An update has been released, and here is an overview of what was improved in Bankfeed version 9.14.
Product updates in version 9.14
Intelligent and automated approach to payment management
Check out the features of Bankfeed.
Select the country before connecting the bank
When connecting bank accounts, specify the “Country Code” before selecting the bank.
This is useful if the company has bank accounts in several countries.
Filling in the "Description" field in the journal
As there are different customer needs for filling the field “Description” in journals, the new version has now introduced the possibility to set what should be filled in this field.
In the “Integration Setup (Softera.Bankfeed)” it is possible to select the desired value for the field “Description” in the journal from:
Default (account name) – it is used the standard BC journal field “Description”. The account name is filled in according to the assigned Account No. in the journal line. For example, if you assign Customer No. P0003, the description will contain its name.
Payer Information – in this case the information from the “Payer Information” field will be filled in the “Description”. If you change the Account No. in journal line, the “Description” will remain the same.
Message to Recipient – in this case, the information from the “Message to Recipient” field will be filled in the “Description”. If you change the Account No. in the line, the “Description” will remain the same.
Bank fee recognition for debit transactions
Until now, it was only possible to identify and exclude bank fees for credit transactions, but now it is also possible for debit transactions.
Practical situation. We pay for vendor €636,32, but the bank charges €653,18, which is increased by bank charges of €16,86. On the bank statement we see the amount of €653,18 debited. Normally, the accountant would split this amount into two lines, one, where the €636,32 would be applied with the debt for vendor, and the other line where the €16,86 would be written off as bank fees. To avoid of doing this manually, the “Bank Charge Recognition” formula can be used.
Since the “Message to Recipient” field shows an initial payment amount of €636,32 and a bank fee of €16,86, we select the “Recognized Amount” type “Amount excluding charge”.
During the import of the bank statement, we get the following distributed lines in journal