Description
Bank Transactions display the feed of transactions from a linked or custom Bank Account (done previously on the Bank Accounts tab). Convert Bank Transactions into Journal Entries or Cash Receipts from this page.
Note: No Bank Transactions will be displayed until a SoftLedger Ledger Account has been assigned to each Bank Feed. See the Bank Accounts knowledge base article for more detail-->
Important Considerations:
Bank Transactions are display only until user action to convert to Journal Entry or Cash Receipt.
Bank Transactions appear month to date based on the date that appears within the System Date Picker (date in the top right of the screen)
For example, if the date in the top right is December 19th, then transaction for the Bank Transactions selected will appear for December 1st through December 19th only.
Bank Transactions Table
Under Cash Management>Bank Transactions, select the Bank Account to review (only banks with a linked SoftLedger Ledger Account will be available to select from the dropdown list). Once selected, the month to date transactions for the Bank Account will appear in the below table.
The above table will display the information for the Bank Transactions such as the Description, Date. Category, and Amount. This information comes directly from the linked bank if coming from Plaid, or the bank transaction uploads for custom banks.
Booking Journal Entries
Bank Transactions are booked into Journal Entries from the Actions column or through bulk action by clicking the checkbox(es) at left of each row in the table.
The Journal Entry will auto populate detail from the bank transaction, such as Dates, Reference, Debit/Credit, and Description
See a table below of field mapping between bank transaction to journal entry:
Journal Form Field | Bank Line Column |
Reference | Category |
Transaction Date | Date if set, if not then Posted Date |
Posted Date | Posted Date |
Currency | Currency |
Location | Set based on Location Context Picker |
Journal Line Ledger Account | Ledger Account linked to Bank Account |
Journal Line Description | Full Description |
Journal Line Debit/Credit | Amount |
If the Amount field is positive. The journal line with the Ledger Account set will set the amount to the Credit field.
If the Amount field is negative. The journal line with the Ledger Account set will set the amount to the Debit field.
Linking an existing Journal Line
If there is an existing journal line that could be a suitable match for the line, a + icon will show. Click this to view potential matches and link them.
Match Criteria
A Journal Line will be considered a possible match, if ALL of the criteria below are true:
Bank Account Linked Ledger Account matches Journal Line Ledger Account.
Journal Location must be part of the set Location Context's current tree.
Journal Line isn't currently reconciled.
Amount matches based on
If Amount < 0 the Journal Line debit amount must match
If Amount > 0 the Journal Line credit amount must match
Journal Line transaction date is within 45 days +/- the bank line date.
Viewing a Linked Journal
When a row has a linked journal line, the actions column will show a check at the left. You may click on this check button to view the linked journal entry.
Creating a Cash Receipt from a Bank Line
If a bank line matches the below criteria, the option to create a Cash Receipt will be visible:
System Setting Post Journal on Cash Receipt Creation(Unapplied Cash) is enabled
Amount is < 0
Bank Account Type is Investment or Depository
The following fields will be populated
Cash Receipt Form Field | Bank Line Column |
Type |
|
Amount | Amount |
Description | Name |
Number | Transaction ID |
Ledger Account | Bank Account Linked Ledger Account |
Location | Location Context |
Currency | Currency |
Receive Date | Date |
Posted Date | Posted Date |
Apply To Invoices |
|
Bulk Create or Delete Journal Entries
If many of the same lines can be posted to the same Ledger Account, you can select all of those lines and create the journals in bulk. Utilize the Filters at top to find the same types of bank transaction lines (e.g. Search under Description for "Uber"). Once you have selected the desired Bank Transaction lines, click "Create Journal":
When creating the Journal Entry(ies), you are able to determine the corresponding Ledger Account, Cost Center (or other Dimensions), Customer/Vendor, and Reference field. For each Journal Entry, the details will be added from the Bank Transaction as explained in the Booking Journal Entries section above.
Delete Journal Entries
In this same bulk manner, you can select any Journal Entries to delete if you have found that there were errors made, and an update to the Journal Entry(ies) is required:
Only Journals in draft status can be deleted.
Journals created by adding a cash receipt for a line can't be deleted.
Reconcile Bank Transactions
Once you have completed your bank transaction feeds for a period, the Journal Entries produced from a Bank Transaction will automatically have a Reconciled flag against them when viewing in the Statement in the Reconcile section. Review the knowledge base article on Reconciliation-->