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.

Specific functionality is available to receive electronic bank statements for the CAMT.053 (SEPA) format.

The electronic message for feedback of paid invoices is delivered with this country version. For this country version, this message has been adapted, as made available in Infor Localization Services GEMS, ‘Bank Statement Messaging - 100010’: ‘XC - Bank Statement camt053’.

Configuration guidelines

Program ID	Program name	Description or comment
CRS395	Accounting Rule. Set	Configure the accounting rules for events AB10, AR30, and AP20.
CRS405	FAM Function. Open	Configure functions AB10, GL01, AR30, and AP20.
CRS108	Field Group. Open	To generate the standard field groups, select Actions > Gen data.
CRS109	Field Group. Display Permitted Fields	To generate the standard fields, select Actions > Standard for the ABUS1 field group.
CMS016	Available Object Ctrl Parameters. Open	To generate the standard object control parameters, select Actions > Gen data.
CMS017	Generic Object Control Table. Open	Set the fields to be used for defining payment variances. To open (CMS017), you must first select the relevant ABS records. For example, select ABS920 or ABS910, then Related > Ob tbl det lin.
ABS920	Payment Variance Limit. Define	Based on the fields set in (CMS017), set the prioritization of the business transaction codes.
CRS692	Bank Account. Open	A record for type 1-Company bank account must exist. If the Cust bank acc field (customer bank account) is set to 2-Yes, manual update in (ABS900), then records for type 2-Customer bank account must exist. If the Suppl bnk acc field (supplier bank account) is set to 2-Yes, manual update in (ABS900), then records for type 3-Supplier bank account must exist.
ABS911	Scenario Number. Open	Create the scenarios for the bank transaction that a statement line refers to, for example a scenario in which an invoice is searched.
ABS910	Scenario Number. Prioritize	Set the prioritization of the scenario numbers.
ABS930	Additional Information. Structure	This program is used to improve the efficiency of the search for the appropriate invoices. This program can be set at a high level for all invoices or for specific ranges of invoices.
ABS920	Payment Variance Limit. Define	You can prioritize the business transaction codes.
ABS900	Bank Account Identifier. Open	See Infor M3 Core Configuration Guide for Infor Localization Services GEMS for the detailed configuration guidelines required for the upload of the electronic message.
ABS100	Bank Statement. Open	Set the Release manually allocated invoices (Rel man all inv) field on the settings in (ABS100) as required. To change this, select Actions > Settings. Validate the received statement.

See the Infor M3 Core Configuration Guide for Infor Localization Services GEMS for the detailed configuration guidelines for the applicable message.