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Banking

ERPro Banking module is a tool used for managing your company’s cash accounts. You can record deposits, withdrawals and bank transfers; indicate which deposits, withdrawals and transfers have cleared the bank; and then reconcile their book entries with the bank statements. Banking in ERPro allows you to seamlessly integrate all cash, cheque, and credit card transactions, track bank account balances, and automate the monthly process of reconciling these accounts.

Key Benefits

  • Gain instant access to your company’s current bank balance.

  • Receive payments and pay bills in any currencies.

  • Maintain balances in local and foreign currencies.

  • Reconcile all bank accounts based on the account statements issued by your bank.

Immediate Bank Balance Inquiry
Banking module gives you immediate access to your current bank balance with all posted or unposted bank related transaction from all related modules. You can even “drill down” to the detail transaction that make up the bank balances.

Record Deposits and Other Receipts

You can record deposits and other receipts (e.g., bank interest and automatic customer payments) not entered through other modules. 

Record Cheques and Other Disbursements
Record cheques and other expenses (e.g., bank fees and loan payments automatically deducted from accounts) not entered through other modules.

Miscellaneous Cheque
Quickly print and post a cheque when you need to make a payment to someone who is not set up as a vendor or  an invoice is not required.

Record Bank Transfers
Record transfers between two bank accounts (e.g. wire transfers) that are not entered through other modules. You can also transfer funds from one bank account to another using a different currency.

Easy Bank Account Reconciliation
Enter summary information from a bank statement. You can then quickly reconcile that data with the detailed data within ERPro by marking which deposits, withdrawals and transfers appear on the statement.

Bank Reconciliation integrates seamlessly with other ERPro modules so all transactions affecting your bank balance are displayed together.

Entry Type Set Up
You have the flexibility to set up Entry Type in order to classify transactions by type; thus allowing you to easily identify the nature of the transaction entered (e.g., to differentiate between charges for returned cheques and monthly service fees).

Currency Codes
Currency codes can be set up for each foreign currency used to transact business. These codes can be assigned to bank accounts, vendors and customers to ensure the proper currency is used. Exchange rates can be updated at any time and can be overwritten for bank transactions.

Integration with General Ledger, Accounts Payable and Accounts Receivable Modules
Transaction that do not affect other sub-modules are entered directly into Banking module and GL Voucher entries are created during Posting to update account balance in General Ledger.

Integration with the Accounts Payables module allows all cheques recorded to automatically appear in the reconciliation for the related bank account. For ease of identification transaction descriptions and references are also shown in the Bank Reconciliation function. You can choose whether or not to create payment voucher in Accounts Payable to settle Vendor Invoice.

Integration with the Accounts Receivable module enables all bank deposit information entered in Accounts Receivable module to be available in the Bank Reconciliation function. You can choose whether or not to create payment receipt in Accounts Receivable to settle Invoice.