Bank Reconciliation- Sage Pastel Evolution

Application Sage Evolution ERP 7
Module General Ledger
Audience Sage Evolution Users, Accountants, Consultants

It is important to do Bank reconciliation monthly, it allows companies to compare their Sage Evolution Account records to their actual bank statement, ensuring it balances

Overview

The Pastel Evolution Bank Manager add-on module eliminates the process of manually capturing transactions from your bank statement. Download an electronic bank statement from any major bank, map the bank transactions to the correct ledger accounts in your books, and the system will automatically assign the transactions for you after each import. Reconciling your bank account has never been quicker and easier. Sage Evolution Bank Manager allows for cash book entries (deposits and withdrawals) to be automatically reconciled to the corresponding bank statement entries using an import file, thereby reducing time spent on labour-intensive manual processes. Automatic bank reconciliation can save you between 80 – 90% in cash book processing TIME, COSTS and MONEY

  • After the first bank statement download, assign recurring account coding to transactions that recur from month to month.
  • Attach a unique statement transaction identifier to a Sage Evolution account.
  • The system will then automatically code recurring transactions exactly as specified for the cash book batch.
  • Thereafter you will only have to code new transactions.
  • You can split lines into multiple accounts and reuse them. For example, you may wish to allocate rent to different departments.
  • For custom or complex changes, export the transactions into Excel, make the changes, and instantly import the data back into Pastel Evolution Bank Manager.
  • Once all the transactions have been assigned to the relevant accounts, simply select the option to create the cash book batch and the transactions will immediately be transferred to your cash book, for you to continue as usual.

 Processes

This process is optional. It does not affect values on the general ledger. Instead, it helps you decide on the accuracy of the information you input, relative to your bank statement. You access this function via the Transactions…General Ledger…Bank Reconciliation menu option,

or via the system tree General Ledger…Transactions function.

Note that this function does not display on the system tree.

When you initiate this function, the Bank Reconciliation window opens. This window is an independent window, not tied to the Explorer window. You can open as many different Bank Reconciliation windows as you like at the same time. You can also close the Explorer window and leave the Bank Reconciliation window(s) open.

Note: Before you can do any work in the Bank Reconciliation window, you have to select a bank account.

Behind the scenes:

  • Pastel Bank Manager compiles the cash book electronically by using the bank statements of all the major South African banks as a base.
  • After the first bank statement download, assign recurring account coding to transactions that recur from month to month.
  • Attach a unique statement transaction identifier to a Pastel account.
  • The system will then automatically code recurring transactions exactly as specified for the cash book batch.
  • Thereafter you will only have to code new transactions.
  • You can split lines into multiple accounts and reuse them. For example, you may wish to allocate rent to different departments.
  • For custom or complex changes, export the transactions into Excel, make the changes, and instantly import the data back into Pastel Bank Manager.
  • Once all the transactions have been assigned to the relevant accounts, simply select the option to create the cash book batch and the transactions will immediately be transferred to your cash book, for you to continue as usual.

Task: Reconciling Babsmog Solution Bank Account

  1. From system tree General Ledger…Transactions …Bank Reconciliation.
  2. The system will open a separate Bank Reconciliation
  3. Select the month you want to reconcile from the drop down list in the Month field.
  4. Click View.
  5. Enter the balance of the statement as at the end of March (refer to the bank statement earlier in this lesson). Enter 14655 in the field.
  6. The following information will display on the screen, detailing all the bank transactions

  1. Make a tick next to the transactions that displays on both the bank statement and this screen.

  1. From the bottom screen the Computer Bank Balance and Reconciled bank Balance should be the same. If this is the case, you have successful reconcile your bank account if not, a difference will be displayed, you will have to recheck your transaction in the system as well as the bank statement to find the cause of discrepancy. Note
  2. In this case, Babsmog Solution bank balances. Before you process any reconciliation, you need to print it. Click on the print icon or
  3. You can generate report on a specific period or up to a particular period

Report Output

This shows items on the computer that are not yet on the bank statement. The report also calculates the theoretical bank balance and compares it to the actual bank balance you enter into the Bank reconciliation function.

The report shows the opening bank balance, the outstanding payments and deposits, and a theoretical closing balance. For each unreconciled payment or deposit, the report shows the date, reference, description, amount, and a running bank balance.

