This guide covers the management and processing of bank statements received from the bank into the system, including retrieving, approving, and checking and correcting discrepancies.
Bank statements
Bank statements received from the bank can be found in Financial Management>Accounting>Bank Statements.
According to the Bank Statement as a Voucher (TITO) principle, the bank statement serves as a verifier of payment transactions in accounting. To form a comprehensive posting chain, all transactions on the bank statement are linked to accounting voucher transactions either automatically by the system or by the user when recording transactions.
The balance of the bank statement can be compared to the balance of the corresponding account in accounting for the period either in the bank statement view or in the accounting reconciliation view. Due to up-to-date processing, the bank statement balance should always be reconciled with accounting when the bank statement is processed.
In Netvisor, the received bank statement is processed by linking incoming reference payments and their accounting vouchers, processing paid purchase invoices, creating a voucher for them in accounting, and changing the invoice status in the ledger to paid. The generated vouchers are linked to the transactions on the bank statement.
Retrieving
Using electronic bank statements requires the activation of the payment traffic service. Bank statements must be in KTO format. The bank statement is retrieved from the bank according to the company's agreement. The recommendation is to retrieve the bank statement at least once a week. The retrieval interval may vary between banks, but if there are many transactions per day, it is advisable for the company to choose a daily bank statement. In this case, the bank statement is received every banking day. If the company has a sales ledger in use, it is also advisable to include machine-readable references in the payment traffic agreement. Machine-readable references may arrive in a different order than bank statements. Reference payments can be agreed to arrive, for example, daily, even if the bank statement arrives weekly. However, they will appear on the actual bank statement when it arrives. Currency bank statements can also be retrieved into Netvisor, but no conversion to euros is done for these. Unfortunately, a discrepancy will remain visible in currency account bank statements, as accounting in Netvisor is always done in euros, and the currency account transaction is in another currency. No conversion is done between the currency account balance and the euro-denominated accounting balance in Netvisor. If the bank statement is not in the program and the bank sets the bank statements to be retrieved again, the program will automatically retrieve bank statements less than 90 days in the past in the next retrieval. If there is already a partial bank statement at that time or older bank statements are desired, a request must be made to support. Bank statements are retrieved/allocated to the company based on the bank account number.
Machine-readable references
To receive machine-readable reference payments from the bank into Netvisor, this must be agreed upon with the bank in the payment traffic agreement. Reference payments may arrive at a different time than the bank statement, and payments may appear in the list even if the bank statement has not yet arrived. Netvisor retrieves data from the bank every half hour, meaning data is retrieved as it becomes available at the bank. Usually, the previous day's data has arrived by six o'clock the next morning at the latest, but this depends on the bank.
Bank statements do not arrive from the bank
There are two things that can be done incorrectly by the user; everything else depends on the agreements made with the bank.
- The bank account has not been entered into the system, so the bank statement cannot naturally be imported.
- Payment traffic related to the bank account has been closed by the user
Received bank statements
Unapproved bank statements can be displayed on the main page in the "Exceptions and Notices" widget. This requires browsing or approval rights for bank statements from the notification view rights. The link leads to the bank statement approval view, where the desired bank statements can be approved.
Approving bank statements
From the main page's "Exceptions and Notices" section, the bank statements link allows you to approve unapproved bank statements.
Bank statements can be marked as processed either individually or selected at once. Each bank statement can be approved individually using the Approve button below it. Multiple bank statements can be approved by selecting them (check the box) and pressing the Approve Selected button at the top or bottom of the page.
Approved bank statements are removed from the view and reduce the counter in the bank statements section. This view is primarily a tool for the accountant, meaning the idea is to keep only unprocessed bank statements in the view. When the bank statement is fully processed, it is approved (i.e., marked off this list of unfinished tasks). Approval of bank statements is only for personal tracking and does not make changes to the bank statement.
Processing the bank statement
The bank statement to be processed is opened by clicking the date that serves as a link for the bank statement period or in the bank statement view
The bank statement can be viewed as it was received from the bank (unmodified bank statement) or supplemented with voucher links (bank statement created in Netvisor). At the end of the bank statement created in Netvisor, there are links to the bank statement editing view, where the bank statement is processed, and the voucher browsing view, where all vouchers already linked to the bank statement are listed.
The discrepancy field of the bank statement should be zero. The bank statement balance is the ending balance of the bank statement, and the accounting account balance is the balance of the accounting account set behind the bank account. The discrepancy is the difference between these two. When the discrepancy field is zero, the balances match.
What the discrepancy can be caused by
Nordea bank may send a zero-sum bank statement, causing the bank statement for that day to be off. This is because the reconciliation column compares the ending balance of the bank statement and the accounting account balance to each other. When a zero-sum bank statement does not have a reported ending balance, this appears as a discrepancy. The situation is corrected when a bank statement with transactions arrives from the bank. If the bank statement balance shows more than the accounting account balance, it is likely that some transaction has been left unaccounted for. If the accounting account balance shows more than the bank statement, it is likely that some entries have been made excessively. At this point, it is advisable to take the vouchers for the day, for example, through the voucher listing, and compare these recorded transactions to the bank statement transactions. If the voucher and bank statement dates do not match, this also causes a discrepancy. If there are many transactions, we recommend a daily bank statement. In this case, there are fewer transactions on the bank statement, and the discrepancy is easier to detect.
Browsing bank statements
Financial Management > Accounting > Bank Statements
Archived bank statements can be found through this page. Unacknowledged bank statements retrieved from the bank can be found in the main page's "Exceptions and Notices" section, but their processing can also be started from here.
Selecting time and bank account
You can select which year's, month's, and which bank account's bank statements you want to retrieve. Through this, you can also see the bank statements of old accounts whose payment traffic has already been closed in Netvisor. In this case, select "Deleted" in the Account section.
Unmodified bank statement: Displays the bank statement as it was received from the bank. The view does not allow editing of the bank statement.
Bank statement balance: The ending balance of the bank account for the day in question.
Accounting account balance: The account balance of the accounting account set behind the bank account.
Discrepancy: The difference between the bank account and accounting account balances.
Editable bank statement: This link allows you to edit the bank statement.
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