In order to manage incoming and outgoing payments, select Billing > Incoming/Outgoing payments in the program menu.
When adding an outgoing or incoming payment manually, click on ‘Add manually’, fill in the necessary information and click on ‘Save and confirm’.
An account statement can be downloaded for the selected period from an internet bank. Currently, the supported banks use TH5 and XML formats for the account statements. A downloaded account statement must be uploaded by clicking on ‘Upload account statement XML/TH5’. If possible, e-Financials will reconcile incoming and outgoing payments automatically; however, those incoming and outgoing payments that were not automatically linked to an invoice when uploading an account statement, can be reconciled manually by going to the program menu and selecting Billing > Incoming/outgoing payments > clicking on View at the end of the row, and selecting the respective invoice or transaction account for reconciling the transaction.
If you have voided the reconciliation of an outgoing or incoming payment and want to reconcile it again, you can use the ‘Reconcile payments and invoices automatically’ button; this reconciles the transaction that the program is capable of identifying, the rest must be reconciled manually.
Incoming/Outgoing Payments sub-module has three tabs: Incoming Payments, Outgoing Payments and Uploaded Account Statements.
Incoming Paymentstab includes all unreconciled and reconciled payments.
Unreconciled payments are created based on an uploaded account statement or manually added incoming entries. Incoming payments can be reconciled by clicking on ‘Reconcile payments and invoices automatically’. If an entry cannot be reconciled automatically, it can be reconciled manually by opening the entry for the incoming payment with the ‘View’ button on the right and choosing an appropriate invoice or account for reconciliation. Unreconciled payments can be reconciled with invoices, outgoing payments or accounts. After reconciliation, the status of the entry will be ‘Reconciled’.
Incoming payments can be filtered, sorted and searched. It is possible to filter according to the start/end date, account, buyer and status. Status indicates whether incoming payments are unreconciled with invoices. If you have selected parameters for the filter, then you need to click the ‘View’ button to display the results; if you want to clear the filter, click on the ‘Clear filter’ button. For filtering, you can enter search dates on the start and end date fields. If you enter only the start date, the program will search for entries made on and after the respective date. If you enter the end date, the program will find all entries made until that date. If you enter both the start and the end date, the program will find all entries within that period.
Sorting is possible according to account, date, sum, payer, reference number, description, and status.
Search field can be used for searching sums, payers, reference numbers and descriptions.
Reconciled and unreconciled incoming payments can be opened by clicking on the word ‘View’ at the end of the row.
The window that opens displays information depending on the status of incoming payment. If the incoming payment is not reconciled, then a window opens that displays information about the incoming payment and options for reconciling incoming payments with sales invoices and accounts. The same window allows changing information about the incoming payment and deleting the payment.
If the incoming payment is reconciled, then a window opens that displays: information about the transaction, reconciled objects and created entries. User can void a confirmation (reconciliation with sales invoices or accounts) if necessary; after doing so, it is possible to change information about the incoming payment, delete the incoming payment or reconcile it with a new sales invoice or transaction account.
In order to reconcile incoming payments with sales invoices, they must be confirmed.
If a user acquires a prepayment from a buyer when reconciling a sales invoice with an incoming payment (the amount of the incoming payment exceeds the one of the sales invoice), then another row is added to the incoming payment (in addition to the sales invoice row), which is 2210 – Customer prepayments (cell for the sum is filled in with the overpaid amount). From now on, the prepayment can be used for settling new sales invoices.
If an incoming payment is reconciled with a cash account, then it is possible to save the prepared cash order on the row ‘Income cash order’ when opening an incoming payment.
Outgoing Paymentstab includes all unreconciled and reconciled payments.
Unreconciled outgoing payments can be reconciled by clicking on ‘Reconcile payments and invoices automatically’. If an entry cannot be reconciled automatically, it can be reconciled manually by opening the entry for the outgoing payment with the ‘View’ button on the right and choosing an appropriate invoice or account for reconciliation. Unreconciled payments can be reconciled with purchase invoices, staff compensations or transaction accounts. After reconciliation, the status of the entry will be ‘Reconciled’.
