Kathy Barthelt / Wednesday, November 13, 2024

/ Categories: Infor LN & Baan Tips, Finance

Infor LN & Baan Tips & Tricks for FINANCE: Use of Electronic Bank Statements

All actions required for converting, validating, matching, and posting electronically received bank statements can be performed within a single session:

Bank Statement Workbench (tfcmg5610m100)
Bank Statement (tfcmg5610m000)

Alternatively, you can use the sequence of electronic bank statement sessions outlined below.

Steps to Process Electronic Bank Statements:

Convert Electronic Bank Statements (tfcmg5202m000)
Convert the received bank file to a format that LN can process. LN stores the converted bank statement files in the directory specified in the Path For EBS Archive field of the Bank Relations (tfcmg0510m000) session. In the Pathname EBS File field, you must add the file name. To add the current date to the file name, append a tilde (~) to the file name.
Validate Bank Statements (tfcmg5202m000 / tfcmg5510m000 / tfcmg5511m000)
Validate the converted electronic bank statement.
Match Bank Statements (tfcmg5210m000)
Automatically match as many of the imported statements (status Validated) as possible with open items. LN can match the statements with sales invoices, purchase invoices, and anticipated payment documents.

Matching Options:
- Match - Surplus on Aging / Unallocated (Default value)
- Match - Surplus on Unallocated
- Match - Surplus to be allocated Manually
- Allow Underpayments
- Use Payment Difference Tolerance
Matching Results (tfcmg2500m100)
Review the results of the matching process.

To handle an unmatched amount, you can:
- Manually add an unallocated payment or receipt line.
- Reconcile the surplus with remaining open entries of the business partner.
Post Bank Statements (tfcmg5210m100)
Post the bank transactions to the General Ledger.

Update the business partner’s bank account number and other details in the Bank Account by Pay-by Business Partner (tccom4115s000) session, based on the details read from the bank statement file.

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Tips: LX | BPCS | M3

6Dec2016

BPCS/LX Tip of the Week: Financial Year End – Have you done all you need to do?

Tuesday, December 6, 2016

I'm reposting this checklist for things to consider in order to finish out the current year, and plan for next year…

Are your accounting records up to date so you can make a projection of how the current year will turn out?
Are all account reconciliations up to date to facilitate the closing of the books after year end?
Are there accounts receivable that should be reserved for or written off prior to the end of the year?
If your business carries inventory, do you need to plan a physical count as of the end of the year?
Has depreciation on your fixed assets been recorded during the year? Have you considered depreciation on current year additions?
Have all new asset purchases and bank loans been recorded on your books?
Are there any liabilities, for example, pending legal actions or warranty issues, which will need to be recorded prior to year end?
Do you have a plan in place to properly “cut-off” revenue at year-end to properly match revenue and expense?
Will there be bonuses, profit sharing contributions or discretionary retirement plan contributions paid prior to the end of the year? How will these payments affect cash flow?
Will you be in compliance with your bank covenants at year end?
Do you need to make arrangements to receive statements as of the end of the year for cash value of life insurance, loan balances, etc.?

Optimize Your Manufacturing Today!

29Nov2016

BPCS/LX Tip of the Week: Have you defined your KPIs?

Tuesday, November 29, 2016

Key Performance Indicators measure how effectively your performance objectives are being achieved.

Have you defined KPIs for your company?
Are you measuring them effectively?
Is everyone in your company aware of what the KPIs are?

If you haven’t already done so, consider tying personal performance objectives directly to the company’s performance objectives. Doing so can greatly increase the likelihood that the company’s goals will be met.

Optimize Your Manufacturing Today!

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Tips: LN | Baan

13Nov2024