Automated Bank Account Transfer Process

Collections into and disbursements from a single bank when a site has funds that use different bank accounts is much easier on data entry (collections) and batch processing (disbursements). Additionally, when performing two-party accounting transactions between funds that use different banks, it is easier to use a single bank account for data entry and interfaces as due to and due from accounts require maintenance.

In order to make it easier for a site to use a single bank in any of these situations, the Automated Bank Account Transfer Process is provided. This process will enable both collecting centrally into a single bank where the system disburses those collections to local banks as well as collecting into local banks that are then swept into a central bank.

Using the bank and fund information recorded in the Accounting or Cash Journal along with the Master Bank field on the Fund reference page, the system can recognize cash was recorded to a bank code that is not the master bank for a fund. When such a record is found, the process will create a journal voucher (JVBK) with one line to reverse the recording of cash to/from the bank originally used and another line to record the cash to/from the master bank. To synchronize the actual bank accounts, an ACH file is created to move cash between the banks or between bank accounts within the same bank.