Use Bank Transaction Entry to create and edit open bank transactions, such as deposits, bank transfers, miscellaneous bank transactions and non-bank transactions.
Non-bank transactions are a way to take money that was originally intended to go into the bank and direct it to some other GL account. An example of a non-bank transaction is credit card processing fees coming out of the credit card deposit for the day. These transactions create records in the transaction header file, SMTRNH, with a new transaction number and a zero sequence number. You can also "change" an updated or completed transaction. Note that the original transaction does not change but FACTS creates an adjustment record to reflect the changes made. The adjustment record has the same transaction number but will have a non-zero sequence number. This ties all transactions and their adjustments together. The adjustment records are not available in the entry program but the net effect of the adjustment is visible on the original transaction line.
Miscellaneous bank transactions allow you to enter transactions that affect the bank balance and bank GL# and then indicate via the GL# what other account to post it to. Miscellaneous bank transactions are not created from another function in FACTS. An example of a Miscellaneous bank transaction would be bank service charges.
A bank transfer is actually made up of two separate transactions that are tied together. When you select to create a transfer, it means you are transferring money out of the bank of this entry and into another bank that you indicate. FACTS creates two records in the bank transaction file for this. One will be a "transfer out" for the bank that created the transfer. The other will be a "transfer in" for the bank the money is being transferred to. Each bank can only view its own half of this transaction. FACTS keeps these two transactions in sync but only the "transfer out" transaction can be changed. Each bank posts its part of the transfer independently so if either half of the transfer is already updated, the open side can no longer be changed or deleted. Additionally, you cannot adjust the open transaction in Bank Reconciliation Entry until it is updated. If the other half of the transaction cannot be found in the file (if it has been removed), the transaction cannot be changed or deleted and it displays asterisks on the Bank Transaction Register (SMR510) and in the Bank Inquiry (SMI510). Once updated, adjustments can be done from either side and they will no longer effect the other transaction.
You can create new deposits regardless of the "Use Deposit System" setting in Bank F/M (SMF510) as long as there are indirect transactions to be selected. This way, if the Use Deposit System setting is inadvertently turned off, any unconsumed indirect transactions can still be used. The cash transactions are in the indirect transaction files and are selected to make up the deposit. If the bank did not use the deposit system, then the individual registers in FACTS create the deposit record in the bank transaction files and marks it as complete.
A non-bank transaction can be created regardless of the "Use Deposit System" setting in Bank F/M (SMF510) as long as there are indirect transactions to be selected. This way, if the Use Deposit System setting is inadvertently turned off, any unconsumed indirect transactions can still be used. The cash transactions are in the indirect transaction files and are selected to make up the transaction. FACTS Bank Reconciliation is designed so you can select to take some cash that was received and put it to something other than the bank, like into petty cash. Enter the GL# to post to. Once updated, non-bank transactions cannot be adjusted. You can simply enter any corrections directly into General Ledger.
An adjustment transaction allows you to change a transaction amount after it has already updated the bank balance and General Ledger. You must indicate the GL# to post to for the adjusted amount.
If you do not have either the unrestricted access security code or the restricted access security code in the bank you try to enter, FACTS does not allow you to proceed into the program.
If you have a restricted access security code for the bank entered, you are able to view, edit or delete open deposit and transfer out transactions only.
1. Bank
Enter the bank code. The entry must be a valid code entered in Bank F/M. Press F2 or the icon to search.
2. Status
Note: If you only have a restricted access security code the system sets the Status "O-Open and makes this a display-only field.
3. Include Non-bank Transactions
Indicate whether to include non-bank transactions in the browser. Note that if you select this option, the system displays only open transactions in the browser in the lower portion of the screen.
When you enter a bank code the line browser displays all open and updated bank reconciliation transactions for the specified bank. Transactions display in descending date order. Transaction information in the browser includes the transaction date, the transaction type: D-Deposit, M-Miscellaneous Bank Transaction, T-Bank Transfer or N-Non-bank Transfer, the status for the transaction record; the system initially sets the Status to O—Open, whether the transaction has cleared the bank and/or the transaction has adjustments associated with it, the transaction amount, the GL number (for miscellaneous transfers) or bank code (for bank transfers), the transaction memo, check numbers from AP, PR and returned checks and/or transaction numbers for the bank reconciliation record.
