Bank Reconciliation and More in One MAS 500 Module

Friday, July 23, 2010 by Jeff Steel

Are you looking for a Sage MAS 500 module to help you with bank reconciliation and more? In MAS 500 the cash management module is the place to perform bank reconciliations but it also has additional features that assist with banking functions.

The main features of the cash management module automate the bank reconciliation process in the following ways:

1. Many banks now provide an electronic file of cleared checks. MAS 500 can import these electronic bank files of cleared transactions to save time in your reconciliation process.
2. If bank transactions are missed or only appear on the statement, you can enter any bank transaction, such as bank fees, interest, or adjustments, on the fly while reconciling your account. This saves time instead of going to a separate data entry screen for recording adjustments.

In addition to these bank reconciliation functions, the cash management module also includes the following functionality:

During the setup of the module you can define an unlimited number of user-defined transaction types with a default offset account for quick processing of bank transactions. An example of these could be: Bank Charges, Bank Interest Earned, Transfer to and Transfer From.

You can also define your own tender types for cash, checks, credit cards, money orders, drafts, or coupons.

Most of the deposits to bank accounts are handled through the Accounts Receivable module. You can choose to automatically create the deposits when processing a cash receipt in Accounts Receivable or you can have the system manually post the deposits, where the user has the choice of reviewing or combining the deposit batch with another manual deposit.

Cash Management in MAS 500 also supports integration with the multi-currency module. Therefore you can:

• Set up bank accounts and enter transactions in currency other than the home currency
• Create multi-currency deposits
• Transfer cash from bank accounts with different currencies
• Override exchange rates to modify the settlement amount

The Cash Management module in MAS 500 can simplify deposit generation and reconcile transactions. With the Business Insights Explorer tool you can quickly analyze cash transactions and see history or detailed account statements. This module is designed for any transactions that affect the bank account giving you one central module for looking at bank activity.