How to setup Storman for Bank Reconciliations
Posted by Ngatokorua Elikana, Last modified by Michael Dutton on 20 November 2018 01:13 PM
The following outlines steps to setup your Storman so that it can be used to reconcile payments received from customers (in Storman) with actual deposits received in your bank account.|
Step 1: Setup the Opening Balance and Date for your Bank account
The first step is to set up the Opening balance for your bank account in Storman. This will be dependent on when you would like to start your bank reconciliation from.
Firstly open the Chart of Accounts in Storman (this can be found under Maintenance/Chart of Accounts) and select the Bank account (B1).
Note: If you do not have bank account setup in chart of Accounts this will need to be added by selecting the "Add New Account" button at the bottom of the Chart of Accounts.
Once your bank account is created/selected enter the opening bank balance as per your actual bank statement (you will need the bank date and balance).
Step 2: Set all previous transactions on Storman as reconciled:
Now that you have set the opening bank balance and date for Reconciliation, the next step is to set all old transactions as reconciled in Storman.This can be done by simply selecting "Set trx to reconciled". Please note that this option will set all payment transactions from the bank balance date to reconciled.
Step 3: Set up Analysis Codes for Other Transactions:
Before you start Reconciling your Bank Statement to Storman you will need to create Analysis codes to account for the other transactions that in your Bank Statement but not in Storman. These transactions will allow you to properly reconcile both accounts.
To create these Analysis codes please refer to the Knowledgebase article on "How to Create Analysis Codes". The only difference being that for Other Trx used in Bank Reconciliation please note that the Analysis codes must use sort order 96 to 99.
You are now ready to start reconciliation of your Storman payments against your bank statements.