You can select from the following functions.
Select the
icon to access Note Entry (SME710) for the bank specified in the program.
Select the
icon to make changes for the highlighted transaction. You can modify any of the non-key fields of the transaction or add/edit an adjustment to an updated transaction. The Edit function is not available for a transaction that has been cleared. a transfer in, a transfer or out record, where the other bank’s transaction is already updated
Select the
icon to add a new transaction.
When you select to add a new bank transaction, FACTS displays a message prompting for Transaction Type. You can select from: D-Deposit, M-Miscellaneous Bank Transaction, T-Bank Transfer, or N-Non-bank Transaction. All other fields will be disabled until the transaction type is selected.
Select the
icon to delete the entire highlighted transaction. Note this function is disabled when on any transaction that has been updated from either the update button in Bank Reconciliation or been run through the Bank Transaction Register or for the following types of transaction types:. a cleared transaction, a transfer in, or a transfer out where the other bank’s transaction is already updated.
Note that you cannot delete or edit bank transactions that have already been updated or that a status of cleared or reconciled or bank transactions where the other bank’s transaction is already updated.
Select the
button to add a line item above the highlighted item in the browser.
Press the
icon to save your changes (when editing a line).
If you select to add, edit or insert a miscellaneous bank transaction or bank transfer, the system displays the Transaction Entry or Misc. Bank Transaction Entry window containing the following fields:
4. Transaction Type
Enter the transaction type (D/M/T/N). You can select from D-Deposit, M-Miscellaneous Bank Transaction, T-Bank Transfer or N-Non-bank Transfer. Note that D-Deposits and N-Non-bank Transfers" are only available if the bank is set to use the FACTS Deposit system.
Note: If you select to enter a deposit or a non-bank transaction, FACTS exits the Bank Transaction Entry (SME510) program and accesses the Deposit and Non-bank Transaction Entry (SME511) program.
5. Transaction Date
Enter the transaction date. Press Enter to use the system date as the default. Press F4 to backup.
6. Cleared
Indicates whether the transaction has cleared the bank. FACTS initially sets the Cleared Status field to "N" for not cleared and the cleared date is left blank.
7. Amount
Enter the transaction amount. Press F4 to backup. For Miscellaneous Bank Transactions, you can enter any non-zero number. For Bank Transfers, you can enter any positive number.
8. Memo
Enter the memo. Press F4 to backup.
9. GL#
For miscellaneous transfers enter the GL number. Press F2 or the
icon to search. Press F4 to backup.
10. To Bank (for T-Bank Transfers)
For bank transfers enter the bank code for the "To" bank (ie the bank the transfer is going to). Press F2 or the
icon to search. Press F4 to backup.
Select the OK button to enter the transaction information or Cancel to exit the Transaction Entry window without saving your changes. The system returns to the Bank Transaction Entry (SME510) screen.
At the bottom of the Bank Transaction Entry (SME510) screen, you can also select from the following functions:
Select View Detail for the selected non-bank transaction line to access the View Detail (SME512) program, which lists all cash and check transactions that make up the selected deposit or non-bank transaction
Select View Adjustments to access View Adjustments (SME521), which is used to view all adjustment transactions for the selected transaction.
Select the Done button to complete bank process. Select the Done button again to exit the program.
Menu Options
You can select from the following menu options
File
Exit Closes the program and return to the FACTS menu.
Edit
Add Transaction… Allows you to add a bank transaction, such as deposits, bank transfers, miscellaneous bank transactions and non-bank transactions.
Delete Transaction… Allows you to delete a bank transaction, such as deposits, bank transfers, miscellaneous bank transactions and non-bank transactions.
Edit Transaction… Allows you to edit a bank transaction, such as deposits, bank transfers, miscellaneous bank transactions and non-bank transactions.
View
Bank Notes… Displays any notes entered in Notes Entry (SME710) for the selected bank. Refer to the Notes Entry (SME710) topic for details.
Detail For deposits or non-bank transactions only, select Detail to access the View Detail (SME512) program, which lists all cash and check transactions that make up the selected deposit or non-bank transaction
Adjustments (For transactions with adjustments) select Adjustments to view all adjustment transactions for the selected transaction.
Options
Print Deposit Ticket For deposits with the original transaction still open, you can print deposit tickets.