Report Options

You choose the general ledger bank account to reconcile, and the period up to which to reconcile.

You can specify the period up to the end of the specified month.

You can sort unreconciled transaction by:

  • Date
  • Reference

You can choose whether to include open batches.

If you are using the Multi-Currency add-on module, you can choose to print local currency amounts or foreign currency amounts.

  1. Click Save to reconcile and process the reconciliation


Sage Evolution Business Gateway

What is Business Gateway?

  • Provide web access to Sage Evolution agents and customers
  • Adds web access to Sage Evolution Resolve and certain accounting functionalities

What’s new in Sage Evolution Business Gateway?

Structural changes

  • Entirely new technology platform
    • The previous system was written using older technology which got in the way of new development.
    • The new system is written using current best-practice technology and techniques which will make system maintenance.
  • Focus on ease of installation
    • The previous system was very difficult to install. Installers needed fairly advanced knowledge of IIS and Component services.
    • The new system is much simpler to set up.

New feature highlights

  • Dashboard landing page – provides a quick overview of current tasks and progress.
  • Fully mobile – screens and charts can be viewed on devices like smartphones and tablets. Flash charts fall back to html5 so that they can still display on devices that don’t support flash.
  • Statement drill-downs – this was the most requested feature for the previous version.
  • Procurement – PO approvals provides access to approving managers that are rarely in the office.
  • Much more administrative information and control.

Features

Customers

  • Create incidents
  • Monitor existing incidents and provide feedback
  • View and search knowledge base articles
  • View customer statements
  • Drill down into invoices
  • View linked products and contracts
  • Update account details

Sage Evolution Agents

  • Create incidents
  • Work with existing incidents (action, update, close, workflow)
  • Inventory details including images and full pricing and stock information
  • Agent directory (internal lookup of basic staff info)
  • View contract information
  • View and update customer information
  • View and update people information
  • Procurement purchase order authorisations
  • View and search knowledge base articles

Mobile Sales Reps – Web app targeted at smartphones (cross-platform)

  • Basic incident management (simple versions of create, action, update, close, workflow)
  • View customers
    • Basic details
    • Open incidents
    • Recent Transactions
  • View inventory
    • Basic details
    • Images
    • Stock including warehouse stock
    • Pricing
  • Sales orders / Quotations


Increasing/Creating Financial Year (Accounting Periods)

A financial year consists of 12 financial periods. You specify each period’s dates. When you enter a transaction you have to enter its date, and the system allocates the transaction to the relevant period. The system defaults to five years of information, in other words 60 periods, but you can add more when / if necessary.

Setup and maintenance of accounting periods is done at the Company details

company details

 

 

CAccouting Periods

When you initially create the company database, the system asks for the closing date of the current financial year, as well as the year (unlimited) in which to place the current financial year. The system then generates all the periods, which you can edit later.

Which year should you use for the current year?
Usually, you would use the second year for the current year, so that you could put last year’s balances in the first year. You can enter last year’s balances as a single balance in the last period of the year, or as monthly balances.

The periods display in a hierarchic tree. Click the plus sign to expand a year into its periods, and click the minus sign to close the period display.

cAccountdetails

Add / Remove accounting years

  1. Click on the Add Financial Year button.add financial
  2. A confirmation message displays.cconfirm
  3. Click on the Yes button to continue.
  4. If you want to remove a financial year, click on the Remove Financial Year button. This is not recommended.

 


Sage Evolution ERP v7

 

sage evolution v7Sage Pastel Accounting has launched Sage Evolution 7, bringing customers a new version of the enterprise resource planning (ERP) suite that delivers the efficiencies and productivity gains offered by the latest mobile and cloud technologies.

With Sage Evolution 7, Sage Pastel Accounting has moved onto a new Delphi XE5 technology platform to ensure that your investment in the software will be safe for many years into the future. Drawing extensively on customer feedback, Sage Pastel Accounting has built the new version of the software to help you increase productivity, reduce the margin of error, and eliminate unnecessary duplication of work.

One of the key enhancements available in the new version of Sage Evolution is a Mobile Module that allows the sales force to capture sales orders on tablet devices. The data syncs with the ERP solution, eliminating the need to recapture data and reducing the margin of human error. A cloud-based Sage Inventory Advisor module, meanwhile, gives visibility into critical inventory information wherever you might be.

