Twinfield Masterclass – Bank Statements – FAQ

1. What does the 'Save to allocation rule' tick box do on the allocation screen (right hand side of screen

with line information)?

A: Tick this option to change the posting rule; for example, if you have booked bank charges to general

ledger code 381 and you now want to code it to 385 ‘Bank and Finance costs’ for the foreseeable

future tick the 'Allocations rules’ option to update and change the original rule.

2. Can individual transactions on the bank be shown rather than just one total for the day?

A: Use general ledger report ‘Transaction list’.

3. What about partial payment via an e-bank statement?

A: Partial payments/receipts can be left on account; simply select the customer/supplier only.

4. How do you allocate two or more part payments to one invoice within the same bank statement?

A: This can be achieved by booking the payments using ‘Data Entry’ ‘Bank Statements’.

5. Is it possible when posting an e-bank statement to make all bank charges be given an exempt VAT

code?

A: Set the default VAT code against the general ledger account for bank charges.

6. Is there any way to import the VAT from a spreadsheet bank statement (i.e. add another column for

VAT)?

A: You can amend the import bank template to bring through the VAT as a description field; however you

will need to select the VAT code when processing the bank statement, if the VAT code has not been set

against the general ledger account.

7. Once a bank statement is posted is there any way of printing a bank reconciliation to show the

account?

A: You can use the following reports to show the information. These reports can also be customised to

show only the bank information.

General ledger balances

General ledger balance per period

Extended Trial balance

8. How do you show any cheques not yet cleared for example?

A: Customise the supplier transactions report to bring through the cheque number then untick the filter

for ‘Matched’ to show a list of outstanding cheques.

9. If I have a payment that allows a discount how do I apply it? Also, do the transactions have to be at

final?

A: On the e-bank statement click on the ‘open items’ option, select the invoices you wish to pay, from the

dropdown option choose ‘deduction’ to allocate the balance. The invoice status can be provisional or

final.

10. When I have done it before, the invoice disappears as soon as I have allocated one payment to it?

A: To show all invoices which have been allocated whilst in the e-bank statement screen click on heading

‘Bank Statements’ then tick ‘Show lines’.

11. Can we set up so that exchange differences through matching / open-item allocation are given a

particular cost centre?

A: The transaction can be split in order to manually post the exchange difference to a particular cost

centre – see the screenshot.