unique system number for all transactions. Descriptions and notes facilities are available at both header and detail level on all transactions. User entered reference and description data can easily be corrected after posting.

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Banking Transactions

de Facto S5 Banking provides a single entry point for all types of Banking Transactions.

Comprehensive facilities are provided for the production and printing of cheques, remittances, combined remittances with cheques and various forms of BACS output files. The print runs provide alignment, reprint and reference updating options.

de Facto S5 provides full reconciliation facilities on bank accounts. The feature provides a variety of functions such as the ability to search on any transaction field including values. Unreconciled entries can be added to a notepad option, so as to allow complete reconciliation printouts to be made. These unreconciled entries can then be matched off during subsequent reconciliations. The on-line banking option provides an additional feature that can be used to download bank statements for automatic reconciliations.

This provide a method of recording the depositing of multiple receipts in the bank. This facility ensures that bank reconciliations are much easier for the user, as the reconciliation entries should match those on the bank statement.

On-line Banking Integration is included as a standard feature, allowing integration files to be produced for transmission of payments. An additional feature provides the ability to download statements for use by the reconciliation option for automating the process.

Importing Statements for Reconciliation - The previous 'Select Import File' window has now been replaced by the 'EDI Import Selector' in order to standardise import file selection in de Facto S5. When used for the first time it will be necessary to define the path where the file is located. This window is then used the same as other EDI type imports and has the extra functionality of that window.

This new functionality will not affect customers currently using Purchase Ledger Auto Payments and no changes to their system will be required. It is also expected that existing file transfer formats will be valid for Sales Ledger Auto receipts. The setting up of the file transfer specifications for direct debiting will require assistance from De Facto Implementation.

A new BACS file format compatible with the Import and Export function with NatWest Bank PLC Payaway has now been added (in v5.1) to de Facto S5.

When used with the Sales Order Processing module, the banking module is linked into the receiving of cash against cash sales accounts, to form an effective trade counter solution.

Each of the categories listed below will have multiple versions exploiting the many options that the standard reports provide.

In addition to Banking specific reports, de Facto S5 provides a comprehensive series of Standard Reports, many of which can be easily parameter driven by the user. S5 further provides the Vistas feature, which are a powerful and easy way of selecting, sorting, displaying and working with data from either single or multiple tables.