Recognising that mobile and cloud access to the applications opens new security risks, Sage Pastel Accounting has further tightened the security features of the software in the new version. You can now use more complex passwords or biometric identification (thumb or fingerprints) to protect your accounts.
In addition, Document Profiles allow you to control which data and information different users in the organisation may access.

“Featuring an all-new technology platform and including a range of enhancements to the user experience, this is a key release for us,” says Mohammed Mosam, Sage Pastel’s Product Manager for Sage Evolution. “With Sage Evolution, you can focus on running your business according to your business rules and accounting, while knowing that our software helps you to minimise errors and duplication of effort while maximising productivity and efficiency.”Sage Evolution Dashboard

 

Listed below are some of the enhancements that have been made to Sage Evolution Version 7:

  • Track KPIs with our new sleek but customisable Executive Dashboard.
  • Analyse and track historical data well into the past with Unlimited Financial Periods.
  • Heighten security by enforcing more complex Password Controls and Agent Lockoutfunctionality.
  • Take your business to the next level by using our Integrated Biometric and RFID Sign-Onfeature.
  • Find information quickly and easily within your Sage Evolution software using our Central Search functionality. It’s just like Google Search!
  • Save time when capturing data by enabling the Autotext feature.
  • Slice and dice General Ledger data with our brand new Visual Reporting feature.
  • Feel confident that your reporting requirements are now aligned to the IFRS.
  • Send personalised customer documentation in HTML format using our new Mail Mergefeature.
  • Place supplier transactions on hold should you have disputes pending or unresolved.
  • Take control of your business processes by implementing Document Profiles to create consistency with user groups or roles.
  • Perform quick inventory price enquiries and create quotes and invoices with the click of a button.
  • Add Additional Charges like courier or surcharge levies to an invoice based on a fixed or percentage value.
  • Use Inventory Dimensions when buying and selling inventory items thus accurately controlling the quantity usage.
  • Determine your discount levels proactively by viewing the Gross Profit percentage when processing an invoice on the fly.

 

Users interface

sage v7 interface

Sage has taken the opportunity to give the software a new look and feel by changing the icons to create more users friendly interface.

 

IFRS Alignment

Sage Evolution has been aligned to IFRS reporting requirements. General Ledger Account now have IFRS reporting  categories and financial statements formatted to display accordingly.

 

 Utilities

sage evoltuion utilities

Human error sometimes occur.If you’ve ever had that terrifying moment when you realise you’ve entered the incorrect date on an invoice, or the incorrect customer/supplier amongst other things you’ll be pleased to know that correcting these little annoyances is no longer a tedious process of credit notes and re-invoicing. As you’ll see in the image below there are a number of new corrective functions to ease the stress of human error:

sage source documents

Source Documents:

  • Change Document Customer or Supplier
  • Change Document Address
  • Change Document Project
  • Change Document Sales Rep
  • Change Document Date
  • Change Document Delivery Method
  • Change Document Description
  • Change Document Line Notes
  • Change Document Messages
  • Change Document Numbers
  • Change Document Settlement Terms
  • Change Document Tax Number
  • Change Document User Defined Fields

 

Similarly, some basic batch transaction details can be corrected as well as customer and supplier transactions.

Batches:sage batches

  • Change Batch Dates
  • Change Batch Line Description
  • Change Batch Line Project
  • Change Batch Line Reference
  • Change Batch Number

 

Customer Transactions:sage customer

  • Change Customer Transaction Date
  • Change Customer Transaction Description
  • Change Customer Transaction Project
  • Change Customer Transaction Reference
  • Change Customer Transaction Reference 2

 

Supplier Transactions:

  • Change Supplier Transaction Date
  • Change Supplier Transaction Description
  • Change Supplier Transaction Project
  • Change Supplier Transaction Reference
  • Change Supplier Transaction Reference

 

 Password Complexity and Agent Lockoutsage password sec

As an added software control measurement password complexity and agent lockout settings has been added.

  • Lockout attempts and durations
  • Password complexity enables the enforcement of specific password combination which can be aligned to your business IT policies

 

 

Unlimited Financial Accounting Periods sage accounting periods

You can create unlimited financial accounting periods which allows you to analyze historical data and make more informed decisions and forecast more correctly.

 

 

Kindly fill the form below to assist you with your upgrade so that you can take advantage of all this and many other new functions in SAGE Evolution version 7.