Thanks to this feature, you can connect your bank accounts to your BoondManager interface and save precious time ⏱️ tracking your payments by reconciling your incoming payments with your invoices directly in BoondManager!
Summary
Prerequisites
To add and configure bank accounts, you must have access to Administration > Advanced Configuration section, to access the Bank Connection module.
Here, you can create and manage your banking institutions.
Administration > Advanced Configuration
Add a bank institution and associated accounts
By clicking on the "+", you will be redirected to the website of our partner POWENS, where you can:
- Select the bank to integrate with BoondManager
- Enter your login credentials to ensure a secure connection
- Select the bank account(s) you wish to use in BoondManager for your transaction reconciliations
Once this operation is completed, our partner will redirect you to BoondManager and the bank institution containing the account(s) you just selected will be added to the list of banking institutions in the Bank Connection module.
Modify the accounts attached to a banking institution
Once the banking institution is synchronized with BoondManager and the bank account(s) attached to your interface, you need to select the legal agencies attached to this/these bank account(s).
To do so, click on the name of the institution from the Bank Connection module, then click on the account you wish to modify: you can customize the label, and choose the legal agencies associated with this bank account.
You have configured and linked your bank accounts to your BoondManager environment, congratulations 🥳!
You will now be able to reconcile transactions from your bank accounts with the invoices entered in BoondManager.
This bank reconciliation can be done from the Bank module, available in your side menu.
Important
If you don't see the Bank module in your side menu, click on your name in the top right > Configuration: here you can modify your menu bar to add this module.
Search for transactions to reconcile
In this module, we list all positive transactions (incoming payments) retrieved from your synchronized bank accounts.
With the search view filters, you can select:
- The legal agency(ies) you want to work on
- One or more bank accounts
- The transaction status (To be reconciled, partially reconciled, Validated without reconciliation, Reconciled)
- The period of the displayed transactions
As with all our search views, you can save your search by clicking "Free search" to the right of your filters.
By default, and before you start reconciling transactions with your invoices/purchases, all transactions are in the "To be reconciled" status.
Reconcile transactions and invoices
Once the list of transactions you want to process is displayed in your search view, you can click on the reconciliation icon of the transaction to be processed .
Our workflow will take you to the Invoices view in the Billing module, where you can choose one or more invoices to associate with the selected transaction. You can select all invoices, including locked ones and credit notes.
Once you have selected the invoice(s) relevant to this transaction and clicked the orange "Reconcile" button (you can also notify the order manager of this bank reconciliation), the following modal will open:
From this modal, you can view and define:
- The remaining amount to reconcile on the selected transaction (it will update based on the amount you enter in the "Payment amount" fields)
- The invoice payment date that will be recorded in the system once the reconciliation is confirmed (this date will be the one indicated on the bank statement by default)
- The amount to reconcile per selected invoice (the total or only a portion, you can control this amount)
- The invoice status after this reconciliation
- The associated transaction status after this reconciliation ("Reconciled" if the remaining amount to reconcile is €0, "partially reconciled" if the remaining amount is positive)
By clicking confirm, you will be redirected to the Bank module and can proceed to the next reconciliation.
Reconcile invoices in different currencies from the transaction amount
The process is the same as described above, and you can choose to reconcile invoices that are in a different currency from the original transaction.
When BoondManager detects a different currency in the selected invoice(s), it includes a "Transaction currency" field so you can specify the exchange rate you want to apply: the transaction amount will remain in the account's currency, the invoice payment amount will remain in the billing currency, but the reconciliation will take into account the exchange rate between these two currencies.
View reconciliation from the invoice
From the invoice record, you can view the reconciled amount by clicking on the "view payments" link next to the outstanding balance.
Modify reconciliation once completed
From the Bank module, by clicking on the line of the reconciliation in question, the modal will reopen, and you can modify the elements (the reconciliation status or the amount) or delete the link between this transaction and the invoice(s).
As you may have understood, 2 modules make up our bank reconciliation feature (Bank Connection and Bank).
We have pre-configured the permissions for these modules based on the permissions for the Billing module: users who have access to the Billing module also have access to the Bank module. If you need to modify this default configuration, here's how to proceed!
Permissions for the Bank Connection module
From Administration > Managers / Roles > open the relevant role: you can activate the Bank Connection module in the Administration tab. You won't need to configure search or record permissions for this module.
Permissions for the Bank module
From Administration > Managers / Roles > open the relevant role: you can activate the Bank module in the Main Modules. Here, you will need to configure search permissions (filter on legal agencies only), and record permissions (access to all records, those of their agencies, or a list of agencies, restrictions based on transaction status).
I don't see the bank accounts attached to my legal agency in the Bank module, why?
This means that in the Bank Connection module configuration, you haven't linked a bank account to an agency. To fix this, you need to go to Administration > Advanced Configuration > Bank Connection, select the relevant banking institution, and click on the account in question. You must then indicate which legal agency(ies) should be linked to this account. Once confirmed, your bank account will appear in the Bank module.
Where can I delete a banking institution?
To completely delete an institution, go to Administration > Advanced Configuration > Bank Connection, then click on the name of the relevant bank institution, and on the settings wheel. You will be redirected to our partner POWENS, who will offer you the option to either modify the attached accounts or delete the link by clicking the "Delete" button at the top right of the partner's screen.
Can I add/modify/delete an account within a banking institution?
If you want to make changes to a banking institution, click on the relevant institution, then on the settings wheel and you will be able to, via our partner POWENS:
- delete one of the accounts attached to this institution
- add an account to link to this institution
- delete a bank institution from BoondManager
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