7.6. How to reconcile Bank Statement and mass-booking your journal entries in Kiu BMP

 

7.6.1. Register you bank statements manually

With Kiu BMP, you can import your bank statements manually or import by using our template > Download Import bank statement Template here.

In the Dashboard, click on the button New Statement related to the bank journal.

Just fill in the fields according the information written on your bank statement. The reference can be filled in manually or you can leave it empty. We recommend to fill in Partner to ease the reconciliation process.

The difference between the starting balance and the ending balance should be equal to the computed balance.

When you are done, click on Save.

7.6.2. Create Reconciliation Models

In Kiu BMP you have the possibility to pre-fill some accounting entries in order to easily reconcile recurrent entries such as bank fees.

First, you need to configure a model reconciliation entry for bank fee. To do so, go to the accounting application dashboard. On your bank journal, click on More ‣ Reconciliation Models.

Click on the Create to create a new Button Label. You can create a button Label called Bank fees.

Choose the Account the debit amount will be posted in.

Moreover you also need to specify that the amount type is “Percentage of balance” with an Amount of 100%. This will tell Kiu BMP to take the entire fee into account.

You can apply the Tax on the bank fees in choosing Tax type.

If you you want to Add a second line of accounting entry, check-in the check box.

In Amount type, there are two options you can choose from.

Choose Fixed If the amount of your bank fee is fixed, and specify the amount in the amount tab.

Choose Percentage of balance, and input the amount in the amount tap. This specify the bank fee amount will depend on amount of the transaction.

You can refer a configuration for Bank fees button:

7.6.3. Register your payments based on the Reconciliation model

Register your payment by importing your bank statements that will be impacted by the payment of the bank fee.

You can choose to directly reconcile the statement by clicking on the button 

Or you can also start the reconciliation process from the dashboard by clicking on Reconcile # Items.

When doing the reconciliation, you can select an open balance and click the Bank fees button to get all the relevant data instantly.

Finally, click on Reconcile to finish the process.

If the balance is correct, you can directly close the statement from the reconciliation by clicking on 

Otherwise, click on GO TO BANK STATEMENTS  to open the statement and correct the issue.

7.6.4. Close Bank Statements

On the accounting dashboard, click on the More button of your bank journal, then click on Bank Statements.

Choose the bank statement .To close the bank statement, just click on Validate.

7.6.5. How to record & reconcile Internal transfer

A company might have several bank accounts or cash registers. Within KIU it is possible to handle internal transfers of money with only a couple of clicks.

We will take the following example to illustrate. My company has two bank accounts and I want to transfer 10,000,000 VND from one of our bank accounts to the another one.

→ Check your Chart of Accounts and default transfer account

To handle internal transfers you need a transfer account in your charts of account. KIU will generate an account automatically based on the country of your chart of account. To parameter your chart of account and check the default transfer account go into your the accounting module, select Configuration ‣ Settings.

→ Log an internal transfer

The first step is to register the internal paiement. To do so, go into your accounting dashboard. click on the more button of one of your banks and select New ‣ Internal transfer.

Create a new payment. The payment type will automatically be set to internal transfer. Select the Bank you want to transfer to, specify the Amount and add a Memo if you wish.

Save and confirm the changes to register the payment.

In terms of accounting the money is now booked in the transfer account. We’ll need to import bank statements to book the money in the final accounts.

→ Import bank statements and reconcile

Note that the bank balance computed by KIU is different that the last statement of your bank.

That is because we did not import the bank statement confirming the departure and arrival of the money. It’s thus necessary to import your bank statement and reconcile the payment with the correct bank statement line. Once you receive your bank statements click the new statement button of the corresponding bank to import them.

Fill in your Transactions line. Once done, KIU will display a Computed Balance. that computed balance is the theoretical end balance of your bank account. If it’s corresponding to the bank statement, it means that no errors were made. Fill in the Ending balance and click on the Reconcile button.

The following window will open:

You need to choose counterparts for the paiement. Select the correct bank statement line corresponding to the paiement and click on the reconcile button. Close the statement to finish the transaction

The same steps will need to be repeated once you receive your second bank statement. Note that if you specify the correct amount, and the same memo in both bank statement and payment transaction then the reconciliation will happen automatically.

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