Cash management and banking reconciliation
To ensure that the bank general ledger account reflects the actual bank balance, Compiere specifies a specific document (bank statement) for each bank account. Bank reconciliation is the process of matching the actual bank statement to the system customer receipts and vendor payment entries. This must not be confused with allocations, which has a different purpose as described above.
There are two methods of capturing the actual bank statement:
1. Import the bank statement through the system import loader (recommended).
2. Recreate the bank statement for entries within the system (create lines from, or manual capturing of, bank statement lines).
A bank statement line matched to a payment is as follows:
Cash Journals are similar to bank statements except that they reflect daily cash entries. These can be used for integrated daily point of sale takings, or for manual petty cash entries:
In order to deposit the daily takings into the bank a cash journal...
