Summary: A new Fast Allocation type has been added to the transaction allocation page – the Debtor Split Receipt. This allows an administrator to split a single bank account transaction across multiple debtors accounts. The new fast allocation type also offers support for foreign currency accounts. Allocation amounts may be entered in either the base currency or the bank account foreign currency.

Background

The Bank Admin module assists financial administrators in managing bank account transaction allocations. It’s primary function is to automate bank account transaction allocations.

Bank statements are manually uploaded into SOLID via an Excel file – some banks may also support automated bank statement imports. The opening balance of a loaded bank statement is compared to the current bank account balance (previous statement’s closing balance) to ensure financial integrity. Statements that are successfully loaded become eligible for allocation. SOLID supports customisable transaction allocation rules for automating the transaction allocation process. Unidentified transactions are left for manual allocation by the financial administrator.

Fast Allocation types are payment types that are pre-populated by the system when allocating a statement transaction.

List of Enhancements to Fast Allocation Types

• Split Debtor Receipt fast allocation
• Foreign-currency account support

Details of New Feature and How to use it

The new feature can be located by selecting Bank Admin from the SOLID navigation bar.

A list of business bank accounts are listed as shown below. If the base currency for the system is Kenyan Shillings (KSh), then the bank account in US Dollar (USD) is a foreign currency account.

Details for the selected bank account are listed along with all the unidentified transactions that are pending allocation.

The unidentified transaction above for the amount of KSh 171,641.40 is selected for manual allocation. The allocation management interface below opens up. The new Debtor Split Receipt transaction allocation feature is highlighted in red below.

Details for the transaction are shown below.

• The bank account transaction amount is displayed in both the base currency, as well as the bank account foreign currency
• Debtors accounts may be selected by entering the account number and clicking Set Account
• If the account number is not known, the debtors account can be located by clicking on Search
• The unidentified receipt amount is updated dynamically as the receipt amount for each debtor is entered
• The unidentified receipt amount may be larger than or equal to zero, but not less than zero
• If the unidentified amount is larger than 0, the unidentified receipt will be suffixed as receipt number 1

• For transactions that are split in the foreign bank account currency, the unidentified amount has to be validated by clicking on the Validate button
• If the unidentified receipt amount is larger than 0, a ledger account for unidentified receipts has to be selected
• Receipt numbers consist of the prefix S, followed by the bank account transaction id, and a suffixed with a unique integer identifier starting at 1

An example of a split transaction is shown below.

The transaction may be split across 3 debtors accounts by default. More debtors may be added by clicking on the button marked + Another Customer. Debtors accounts may be removed by clicking on the button marked – Last Customer.

Transactions that have been successfully allocated may be viewed by clicking on the button marked View Confirmed on the Bank Account Details page.

A list of successfully allocated bank account transactions are shown below. The split receipts created for transaction id 244 for the amount KSh 171,641.40 is highlighted in red. Each receipt transaction may be viewed by clicking on the appropriate receipt number. Each receipt may also be viewed from the debtors account it relates to.

 

* Please note: Note that all features indicated on SOLID Help are available in SOLID core. They may however not be enabled on your specific configuration. Please contact your Account Manager for more information.