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The Banking module provides key features from the Financial Suite, such as multi currency and proper Open Period Accounting. The suite also benefits from all of the System-wide features (shown on the left menu), such as easy Data Importing, Email and Fax integration.
Multiple Bank Accounts - The banking module provides multiple bank accounts, each of which is linked to a specified nominal ledger account. In common with all other account types, balances are maintained in real time for up-to-the-minute information. Different types of accounts can be specified for bank, cash and credit cards, for example.
Transaction Handling - The de Facto S5 banking module provides the facilities for handling payments and receipts for the Sales, Purchase and Nominal Ledgers. Flexible payment allocations provide many easy-to-use features such as oldest first and best fit matching. Facilities are also provided for over and partial credit allocation.
Runs - Comprehensive facilities are provided for the production and printing of cheques, remittances, combined remittances with cheques and various forms of BACS output files. The print runs provide alignment, reprint and reference updating options.
Reconciliation - de Facto S5 provides full reconciliation facilities on bank accounts. The feature provides a variety of functions such as the ability to search on any transaction field including values. Unreconciled entries can be added to a notepad option, so as to allow complete reconciliation printouts to be made. These unreconciled entries can then be matched off during subsequent reconciliations. The on-line banking option provides an additional feature that can be used to download bank statements for automatic reconciliations.