Orax SDI Cloud Reference

Banking and cashbooks

On the Bank tab you can manage cashbooks of bank accounts, payment gateways and internal cash management.

This is an overview of the bank accounts in the Orax Accounting system.

To start you have to setup all bank accounts for your company in the Company setup menu.
You are now ready to start importing bank statements.

All accounting functions like importing bank statements are performed in the Ledgers menu.

Use the tabs on the Ledgers screen to access the applicable accounting functions.
The Bank tab is where you import bank statements.

Start by logging into your company's online bank account and export the statement in OFX format.

Click on the Import Bank Statement link and upload your OFX bank statement.
The transactions are listed as payments or receipts.
The imported bank transactions are now in the unprocessed queue. You have to process each transaction by allocating it to the applicable customer invoice, supplier invoice, expense, asset or other account.
The system will automatically learn your transaction allocations and allow you to batch allocate known transactions. This can be done by marking the checkbox on the right of the transactions that have pre-selected accounts. Once you have marked all transactions, you can click the Process link at the top right of the list to batch allocate all the selected transactions.
Click the left side checkbox for a transaction to allocate it.
A popup form will allow you to select the type of allocation. You can allocate to a customer or supplier account. It is also possible to split a transaction between multiple customers or suppliers. When a customer or supplier is selected, the next step is to select the applicable invoices.
A transaction can also be allocated to an account directly or split between several accounts.
Each transaction has a VAT option to ensure that the VAT settings are correct.
Make sure that you have fully allocated the entire amount of the invoice if the transaction is split between accounts or invoices.
Now add any search criteria such as entity or location. This will help you find and filter for transactions in the future.
Finally save the transaction.
Continue through the unprocessed list until all transactions are imported.
The following notes are very important when it comes to processing bank statements.
Reconcile the bank account before you start your import. Take note of the date of the last transaction in the bank account. This is the date to compare with the bank statement. The balance on that date should match exactly before you start importing your new transactions.
When you export and import your bank statement make sure that you select the correct date range so that you do not have many overlapping transactions. A duplicate or overlapping transaction should be deleted. The system will indicate duplicate transactions that you have to delete.
Never import a bank statement right up to the current date. Always leave 2 days grace period as bank statements can change for the last 2 days while transactions are finalised at the bank.
After processing the new transactions you need to reconcile your bank account again. Post the transactions to the General Ledger and click on the Reconcile link. Compare the bank balance with the GL balance in your system for the same date. These should match exactly.
If there is a discrepancy, use the transaction list to find the missing or duplicate transactions and fix them.
Once the bank account reconciles, click the checkbox to mark the reconciliation.
Try to import shorter periods at a time like 2 weeks or preferably not more than a month. This will make it easier to fix discrepancies.
Note that transfers between bank accounts will result in duplicate transactions. The second bank account that you import will already have the transfer transaction from the first bank account imported. So you need to delete the second transaction, which is a duplicate. The system will give you an indication that this is the case. You need to verify and then delete the duplicate transaction instead of allocating it.
Importing and reconciling bank statements are one of the most important accounting activities in a company. Take your time and master this process. Once you get used to the steps, everything will become second nature and you will develop a recipe or workflow that is efficient and effective.
If you experience friction, contact the Orax Support team for training.