This article describes the functions and capabilities of Accounting Seed's Banking feature.
To learn how to use this feature, visit the General Ledger section of this knowledge base.
- A collection of Cash Receipts and Debit Journal Entry Lines (often used to record bank fees/refunds) can be associated together to form a Bank Deposit record. This is useful to record the amount of money deposited at one time and makes doing Bank Reconciliations much easier.
- A Bank Deposit has no effect on the General Ledger as it doesn’t create Transactions.
- A Bank Reconciliation is a tool to make sure that all deposits (Cash Receipts or Bank Deposits), withdrawals (Cash Disbursements), and adjustments (Journal Entry Lines) are recorded in Accounting Seed and show up on your General Ledger.
- A Bank Reconciliation creates no additional entries to the General Ledger.
- Accounting Seed’s Bank Reconciliation is done for a specific Bank/Credit Card Account (GL Account) and a specific date range; it doesn’t have to be done for a month although that is a common practice.
- A Bank Reconciliation report can be printed once the Bank Reconciliation is complete and balanced and will show the associated transactions as well as any uncleared items (items that show up in Accounting Seed but not on the bank statement).
Bank Direct Connect
- The Bank Direct Connect tool is an integration using a third party bank aggregation service that allows a user to pull transaction history from a connected bank or credit card account directly into Accounting Seed.
- The Bank Direct Connect tool is connected to over 14,500 financial institutions. If a customer’s bank is not supported by this service then Accounting Seed provides a bank file import tool with very similar functionality.
- Bank Direct Connect can create a Cash Receipt, a Cash Disbursement, a Debit Journal Entry, or a Credit Journal Entry. These records can be assigned to Customers, Vendors, GL Accounts, GL Variables, Projects, and Project Tasks at the time of entry making data entry of electronic transactions very easy.
- When transactions are imported, they will auto-post to the Ledger so the user does not have to post them.
Print a full listing of all Accounting Seed features.