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With the reconciliation function electronic bank statements can be read.

This function can be started via Bookkeeping > Financial > Electronic banking.

The function is only available for users with the right Reading bank statements.

To be able to use account recognition users need the right 'Maintain account recognition Bank statements'.

 

An import file or PSD2 download can contain transactions for several bank accounts and in different bookkeepings.

To be able to process transactions for a bookkeeping, the user needs to have access to this bookkeeping and the right to make changes in it.

 

With this function bank transactions, present in files provided by the bank, can be read into Mill7 and processed into journals in bank daybooks.

 

After starting the function, the reconciliation screen is opened.

This screen should be empty unless previous bank statement files are read but not processed.

 

Format import files

Daily statements can be downloaded in many electronic formats. Mill7 supports the formats MT940, MT940 structured and CAMT.053.

All downloads in the format MT940 structured can also be imported with the option MT940.

Although MT940 seems a standard format, there are differences between the MT940 used by different banks.The functionality is tested for ABN-AMRO Bank, ING Bank and Rabobank.

 

Transactions can be downloaded manually from the bank. Please inform at your bank if you do not have these options yet.

 

Other formats can be added by Millogic as a custom-made product.

 
PSD2
With the PSD2 option, bank transactions can be downloaded automatically for multiple banks and bank accounts at the same time.
For this option, a Bizcuit account is required.

When transactions are downloaded, an option will be presented to create bank statement reports for each bank account involved.
 

Terms for reading in transactions:

–Transactions with a book date outside of the start and end date of the current bookkeeping will not be imported.

–Transactions with a bank account not found in Mill7 will not be processed.

–Transactions for a bookkeeping that cannot be opened (reading rights) by the user who is executing the function will not be imported.

–Transactions for a bookkeeping that can be opened, but cannot be changed (writing rights) by the user who is executing the function will be imported, but cannot be processed. Transactions that are imported but not processed can be processed later by a user with sufficient rights.
 

Bank accounts

The bank account and the currency of a transaction are used to determine in which bookkeeping and in which daybook the journal entry is booked.

The fields bank account and currency must be entered in the corresponding bank daybooks.

 

Furthermore, it is necessary to indicate in the bank daybooks, by setting the field Bank statement, whether transactions should be entered in daily or monthly daybook pages, or all together in one page.

Transactions will not be added to existing daybook pages.

 

Account unknown

The account unknown can be set using the button <Reading file> and will be used by PSD2 as well.

Make sure that this account exists in all bookkeepings where journals will created.

When this general ledger is a cost type account there will be NO cost centre filled in the journals for this account while processing the bank transactions.

Transactions will be booked at this account when by using account recognition no other account is found.

 

<Reading File> Building up the proposal with a download file

Choose the file to be imported.

Files that have already been processed have a time stamp appended to their name and the extension .OLD.

 

This file may contain bank transactions for multiple bank accounts and multiple bookkeepings.

By activating the checkbox at 'Only accounts for current bookkeeping' the proposal will be limited to the current bookkeeping.

By activating the checkbox at 'Process all .XML files in folder of selected file' all CAMT-053 files in the selected folder are read.

 

By pressing the Proposal button, the transactions will be imported to the proposal.

 

Files or individual transactions that cannot be processed, will be mentioned in an error report.

 

<Clear>

All transactions related to the bank daybooks listed in the proposal will be deleted. Transactions present for other book years that are not listed will not be deleted.

 

<PSD2> Building up the proposal with PSD2

Use the PSD2 button.

Bank statements are only downloaded for bank accounts connected to the Bizcuit account.

 

Per bank account only the new transactions since the last download are imported to the proposal.

When it is the first time that transactions are downloaded, all transactions with a date after the last date in the bank daybook are imported to the proposal.
When there are no journals yet in the bank daybook all transactions with a date in the current year are imported to the proposal.

 

PSD2 Messages

 

Proposal

In the upper part of the screen, the proposal shows all bookkeepings and bank daybooks for which transactions are present related to the book year that is currently active.

For each daybook the number of transactions and the opening balance are shown and also the closing balance after processing the transactions.

By selecting one of these lines the lower part will show the details of the transactions involved.

 

Transactions can be deleted from the proposal by selecting the specific line and use Ctrl+D or the Delete button in the toolbar.

 

Account recognition

Default all journals are presented with the account number entered at account unknown unless an other general ledger, debtor or creditor is detected by using account recognition.

Using the Account recognition button, all transactions to be booked at the account unknown will be shown one by one in the account recognition screen.

 

With the Recognize current line button the "Account recognition" screen will open showing the line used for the selected transaction. This line can be changed or deleted, and new lines can be add.

 

Outstanding Invoices

When during account recognition a transaction is determined as a transaction for a debtor or creditor, Mill7 will try to find the correct invoice number based on the amount.
When this fails the journal will be booked with document number 99999999.
A remark will show in the proposal in column Status.

 

After processing the journal can be changed in the Book screen.

The correct document number can be entered here or the payment can be split to several document numbers by using Ctrl+W.

 

VAT

If VAT must be calculated for a journal with a general ledger different than Account unknown, a default VAT code must be entered for this general ledger.

When the VAT Type On purchases / On sales does not match with the amount Debit / Credit, Mill7 will search for a correct VAT with the same percentage.

 

<Process>

By pressing the Process button journals will be created in the concerning bookkeeping.

 

Activate the Process column for the bookkeepings - daybooks which can be proceed.

Per bookkeeping - daybook only the transactions with Process is checked and Status is OK will be proceed.

 

Transactions with message 'cost centre not found ' are processed but without a cost centre.

 

Account recognition

Mill7 contains a function to recognize the General ledger for transactions based on a description.

The description and the general ledger are saved in the account recognition table.

For each bookkeeping the table to be used can be set in the settings.

 

Account recognition functions are only available for users with the financial right 'Maintain account recognition Bank statements'.

 

The account recognition table can be maintained in three ways:

–through menu Maintenance > Financial > Recognition Bank transactions;

–during reading bank statements by the Account recognition button or the Recognize current line button;

–in the book screen by changing the account in a journal booked on the the account unknown.

 

With the Account recognition button, all bank statements with general ledger equal to account unknown can be checked and configured to be recognized for the next reconciliation.

 

Recognize transaction by text:

This identifies the unique description for this transaction.

By selecting a line in the information container 'Description transaction' this line will be copied to 'Recognize transaction by text:' where it can be altered.

 

Book transaction on account:

This is the general ledger for the transaction to use in the journal.

For example: the general ledger is 2100 and at Recognize transaction by text the text "income tax" is entered. From now on all transactions with this text in their description will be booked on general ledger 2100.

 

Cost centre

When the general ledger is a cost type account a cost centre must be entered.

 

<Next>

With the Next button data will be saved in and the next transaction with account unknown will be shown.

 

<Cancel>

This entrance will be saved for recognition in next processes.

The process of account recognition still proceeds to execute the changes made in recognition lines through other bank transactions when necessary.