Since product update 409 it is already possible to import bank files in the CAMT.053 format. CAMT.053 is the SEPA successor of the MT940 statements you receive from your bank.
Based on the information in the bank file, Exact Globe checks whether the statement lines can be allocated to a debtor or creditor, after which the statement lines can automatically be matched with the outstanding item.
Because the lines are automatically allocated and matched, after the import it is not necessary to manually link the correct debtor/creditor and outstanding item to the statement line.
When the statement does not contain enough information, Exact Globe cannot automatically allocate it to the correct debtor/creditor, and cannot match it with the outstanding item. This means that after the import you manually have to allocate the lines to the correct debtor/creditor and match them with the outstanding item.
In product update 410 a new function is available that enables you to define your own allocation rules. The allocation rules consist of a number of conditions that apply to the information (tags) that can be available in a SEPA statement, and for which you can define your own values.
For instance you can define that when a certain offset account is used, it should always be allocated to a specific debtor. This can be useful when you have multiple debtors with the same bank account, but you always want to allocate the bank receipt to a specific debtor.
Another possibility is to create an allocation rule based on the description. This can be used when there’s always a fixed description, which can be the case for PIN transactions or a specific agreement with a debtor.
Besides the offset account and description, you can use also several other conditions. For instance the mandate reference of the account name, etc.
You can create multiple rules with different conditions and link them to one or more cash instruments. Also you can determine in which order the rules should be applied.
When importing a bank statement and the lines cannot automatically be allocated based on the default allocation functionality, the system will apply your custom allocation rules to allocate the lines to the correct debtor/creditor.
In addition you also have the possibility to create revenue or cos entries based on the predefined values. For instance you can book an amount directly to a revenue or cost account when certain conditions are met.
The controlled release phase for product update 410 starts in May 2015. If you are interested to participate, please send an email to email@example.com.
You are welcome to stay updated on further developments in this solution area through our regular postings on the Exact Product Blog.