Bank Accounts

ACRES - Bank Accounts

A Bank Account is deemed to be any ledger for a single cuurency account whether that account is held with a financial institution or not, including cash.

ALL Bank Accounts may only be defined at PRIVATE level.

ACRES to generate a Primary Key.

Users will be able to define the Name of the Bank Account and the Currency. The Currency will default to the Customers Base Currency but may be amended.

A Customer whose Base Currency is Sterling may have one Bank Account that is Sterling and another Bank Account that is US Dollars. When money is transferred in ACRES between such accounts, users must be given the option to define the Rate Of Exchange (ROE) or specify the amount in currency being debited from one Bank Account and the amount in cureency being credited to the other Bank Account. ACRES will then calculate and display the ROE in the Bank Account. For example, a transfer of GBP1,000 to USD at an ROE of 1.0:1.7 would shown in the Sterling account as a debit of £1,000 and an ROE of 1.0:1.7. The USD account would show as a credit of US$1,700 and an ROE of 1.7@1.0.

Example Bank Account Layout
ID	Date		To	Type	Ref	Amount	Cleared	Notes	Rp
1	31JAN06		wire transfer	crd	349	3,270.00		060109-01/0212-02/0216-01/0303-01	sr
2	01FEB06		M. Stewart and Company	chk	3266	-50.00		EL743	el
3	01FEB06		Lowery's Vacation Rentals	chk	3267	-677.14		105677/106628	sp
4	01FEB06		The UPS Store	dd	2006020101	-92.81		EL742	el
5	02FEB06		mastercard/visa	crd	354	1,488.35		060311-01	sr
6	08FEB06		Void Check	chk	3273	0.00		void check	vd

Right click a blank area of an entry line would offer the user the option to void the transaction. Any automated entries would need to be automatically reversed by ACRES. There would also be an option to edit the transaction if multiple changes were required to the transaction. There would also be an option to 'audit' the entry. If the case of Expense Ledger payemts which will be automated, ACRES would display all the items that were paid as part of the transaction. Once ACRES is fully automated, the 'audit' would should all transactioned that made up a credit and all bookings that made up a payment to a supplier.
	Date:	Date the transaction was initiated. Right click any part of date who offer choice to edit the date. Any changed to automated transaction would need to automatically update those transactions.
	To:	A manual entry for credits but will be automated later from a credit entry list. Right click options would be edit who the transaction was with. For example, a credit entry input as 'check' when it was infact a 'wire transfer', a payment for Sales Purchases to 'Supplier A' when it should have been 'Supplier B'. Such changes may be revoked once ACRES is fully automated. For phase 01, any payment for an Expense Ledger item will be automated for payments by check and direct debit.
	Type:	'crd' Credit Direct, used for wire transfers and credit card receipts. 'cr' Credit, checks and cash. 'chk' check, payments by check. 'dd' direct debit, payments by direct debit and debit card. 'tsf' transfers (between Customers own Bank Accounts). Right click would give the option to change the Type. Users would only be able to change cr to crd and vice verse or between different types of debit entries otherwise, a credit entry could be changed to 'dd' which would be incorrect. If more changes were required then the User would need to click on a blank area of the entry line or void the transaction.
	Ref:	Credits. The reference is a unique credit reference per credit entry to help identify which sales made up the credit amount. This may not be necessary in an automated system. At PRIVATE level, the system should store a number for credit entries and offer the next number in the sequence to users when they add credit entries to a bank account. There should be a credit entry number system per bank account. The same principle applies to check payments and check numbers and also direct debit payments and direct debit numbers. ACRES needs to store check numbers for each Bank Account. Direct Debit entries can be automated. Currently, a system is used where the year, month and day are reversed so the first direct debit on March 1st, 2006 will be 2006030101, the 2nd would be 2006030102. This was born out of a manual process to help identify when transaction took place and does not have to be adopted in ACRES if a suitable alternative is agreed. Right click would offer the user the option to Edit the Reference Number. ACRES needs to check that the new reference (for the specified transaction type only) does not already exist. Some thought needs to be applied with regards to checks, direct debits and credit number sequences. If a Check Number or Direct Debit Reference is edited for an automated transaction then ACRES must automatically update all applicable transactions.
	Amount:	Deposits shown as positive amounts. Payments shown as negative amounts. An exception would be if a refund was made to a credit card and the amount was greater that the total credit card receipts for that day. The transaction type would be CRD but the value would be negative. Another exception would be a refund to a debit card. The entry would need to be loaded in the Expense Ledger as negative amounts and then paid as a direct debit. The automated entry in the Bank Account would then show as a positive value. Right click would offer the user the option to edit the Amount. Negative numbers may not be changed to positive numbers and vice versa. If this change was required then users would need to void the transaction.
	Cleared:	Date the transaction cleared the bank account. If the bank account is defined as cash, there does not need to be a cleared date or the cleared date can automatically be the transaction date. Right click would give the option to add, edit or remove the Cleared Date. When doing a Bank Reconciliation, ACRES could display a calendar to make it easy for users just to click on a date rather than type an entry. ACRES could be intuitive and offer the calendar month for the last reconciled transaction as users most commonly will work their way through a Bank statement.
	Notes:	Currently, this field is used as a manual check. For Expense Ledger entries, the Expense Ledger reference number is used. For Sales credits, the Sales reference numbers are used and for Sales Purchases, the Suppliers invoice number is used. This field would not be required once ACRES is fully automated. Right click would give the users the option to edit the text.
	Reporting:	el = expense ledger, la = loan account, mi = miscallaneous, sp = sales purchase, sr = sales receipt, tr = transfer, vd = void. These are manual entries that are used to help with end of year audit reports. On automated transactions such as Expense Ledger payments, this field would be completed automatically and not be editable. This may become redundant in Phase 01 depending on the reporting functionality of this Phase. Right click once give the option to edit the Reporting Category.

ACRES - Bank Accounts entires
	Expense Ledger Payments (automated)
	Sales Credits (manual)
	Sales Purchases (debit)
	Transfers (automated)