- March 27, 2023
- Posted by: Soophia Shahid
- Category: X. Cash & Bank Management
CASH & BANK MANAGEMENT
As your business grows, it becomes more difficult to manage your finances manually. This is where a cash and bank management system can be extremely beneficial. A cash and bank management system is a tool that businesses use to manage their cash and bank balances. The system provides visibility into cash and bank balances, as well as historical data and trends. This information can be used to make decisions about cash management, such as when to make deposits and withdrawals, and how to allocate funds. There are many benefits of using a cash and bank management system. The system can help you save time and improve efficiency by automating manual tasks, such as data entry and reconciliation. A cash and bank management system can also help you make more informed decisions about your cash management, by providing visibility into your cash and bank balances and trends.
1) CASH BALANCE:
This is the screen used for adding cash balances against your added cash accounts.
Figure: Cash & ‘Bank Management > Cash Balance
2) BANK BALANCE:
This is the screen used to add bank balances in the system in your added bank accounts.
Figure: Cash & ‘Bank Management > Bank Balance
3) CHEQUE STATUS:
This screen is very important in performing bank reconciliation. This screen helps you to find and process the cheque against the bank balance added in the previous screen. You enter the cheque number and it finds all the cheques with that cheque number.
Figure: Cash & Bank Management > Cheque Status
You will add cheque no. in the given field and add relevant data in filters to find a certain cheque.
Figure: Cash & Bank Management > Cheque Status 1
After finding your cheque you have to click on the check box and provide the system with the clearing date. This is the date from the bank statement for telling the system at what date this specific cheque was presented in the bank.
Figure: Cash & Bank Management > Cheque Status 2
Once you have selected the date click on update, now this cheque is cleared in the system as you can see in the figure below, the clearance date column has punched the date you selected for clearance.
Figure: Cash & Bank Management > Cheque Status 3
4) BANK RECONCILIATION:
This is the screen used for performing bank reconciliation. You add the bank closing balance to the system and go through the cheque clearance process and then you process all the cheques in the bank statement provided by your bank. The closing bank is adjusted automatically. And the last difference column turns zero meaning your bank is reconciled.
We have also provided filters so you can go back and forth through the whole financial year.
Figure: Cash & Bank Management > Bank Reconciliation
5) DAILY CASH & BANK ACTIVITY:
This screen is used to monitor and see your daily cash & bank movement. With the help of filters, you can choose the period and date on which you want to check what happened with your cash & bank.
Figure: Cash & Bank Management > Daily cash Activity
6) CHEQUES PROCESSED:
This is the screen used for finding cheques that are issued or received by your company. With the help of the filters, you can check different banks and different date cheques.
Figure: Cash & Bank Management > Cheque Processed
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