SAP Business One Bank Statement Processing and Bank Reconciliation

Using SAP Business One and want to automate bank statement processing?
SAP Business One can be used to import bank statements and automatically create the required journals, payments and related bank reconciliations – saving you time and money.

The benefits of this SAP B1 improved Bank Statement Processing and Bank Reconciliation Automation:

  • Time taken to do the Bank Reconciliation Process will be reduced by several hours per month
  • Posting accuracy will be improved dramatically
  • The Bank Statement Process can be customised to almost any bank statement format

In addition, the Bank Statement Process can be customised for:

  1. Credit Card statement processing
  2. Payment gateway processing (PayPal, BPay, etc.)
  3. Other third party integration.
SAP Business One Bank Statement Processing

SAP Business One can be used to help companies reconcile Bank Statements quickly & efficiently.
In fact, during a recent training exercise with a SAP Business One client, it took our consultant only a matter of minutes to import and reconcile a statement.

How would you set Bank Statement Processing and Bank Reconciliation Automation up in SAP B1?
Setting up Bank Statement Processing environments in SAP Business One involves 3 easy, automated steps:

  1. Define the bank file formats (can be easily customised by a Leverage Technologies team member)
  2. Define the external and internal operation codes. This step will enable SAP Business One to recognise what different external bank codes mean & will enable SAP Business One to determine how to process the relevant transactions. The level of automation in Bank Statement Processing (that you require) is determined in this step.
  3. Configuring the matching criteria. This step will determine the outcome of each transaction from the bank statement. Bank Statement Processing will always result in either Incoming Payments, Outgoing Payments or Journal Entries in SAP Business One.

The Bank Reconciliation Process (using the Bank Statement Processing) in SAP Business One financials works as follows:

  1. The Bank Statement file is imported in just a few clicks.
  2. Internal codes are matched to Bank Statement References.
  3. The Bank Statement is “finalised”.
  4. All relevant outgoing and incoming payments, Journal Entries, BP Reconciliations and the final Bank Statement Reconciliation is created automatically in the background.
  5. The user prints the completed Bank Reconciliation.

Bank Statement Processing automation is available on the HANA and MS SQL versions of SAP.

Thanks to Chris Godman for his contribution to this SAP Business One blog. Chris has 12 years of SAP Business One Experience and 10 years’ prior experience in Management Accounting. He has been involved in over 50 SAP Business One implementations and has been involved in SAP Business One since inception in Australia. He specialises in wireless warehousing, BA – Integration and development. If you want to know more about the automation of Bank Statement Processing in SAP Business One, please contact the team at Leverage Technologies on 1300 045 046.

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