The Accounting with Bank Reconciliation Software module maintains the financial and cost accounting records of ABECAS™ Insight along with the Bank Account records. The accounting records contain the Account, Department, Fund, Job, and Activity coding required for reporting in the General Ledger, Fund Accounting and Cost Accounting modules. It also supports Journal Transactions that update these records.

The detailed accounting records contain the GL/FA/CA coding along with the source of each entry, the identity related to the entry, such as Customer or Vendor, the Transaction Number, Date, PO/Reference, and other relevant details. This is summarized at the GL/FA/CA reporting structure level. Both the detail and summary records maintain both accrual- and cash-basis information concurrently, along with relevant quantity and foreign currency amounts.

The Fiscal Year/Periods along with the available open Fiscal Periods are defined in this module. As a result, it is not necessary to close Fiscal Periods as this is handled by the definition of open periods along with controls at the transaction level. The Fiscal Year is closed when you are ready to bring opening Balance Sheet balances forward, but additional prior year entries can still be made later. Where a different reporting period to the Fiscal Period is required, such as week or periods with specific dates, an alternative reporting period may be defined with records also being kept on this basis.

Journal Transactions may be entered or imported from a spreadsheet.. You can define whether it applies to GL/FA, CA or all as well as the basis (accrual, cash or both). Standard, repeating and reversing transactions may be entered and processed.

Budgeting is available in this module as well as in the GL/FA/CA modules. Budgets can be entered or modified by a percentage from a prior budget for the GL/FA, CA, or both.. Multiple budgets for any period are supported and can be used in the relevant reports. The annual or Job amounts and quantities can be allocated by Fiscal Period, either automatically by an equal or percentage amount or manually.

The Bank Reconciliation feature allows you to track every record affecting your Bank Accounts and then reconcile these details against the bank. In the case of checks and cash received, these are recorded at a detail level and then consolidated into a deposit entry, as applicable. Once the detail is reconciled against the bank, then the bank statement information is compared to the accounting records to validate the reconciliation process. This may be performed at any interval, including daily and monthly.

The Foreign Currency option, if selected, requires that all transactions throughout ABECAS™ Insight contain the transaction and payment currencies, home or foreign, along with how the exchange rate will be determined.. This information is then transferred to the accounting. Where a payable, receivable or other Balance Sheet account is maintained in the foreign currency, then it is tracked to provide realized foreign exchange gains/losses in the transactions and unrealized gains/losses in the financial reporting. In addition, all General Ledger accounts may be maintained in an alternate currency that is converted on a transactional basis at the time the accounting is updated. This allows reporting to be in this alternate currency.

The Inter-Company Transactions option, if selected, allows transactions to be entered in one company that belong to another related company and then transferred to the other company. This requires that inter-company receivable and payable accounts be used to offset the transfers. These receivable and payable accounts may be offset at any interval or paid in cash, as required.

Features

• Management screen that provides easy access to all relevant information with drill down capability, including to the source transaction
  
• Accounting detail from all ABECAS™ Insight modules and other sources, including source, customer/vendor name, transaction number, date and so on
  
• Accounting summary based on the detail by Fiscal Year/Period with the Account, Department, Fund, Job, and Activity codes
  
• Accrual- and cash-basis records concurrently
  
• Journal Transactions, including standard, repeating and auto reversing entries
  
• Defines the Fiscal Year and Periods and what periods can be used in each module eliminating the need to close Fiscal Periods.
  
• Detailed reports by batch with accounting and source information
  
• Detailed and summary reports by Account
  
• Budgets may be entered for any account for any period
  
• Reconciliation of bank deposits, checks and bank charges/income
  
• Reconciliation of bank balance against the relevant General Ledger account, including balancing unreconciled and reconciled items
  
• Foreign exchange is available as an option allowing all transactions to be recorded in home or a foreign currency.
  
• Realized and unrealized foreign exchange gains/losses are supported
  
• The General Ledger can be maintained in an alternative currency, if required
  
• Inter-company payables and receivables can be created and transferred
  
• Dashboards can be used to highlight critical account and bank information
  
• Deterring fraud with an audit trail that tracks changes by User ID and date
  
• Ad hoc reporting with ASCII/Excel® file export