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Chapter 7: Cash and Bank Management Setup
CHAPTER 7: CASH AND BANK MANAGEMENT SETUPObjectivesThe objectives are: Set up cash bank transaction types. Set up bank transaction groups. Set up bank parameters. Set up payment purpose codes. Set up bank groups. Create a bank account. Define the check layout for a bank account.
IntroductionIn Microsoft Dynamics AX, companies use the Cash and Bank Management module to create and maintain bank accounts. The bank account table contains a record for each bank account. Each record contains bank account information, such as the following: Registration number and account number Address Other contact information Currency Check set up Main account for posting
The application uses this information to process all bank transactions, such as payments and deposits. To use the Cash and Bank Management module, set up the following: Bank transaction types Bank transaction groups Bank groups Cash and bank parameters Bank accounts Checks
Financials I in Microsoft Dynamics AX 2012ScenarioAnnie, the bookkeeper at Contoso, must set up the banking functions for a new company. Annie first sets up the types of transactions Contoso must make, such as deposits and withdrawals. She then groups these transaction types to allow for an additional level for reporting and analysis. Next, Annie sets up bank groups for the banks with whom the company holds multiple accounts. Annie creates payment purpose codes for reporting to the central bank. Finally, Annie indicates which account is used for checks returned from the bank and the number series that is used for banking documents. After Annie finishes setting up the banking functions, she enters the information for the company's bank accounts and indicates, for each account, how checks are to be designed.
Bank Transaction TypesUse bank transaction types to set up the types of transactions to be made in company bank accounts, such as deposit slips, fees, and interest charges. If the bank reports transactions on its account statements, companies can use a summation of the transaction types for summary reconciliation. Users can indicate the transaction type on journal worksheets. When the journal is recorded, the application copies the contents of the Bank transaction type field to the bank transaction. Create one transaction type for Non-Sufficient Funds (NSF) transactions. NSF transactions occur when a check is returned from the bank because the bank account lacks sufficient funds to honor the check.
Procedure: Create Bank Transaction TypesPerform the following to create bank transaction types. 1. Click Cash and Bank Management, click Setup, and then click Bank transaction types. 2. Click the New button to create a new record. 3. Enter a unique code in the Bank transaction type field. 4. Enter the name of the transaction type in the Name field.
Chapter 7: Cash and Bank Management Setup5. Click the Main account arrow to select the ledger account to post corrections to and to add data for bank reconciliation. 6. Repeat steps 2 through 5 to create each new Bank transaction type.
FIGURE 7.1 BANK TRANSACTION TYPE FORM
Financials I in Microsoft Dynamics AX 2012
Bank Transaction GroupsUse bank transaction groups to set up groups of different bank transaction types. In the bank statement reconciliation, calculate totals for each bank transaction group and for each bank transaction type. For example, a group of transfers may include the bank transaction types of transfer and wire transfer.
Procedure: Create Bank Transaction GroupsPerform the following to set up bank transaction groups. 1. Click Cash and bank management, click Setup, and then click Bank transaction groups. 2. Click the New button to create a new record. 3. In the Bank transaction groups field, enter a group identification code that refers to this group when a code is used in other system tables. The bank transaction group is an alphanumeric string of up to 10 characters. 4. Enter a short description in the Description field. 5. Click the Type FastTab. 6. Click the Bank transaction type arrow and select a bank transaction type to relate to the selected bank transaction group. The Name field is populated automatically with the Bank transaction type name. 7. Click the Add button to add additional Bank transaction types to this Bank transaction group. 8. Click the Remove button to remove Bank transaction types from this Bank transaction group.
Chapter 7: Cash and Bank Management Setup
Lab 7.1 - Create Bank Transaction Types and Bank Transaction GroupsScenario Annie, the bookkeeper at Contoso, must create a bank transaction type for cash withdrawals. In addition, Contoso wants the option to analyze the total charges paid to each bank. Annie will create an additional bank transaction group for bank fees and interest charges.
