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 specify 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 specified here 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 and non-bank transactions 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.
FACTS Bank Reconciliation is designed so you can take cash that was received and put it to something other than the bank, like into petty cash. Specify the GL# to post to. Once updated, non-bank transactions cannot be adjusted. You can specify 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 use, 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.
Click Field Descriptions for information on each field.