Banking

The way we handle payments in SAP Business One is through the Banking Module.

We can use banking module for the following activities: - Manual and automatic creation of incoming and outgoing payments for various payment means, Manual and automatic performance of internal and external reconciliations, Post-dated and cash deposits of checks and credit card vouchers, Batch and single check printing. Let us now dive into the details of the various forms available in banking module.

 

·       Incoming Payments: - This form records information regarding the payments the company has received. Payment means for which incoming payments can be made  are: - Cash, Check, Credit Card and Bank transfer. (Bills of exchange are accepted in certain localization.)

·       Deposit: - This window is used when the received payment is actually deposited in a bank or in any other financial institution. There might be a delay between the organization receiving payments form its customers and depositing the payment to a financial institution. This window helps in recording the status of the payments received.

·       Outgoing Payments: - When you issue a payment to a vendor use the outgoing payments to aid this function. Like incoming payments, the outgoing payments supports five types of payment means, Cash, Check, Bank Transfer, Credit Card, and Bills of Exchange (in certain specific localizations).

·       Check Register: - SAP Business One uses the check register to store information about all checks that have been received in the company. The check details are recorded in the Payment Means window during the creation of an incoming payment and updated when the check is deposited. The check register reflects the current status of every check received, which means that you can find out at any point of time whether the check was endorsed and when and where the check was deposited.