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The DTX Bank Control Module is integrated in real-time with both the Nominal Ledger, with the DTX purchase ledger, and potentially with any number of additional DTX or external third party applications. By virtue of being real-time, any transaction when posted from a subsidiary ledger will simultaneously become available for enquiry within the appropriate Bank Account awaiting reconciliation once included within the Bank Statement. The DTX Bank Control module goes further than this however, allowing any number of Petty Cash accounts to be maintained in addition to real bank accounts, allowing maintenance and auditing of all cash-related transactions from source.
Each Bank Account will have a nominated base currency, being the currency in which that account is expected to be reconciled. Individual transactions can, however, be posted to the account in a different currency from its base currency - for example it is possible to lodge a US$ cheque into a Sterling bank account. Full details of the transaction currency, the account currency and the company’s base currency together with the exchange rates applied are retained permanently for subsequent enquiry.
Foreign currency bank accounts allow for adhoc revaluation enabling realization of any potential gains and/or losses currently associated with these assets.
All transactions that affect cash (whether on hand or at the bank) must be processed either through Bank Control or through a subsidiary ledger that interfaces to the Bank Control Module. The Sundry Receipts and Payments facility allows for the entry of such transactions within a single function. Transaction entries update both the bank or petty cash accounts and the Nominal Ledger simultaneously, making those adhoc random transactions easy to carry out and fully audited and balanced. A single system entry updates the Bank Account, the Profit and Loss and Balance Sheet immediately and automatically.
A special form of receipt/payment facilitates funds transfers between bank accounts, allowing money to be moved between accounts, including transfers from Petty Cash to Bank and vice versa.
Bank Account transactions held on the Bank Ledger can be reconciled against Bank Statement detail lines. The bank statement details may either be keyed into the system, or obtained electronically from your bank. A number of such interfaces have already been developed for popular banks. The system automatically matches what it can, using a variety of techniques. Any unmatched transactions may then be matched manually.
Routine postings, such as maintenance and contract hire direct debits may be automated to avoid having to re-key the same postings each month.
DTX Bank Control provides full enquiry facilities to each bank/petty cash account allowing balances to be reviewed together with all transactions entered. Transactions may remain on history for enquiry for as long as desired. Any historic transaction can be drilled to examine the transaction source details, providing details, for example, of the supplier invoice(s) paid with the queried cheque, or the details regarding a cash lodgement or funds transfer.
"Bank Control" is part of the DTX line of products, developed by ICS Computing.