Reconciling Bank Statements for Accounts Payable

Prerequisites:

  • Ensure that CloudSuite Business is able to receive BankStatement BODs from ION. See the Infor CloudSuite Business Integration Guide for Infor Local.ly.
  • On the Accounts Payable Parameters form, set the EFT Format to the appropriate format (SEPA for EU countries, or other formats as noted in the specific country guides). .
  • On the Vendors or Multi-Site Vendors forms, set the Payment Type to EFT (or Wire Transfer for certain countries) for vendors that can receive automatic A/P payments. Specify the banking information for the vendor.
  • In the Chart of Accounts form, set up an account for every vendor whose bank account uses a currency other than your domestic currency. Transactions to/from this account will be in the currency of the vendor bank account. This prevents currency exchange fluctuations from affecting automatic payments.
  • On the Bank Reconciliations form, set up information for the banks from which you will receive statements. The currency, BIC and IBAN codes must match the information in the messages that you receive from the banks. 

To view and reconcile a bank statement:

  1. View and filter bank transactions.

    Bank statement records are display-only. You cannot make changes on this form; however, you can filter the records to view specific types of information.

    1. In the Bank Statement form, click the Filter-in-Place tool bar button to see the available bank statement records.

      Each bank statement record shows information relating to one customer or vendor bank identifier code (BIC) or to one employee account used for payments.

    2. Select a record.

      The bank statement record header can contain information such as this:

      • The starting and ending balance for the account for the period
      • The period starting and ending dates
      • The currency that is used for all transactions in the statement

      The statement line detail shows debit and credit transactions and amounts, listed with the appropriate domain and family codes that describe the type of transaction. (Chinese transactions show positive and negative numbers rather than debit and credit.)

      The information is formatted dynamically. The grid column headings and content are set based on the format that is used by a particular bank.

  2. View and process automatic A/P payments.

    When a BankStatement BOD is received into CloudSuite Business, automatic payments are generated for any A/P transactions in the statement that have a domain code of PMNT and a domain family code of IDDT or ICDT.

    1. On the Bank Statements form, select a transaction line with the domain family code IDDT or ICDT.
    2. Click A/P to view the A/P payment transactions that were created for the current statement record.
    3. Process the A/P payments and then post them on the A/P Wire Posting form.
  3. Reconcile the bank statement:
    1. Manually reconcile the account statement records on the Bank Statement form with the transactions on the Bank Reconciliations form for this account.

      See Preparing a Bank Reconciliation.

    2. When the statement is completely reconciled, select the Process check box on the Bank Statements form. You can then use the Bank Statement Purge utility to purge the processed records.
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