Outgoing payments can be filtered and sorted. It is possible to filter according to the start/end date, account and status. Status indicates whether incoming payments are unreconciled with invoices or not. If you have selected parameters for the filter, then you need to click the ‘View’ button to display the results; if you want to clear the filter, you need to click on the ‘Clear filter’ button. For filtering, you can enter search dates on the start and end date fields. If you enter only the start date, the program will search for entries made on and after the respective date. If you enter the end date, the program will find all entries made until that date. If you enter both the start and the end date, the program will find all entries within that period.
Sorting is possible according to account, date, sum, payer, reference number, description and status.
Search field can be used for searching sums, payers, reference numbers and descriptions.
Reconciled and unreconciled outgoing payments can be opened by clicking on the word ‘View’ at the end of the row.
A window opens that displays information depending on the status of the outgoing payment. If the outgoing payment is not reconciled, then the window that opens displays: information about the outgoing payment and choices for reconciling outgoing payments with purchase invoices, staff compensations or transaction accounts. The same window allows changing information about the outgoing payment and deleting the payment.
If the outgoing payment is reconciled, then a window opens that displays information about the transaction, reconciled objects and created entries. If necessary, user can void the confirmation (reconciliation with purchase invoices, employee compensations or transaction accounts), and after this, the outgoing payment can be deleted or reconciled with new purchase invoices, employee compensations or transaction accounts.
In order to reconcile purchase invoices and outgoing payments, these must be confirmed. If an outgoing payment is reconciled with a cash account, then it is possible to save the prepared cash order on the row ‘Cash payment order’ when opening the outgoing payment.
Under uploaded bank account statements, it is possible to see account statements uploaded from the bank to the program.
When uploading bank statements, it is important that the different statement periods of the account would overlapby one day at least. This is needed so the system would not create ‘holes’ in the statement periods.
When uploading an account statement for the first time, a period is created for the account; each following statement must overlap this period. If no overlap is identified, a warning is displayed for the user and the statement is not uploaded. The overlap may cover the existing period’s beginning, middle or end.
If an invoice related to the transaction has not been entered into the system during the time of uploading an account statement, then the automatic link with the invoice or account is not created. If the respective purchase or sales invoice is now entered and confirmed, the automatic reconciling can again be produced by clicking on the ‘Reconcile payments and invoices automatically’ button. This button will attempt to reconcile all entries that are unreconciled at that moment. As a result, user can see whether and how many any links were created.
From Swedbank, it is possible to download an account statement in the XML format if you select in the statement settings that service fees be displayed separately. After the selection, ‘ISO_XML_052’ will appear among the file format selections.
From SEB Bank, it is possible to find the XML account statement under the ISO statements: statement export > statement format ISO statement.
Uploading a bank statement creates entries for incoming and outgoing payments. If the system could reconcile an incoming or outgoing payment with the respective object (purchase or sales invoice, employee compensation or account), then a reconciled entry is created under incoming or outgoing payments. If an entry is not reconciled automatically, then an entry appears on the Incoming or Outgoing Payments tab in ‘Unreconciled’ status.
If the transaction information is erroneous or deficient, then the transaction can be reconciled with a buyer, invoice or an account manually. This can be done in the respective Incoming and Outgoing Payments tabs by selecting the unreconciled transaction and clicking on ‘View’. First, transaction has to be reconciled with a buyer; in order to do so, please click on ‘Edit incoming/outgoing payment data’ and select a remitter or a payer from the form that opens and save. Then, the sum of transaction must be reconciled with the respective invoices, employee compensations or accounts. When reconciling a transaction, the entire incoming or outgoing sum must be reconciled all at once. One transaction can be reconciled with several invoices or accounts by using the ‘New row’ button.
Cash transaction can be added manually by clicking on the ‘Add manually’ button. Bank transaction can be added manually as well; however, we still recommend you do it automatically by uploading a bank account statement. It might be necessary to add bank transactions manually in the case of a foreign bank, for example.
Under outgoing and incoming payments, only some accounts are saved in the default settings for reconciling incoming or outgoing payments. In order to add reconcilable accounts, these accounts must be activated by editing the chart of accounts: Settings > Chart of accounts settings > Edit chart of accounts.
A window opens where you can activate accounts so they can be selected from incoming and outgoing payments, the change is saved and you can return to the Incoming/Outgoing Payments module to reconcile incoming/outgoing payments.