Challenge Yourself!Help Annie by creating a new bank transaction type of 20 for cash withdrawals and a new bank transaction group of 80.
Need a Little Help?1. Create a bank transaction type for cash withdrawals. 2. Create a bank transaction group for bank charges. 3. Associate the new bank transaction group with fees and interest charges.
Step by StepCreate a bank transaction type for cash withdrawals. 1. Click Cash and bank management, click Setup, and then click Bank transaction types. 2. Click the New button to insert a new record. 3. In the Bank transaction type field, enter 20. 4. Enter the name Cash Withdrawal in the Name field. 5. Type in 110110 in the Main account field. 6. Close the Bank transaction type form. Create a bank transaction group for bank charges. 1. Click Cash and bank management, click Setup, and then click Bank transaction groups. 2. Click the New button to insert a new record. 3. In the Bank transaction groups field, enter 80. 4. Enter Bank Charges in the Description field. 5. From the Bank transaction groups form click the Type FastTab.
Financials I in Microsoft Dynamics AX 20126. Click the Bank transaction type arrow and select the bank transaction type of 07 for Fees. The Name field is automatically populated with the Bank transaction type name. 7. Click the Add button to insert a new record. 8. Click the Bank transaction type arrow and select the bank transaction type of 08 for Interest charges. The Name field is automatically populated with the Bank transaction type name. 9. Close the form.
Chapter 7: Cash and Bank Management Setup
Cash and Bank Management ParametersUse the Cash and bank management parameters form to define rules for checks and to indicate the number sequences for the various kinds of transactions within Microsoft Dynamics AX.
Procedure: Define Cash and Bank ParametersPerform the following to set up Bank parameters. 1. Click Cash and bank management, click Setup, and then click Cash and bank management parameters. 2. Click General on the left hand navigation pane. 3. Select the Bank transaction type that is used for Non-Sufficient Funds (NSF) from the NSF list. NSF is used to identify returned payments. When the bank returns a payment the NSF identifier automatically cancels the payment from the system. It also marks the payment so that it is not selected when you reconcile the bank account. 4. Select the Allow checks for bank or ledger accounts check box to indicate whether a check can be printed for a bank or ledger account. 5. Select the Allow check reuse check box to indicate whether a check number can be reused if the check was printed incorrectly or the check stock was not used.
Financials I in Microsoft Dynamics AX 20126. To require reason codes for bank transactions, select one or more of the following check boxes in the Reason code requirements area: o Require reasons for payment reversals o Require reasons for deposit slip payment cancellations
FIGURE 7.2 CASH AND BANK PARAMETERS FORM
Procedures: Define Reversal ProcessSelect the Use review process for payment reversals check box to require that check reversals must be reviewed in the Check reversals journal before they are posted. If this check box is cleared, the reversal is posted immediately when you click the Payment reversal button in the Check form. Select the Use review process for deposit slip payment cancellations check box to require that deposit slip payment cancellations must be reviewed in the Deposit slip payment cancellations journal before they are posted. If this check box is cleared, the cancellation is posted immediately when you click the Cancel payment button in the Deposit slips form
Chapter 7: Cash and Bank Management SetupPrenotes and Copies of PaymentsSelect the Allow prenote creation on inactive bank accounts check box to allow users to create prenotes for inactive bank accounts. Select the Allow copies of payments check box to allow users to print copies of payments. These include checks, promissory notes, and electronic payments. The payment copies are printed as non-negotiable checks, which users can use to settle disagreements with vendors or customers.
Credit Limit ToleranceUse the Bank credit limit tolerance list to select how to notify the user when a payment journal that is posted, causes a balance that exceeds the credit limit. The following options are available: None - no warning or error is generated in the system. Warning - the system generates a warning notification. Error - the system generates a error notification.
Define Number SequenceClick Number sequence on the left navigation pane to select or change the number sequences for each reference and corresponding sequence code. Select a number sequence to associate with each reference from the Number sequence code list.
Payment Purpose CodesUse the Paym