Banking & Cash Management

Overview

The AIAccount Banking module helps businesses efficiently manage bank accounts and cash flow. It supports bank reconciliation, direct bank transaction entry, bulk multi-invoice payments, customer deposit management, and automatic bank charge recording to ensure your books match your bank statements.

Key Features

  • Bank Reconciliation — Tick cleared transactions and enter the bank statement balance; the system automatically calculates any discrepancy
  • Bank Transaction Entry — Record income and expenses directly in the banking module without going through Sales or Expenses
  • Multi-Invoice Batch Payments — Receive a lump sum via the Customer Deposits account (2-3000) and allocate it to multiple invoices
  • Bank Charge Handling — Select the "Bank Charges" account during receipt recording to automatically capture fee shortfalls
  • Reconciliation History — View, edit, or delete past reconciliation records
  • Interest Income/Expense — Record bank interest via manual journal entries

Step-by-Step Guide

  1. Navigate to "Bank Reconciliation" and select the bank account
  2. Enter the bank statement date and closing balance
  3. Tick the transactions that have cleared in the bank
  4. Confirm the difference is zero, then click "Save" to complete reconciliation
  5. To record a direct bank transaction, click "New Transaction" and select the relevant account

Important Notes

  • When you edit bank-related transactions, amounts automatically update in Reconciliation History; an out-of-balance amount will be shown for review
  • Only the most recent reconciliation can be deleted
  • For PayPal fees, create a dedicated expense account with "Receipt Selection" ticked
  • Customer deposits are managed via the "2-3000 Customer Deposits" account for easy allocation to individual invoices