One of the joys of SaaS-based systems is the ability to deliver frequent improvements that are immediately available for everyone using the system.  We always have a number of exciting projects going on and one that we’ve recently finished has delivered enhancement that make bank statement processing more efficient.  Twinfield has an Electronic Bank Statement function (EBS) where bank statements are processed.  We currently accept statements in OFX, CSV and XML formats and are planning do deliver support for QIF in the near future.

Manually keying in bank statements is generally not seen as the most popular activity, but even if you can import a statement it can be a bit of a drudgery to allocate all the transactions.  This is where EBS comes to the fore!  It remembers everything you do so that the processing of bank transactions becomes more and more automated.  We typically see a 90% reduction in the time taken to process statements after using EBS for a month.  You can imagine that this is quite popular with both businesses and accountants!

In a nutshell, how it works is that EBS creates a rule for each transaction you process based on whichever part of the transaction you normally use to determine its meaning.  For instance, on some transactions you might determine the customer/supplier from a part of their name that can be seen in the text field of the transaction, while for another it might be their bank account number.  These are just two options, there are lots of others.  In all cases Twinfield remembers how you did it and automatically uses the same logic next time there is a similar transaction.  It will even search the outstanding invoices for you and identify which one should be matched with the bank transaction.  If there is more than one possible match then a window appears allowing you to quickly choose the right ones.

EBS has been around for some time and now we’ve created new tools to make it even more efficient and provide more flexibility in the way that bank transactions are processed.  The enhancements include:

  • option to allocate amounts in a single bank statement transaction to multiple accounts
  • option to add a user defined description when posting a transaction
  • option to add sort criteria when viewing open invoices
  • option to search for accounts by name