In the digital age, banking and accounting go hand in hand, and our Smart Banking Feeds Module is your gateway to a seamless financial future. Discover how our software can revolutionize your banking operations and elevate your financial management.
Versatile Smart Banking Feeds
Accountium Smart Banking Module is a versatile tool that offers benefits to a wide range of users, from small business owners and accounting professionals to large organizations and individuals seeking efficient financial management solutions.
Small business owners can streamline their financial management by automating bank reconciliation, tracking transactions, and optimizing cash flow.
Accountants and bookkeepers can efficiently manage their clients’ finances, easily categorizing transactions and ensuring accurate records.
Entrepreneurs can simplify their banking and accounting tasks, allowing them to focus on growing their businesses rather than manual financial processes.
Smart Banking Feeds Automation
We designed our Banking Module to provide seamless connectivity with multiple bank accounts, streamlining the process of importing and categorizing credit and debit transactions, and ultimately converting them into journal entries within your accounting system.
Accountium Smart Banking Feeds allows you to connect and link multiple bank accounts to your accounting software. This connection is established securely and typically involves providing authorization for the software to access your bank’s transaction data.
Data Import
Once linked, the module automatically imports all credit and debit transactions from the bank accounts. These transactions are retrieved directly from your bank in real-time or on a regular basis, depending on your preferences.
Transaction Categorization
Accountium utilizes sophisticated algorithms and machine learning to categorize each transaction. It recognizes patterns and keywords within transaction descriptions to assign categories such as “Income,” “Expense,” “Transfer,” and more.
Conversion to Journal Entries with Smart Banking Feeds
Once categorized correctly, the software automatically generates journal entries based on these transactions. A journal entry typically consists of two parts: a debit and a credit, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.
Effortless Bank Reconciliation
Say goodbye to all that data entry: Accountium Smart Banking lets you securely exchange transaction data with your bank account. That means you’ll be spending less time on data entry and reconciliation.
The workflow of Smart Banking in Accountium is as follows:
Add new bank account: Banking / Feeds / Add new account
After the connection has been successful wait for 5 seconds and click the small refresh icon.
The system will import all the transactions associated with the bank account – debit, savings, and credit.
Assign button has the option to: Record a Payment Received for and Invoice; Record a Payment Made for a Bill; do a Manual Journal Entry
Banking rules is the menu where to create the rules that will apply to incoming transactions.
The rule can be applied to Money Out or Money In. To automatically calculate Sales Tax select the respective tax. (GST 5%, HST 15%)
Reconcile – Once you click the Reconcile menu, the system will apply all the rules created to all the new transactions. You could choose to display 10, 20 or 30 transactions for review.
After you have reviewed all the transactions click Accept 10 / 20 / 30. This will convert all the displayed transaction into journal entries. The banking feeds will highlight all the successful transactions in green.
You can set inaccurate transactions to Ignore. This action removes the transaction from the list and prevents a journal entry from being created. Additionally, it highlights the transaction in grey within your banking feeds.
Automation and Efficiency with Smart Banking Feeds
In summary, our Banking Module simplifies the complex process of managing bank transactions within your accounting system. It establishes secure connections with multiple bank accounts, imports transactions, categorizes them, and converts them into journal entries. This automation enhances accuracy, efficiency, and real-time financial visibility, allowing you to make more informed financial decisions for your business.
Whether you’re a small business owner, an bookkeeper or an accountant, our banking module can help simplify your reconciliation process and save you time and effort. With our app’s intuitive interface and powerful features, managing baking has never been easier.
3 thoughts on “Smart Banking Feeds Accounting”
I am really impressed with your writing abilities
and also with the structure in your weblog. Is this a paid subject matter
or did you customize it your self? Either way
keep up the excellent high quality writing, it is rare to peer a nice weblog like this
one these days. Fiverr Affiliate!
I’m really impressed along with your writing skills as smartly as with the layout in your blog. Is this a paid topic or did you customize it yourself? Anyway keep up the excellent quality writing, it is rare to see a great weblog like this one these days!