Automatic bank statement

Requirement

In many countries, customers can receive an electronic bank statement from banks or an electronic payment specification from customers or banks. This information can be used to automatically reconcile received and paid cash with the open items in accounts receivable or accounts payable. This information can also be used to create transactions in the general ledger, for example, for bank fees or standing payments.

M3 solution

M3 offers functionality to receive, validate, and reconcile cash with open items or to create transactions in the general ledger, based on electronic statements. Cash discount terms are taken into consideration. The handling of small variances as an additional option is supported. After a statement line has been fully allocated, the ledgers can be updated immediately. The allocation is set up by user-defined rules.

In this country, bank clients receive relevant data through electronic bank statements. Using ABS reduces manual cash allocation work significantly in the AR departments.

There is specific functionality available to receive electronic bank statements for both the MT940 and CAMT.053 (SEPA) format.

Configuration guidelines

Not applicable.