Electronic bank statement – It is an electronic document sent by the bank which gives details of the transactions done by the account holder. The electronic document can be remitted by the bank in the following formats SWIFT, Multicash, BAI etc. This statement is used in SAP to do an automatic reconciliation. The statement is uploaded in SAP and it clears the various Bank clearing accounts such as the Chk out, Chk in account to the main bank account.
In our scenario we have the following bank GL codes (Sub accounts) for our Bank:-
111410 ICICI bank – Main account a/c
111411 ICICI check issued out
111412 ICICI outgoing w/tfr
111415 ICICI other interim posting
111419 ICICI check received
Checks issued out to vendors will be credited to GL code 111411 ICICI check issued out which is a clearing account.
Similary checks received from customer are debited to GL code 111419 ICICI check received which is a clearing account.
When the bank statement is uploaded in SAP the following will happen:-
For checks issued out – based on checks cleared in the bank account the following entry will be passed automatically.
GL code account description Debit /Credit
111411 ICICI check issued out Debit
111410 ICICI bank – Main account a/c Credit
For checks received in – based on checks cleared in the bank account the following entry will be passed automatically.
GL code account description Debit /Credit
111419 ICICI check received Credit
111410 ICICI bank – Main account a/c Debit
Thus after uploading the bank statement in the system, the Main bank account i.e. GL code 111410 ICICI bank – Main account a/c will exactly match with the balance shown in the bank. All the clearing accounts having alances will be the reconciliation items.
Manual bank statement – In case the bank is not able to give an electronic statement then the statement can be manually entered in the manual bank statement and uploaded.
The configuration for both the statement is the same except in electronic statement further 2 configurations are required-
IMG Financial Accounting Bank Accounting Business Transactions Payment Transactions Electronic Bank Statement
In this activity you make the global settings for the account statement. There are four main steps to be carried out:
Enter the chart of accounts YCCA
1. Create account symbol
In this activity you create the account symbols that you later need for defining the posting specifications.
Before the posting rule is used, the account symbols are replaced with the relevant accounts to which posting is to be made.
Example
Create the account symbols BANK and CASH RECEIPT so that you can later define a posting rule for cash receipt.
Activities
1. Define an ID for each account symbol.
2. Enter a description in the text field.
Specify G/L accounts (such as bank, cash receipt, outgoing checks) to which postings are to be made from account statement. You assign account symbols to the G/L account numbers. These are required for the posting rules in step 2.
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save entries.
2. Assign accounts to account symbols
In this activity you define the account determination procedure for each individual account symbol.
Define postings to be triggered by possible transactions in the account statement (such as bank transfer, debit memo). In the posting specifications debit -> credit that you define here, use the account symbols from step 1, not the G/L account numbers. This prevents similar posting rules being defined several times , the only difference between them being the accounts to which postings are made.
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and update the following:-
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To avoid having to define a separate account symbol for every single house bank account (with a different G/L account in each case), the G/L account field can contain a masked output. The masking is done using ++++++ for the main bank account. For the sub accounts all the other digits are masked except the last one.
For Bank charges the actual gl account is entered.
Note that masked entries (using + ) are always based on a ten character account number. If you are using a shorter account number (six characters, for example), the entry must be right-aligned.
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to save entries.
3. Create keys for posting rules
Assign posting rules to possible transactions in account statement file. A list of assignments where one external transaction code is assigned to one posting rule is called a transaction type.
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4. Define posting rules
Here you will now assign the key created for posting rules to the various account symbols and specify whether it will be a debit or credit and to which posting area, whether bank or a sub ledger posting.
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update the following: -
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Posting Type 4 (Clear Debit G/L account)
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Select Posting type 5 (Clear credit G/L acct)
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Select Posting type 1 (Post to G/L account)
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5 Create Transaction type
Assign bank details, for which the account statements are to be imported , to a transaction type.
All the house bank accounts at a particular bank are usually assigned to the same transaction type.
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update the following: -
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Click on Save
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Assign Bank Accounts to Transaction types
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Click on Save