Product Information


BusinessSuite Accounting – The perfect tool for your business.

BusinessSuite Accounting is a diverse business management package, designed for businesses in all markets and industries. The software includes all of the core accounting functionality you would expect of a total business solution, as well as being easy to use, fully multi-user and network aware.

Select an option to find out more details...

 

Bank Module

The Bank module is used to keep a record of all the bank accounts used by your company.

Using the Bank module you can write cheques, perform deposits, record bank fees or interest received and reconcile your account with your physical statement.

Accounts can also be created that will enable you to record the transactions carried out with your credit cards or petty cash.

Key Features:

Consolidated view of all bank transactions on one screen

Live reconciliation of information from the General Ledger

Unlimited bank accounts

Also handles Petty Cash, Credit Cards and other bank account types

Supports overdraft and debit accounts

Details:

Cheques
The Cheque function in the Bank module lets you create cheques from the accounts in your company.

When you create a cheque, the information is used to update the bank balance in the General Ledger. The expense ledger codes entered will also be updated.

You can print the cheques you create in the Bank module using the Reports function. Alternatively, you can choose to print the cheques automatically when you use them as payment in Suppliers Activity.

You can review a list of all cheques you have entered using the Cheque History tab in the Bank module.
Payments
If you make payments directly from your account to another business (for example direct withdrawal of insurance payments), they can be entered using the Bank Adjustments module.

When you use the Adjustments module, no Cheque information will be stored and each item will be given a unique code for easy reconciliation.
Credit Cards
If you have a credit card that you use to pay for goods for the business, you can create a bank account using the Bank module and a payment type using the Payment Types Setup module.

BusinessSuite comes with a number of credit card ledger codes (American Express, Diner’s Club, MasterCard and Visa Card) that you can assign to a credit card account. You can add or remove these accounts to suit your requirements.

When you make a purchase and you want to pay using your credit card account, you can use Suppliers Activity to record the purchase and then make the payment. When the payment is made, selecting the credit card bank account will update the General Ledger and the bank account with the correct information.

When you make a payment to reduce the balance of your credit card, you can either use the Cheque module or make a payment using the Payments function in the Bank module.

You can then reconcile the transactions according to the credit card statement using the Bank Reconciliation module.
Fees
The Bank Fees function lets you record the payment of fees on the bank accounts in BusinessSuite.

All you have to do is enter the fee amount and the GST portion - the program does the rest.

The Fee History tab displays all the bank fee transactions performed for the account. This means you can access the automatic journal entries for the fee with a simple double-click on the history line.
Deposits
Using the Bank Deposits function, you can create a deposit slip for all the payments you have received.

The ActionButton that accesses the function opens a list of the transactions yet to be transferred from the bank account displayed.

For each transaction in the list, the dialog displays the date, the name of the customer, the payment method, a reference for the payment, a reference to the source document and the amount of the transaction.

The Deposit By Type function lets you select a range of transactions to be transferred.

When you have selected the entries to be deposited, the Totals tab will display the total amount for each payment type that will be transferred as well as the total amount of the Bank transfer.

A field at the top of the Bank Deposits dialog lets you set the date of the transfer.

When the information in the list is complete, you simply need to click the Deposit button and the program completes the process.

Each time you perform a Bank Deposit, the transactions you deposited are removed from the list and the balance of the relevant bank account is automatically adjusted according to the total of the deposit.

After the deposit is saved, you can print a deposit slip and present this to the bank along with the payments.
Interest
When you receive interest from the bank for amounts that you have in your account, it is entered using the Bank Interest module. The information is posted to the General Ledger and stored for easy reconciliation when you calculate your income.
Reconciliation
The Bank Reconciliation function in the Bank module lets you reconcile any discrepancies between your Bank account and your physical balance by matching the transactions in your system against those on your statement.

Differences between the balance in your General Ledger and your physical bank balance occur when transactions that have been entered in BusinessSuite have not yet been completed and recorded by the bank.

For example, if you write a cheque from an account the money is not withdrawn from your physical bank account until the cheque is cashed, whereas your General Ledger removes the cheque value immediately.

The Bank Reconciliation ActionButton opens a dialog that displays all the transactions that have not been reconciled.

You can reconcile the bank account by selecting those transactions that have been recorded on your statement and sending them to the General Ledger.

You can reconcile any type of bank account, which means you can also reconcile your credit card or petty cash accounts. When you reconcile a petty cash account, you can ensure that you have receipts for all the transactions and then make the payment to replenish the balance of the petty cash.
Reports
The available reports in the Bank module let you print such important information as a list of the unreconciled transactions in your bank account and a list of the cheques you have written out.

The Reports function is accessed using an ActionButton that will open a list of all the available reports.
Templates
Several functions in the Bank module include templates that can be used to save time and effort when performing common procedures.

For example, creating a template once a Bank Fee transaction is entered will enable you to load the same transaction automatically when the need arises.

Once a template is loaded, you can still manually edit any details necessary and save the new transaction.
History
Detailed History tabs in the Bank module give you a list of all the transactions of the relevant type, which have been carried out on an account.

For example, the Payment History tab displays a list of all the payments that have been made using the Bank Adjustments function.

For each transaction made, the tab displays a number of useful pieces of information such as a date and description.
Document Storage
The Documents tab of the Bank module allows the storage of documents relating to the bank account.

Using a scanner, you can scan any relevant document and insert it on the bank account. It is also simple enough to attach a document you have created in another program (for example a letter created in a word processing program).

If you use the Documents Setup module to create document types, you can launch a program, create the document and attach it automatically. This function is ideal for customised letters.

BusinessSuite can create Microsoft Word documents that include substitution fields. These fields will be replaced with the correct value from the bank account information in BusinessSuite.