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Then you can assign cards that operate on the account to people (expenses) or Assets
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Trade Finance Bank Account
Discussion
Trade financing is when the bank will forward some funds to you for a % of invoices you have sent out to customers so you can have the cash earlier and not have to wait to collect it.
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The bank normally expects that all the debtors they are trade financing will be instructed to pay into the trade finance account. This helps minimise the loan and also keep track of the performance of individual debtors.
Bank Account Setup as Trade Finance Account
Note - only one bank account can be the Trade Finance account at a time
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Bank Account on Invoices
When a bank account is flagged as "Trade Finance" then invoices sent from the system or viewed online will have the following bank details:
Debtors flagged as "Exclude from Trade Financing" - will show the bank account with Default set to "Debtor" or "Both"
All other debtors will show the Bank account with the special type "Trade Finance"
Turn on the flag for debtors
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Set on a debtor
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Regular Providing invoices to the Bank
The bank will request all invoices to be sent to them regularly - use the Trade Finance Screen for this .- then export to xls to send to the bank
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Aging summary by Due Date for NON trade finance debtors
The aging summary can exclude Trade Finance Debtors
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OLD Bank Reconcilation - Enter an opening balance for the bank account
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New Statement Centred Bank Reconcilation process does not require an opening balance for the bank account. See Bank Reconciliation - Statement centric - uploaded and remembered bank statement lines |
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OLD Bank Reconciliation Format
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The POS then passes the amount to be paid to the Tyro software which passes it to the Tyro Cloud which puts it onto the device (so internet connection is required) The user swipes the EFTPOS or credit card - Tyro then tells the tyro cloud to update our POS with the transaction reference, amount etc and the system then completes the transaction Tyro pays all the money for a day in a single payment (except AMEX which is paid directly by AMEX). To see these amounts - use the separate AMEX flag on the bank req. |
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 If the totals are not the same as deposited or reported by Tyro - right click to open the batch an investigate all transactions involved Clearing CC Batches in OLD Bank Statement
Although the payments are grouped together - we have found that the credit card gateways frequently send a different $ amount to what we would expect based on the payments sent to them.
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 If the amount they deposited is not the same - you will have to go through the statement they provided and tick off individual transactions on the bank statement so you know which transactions have cleared. |
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See Bank Reconciliation - Statement centric - uploaded and remembered bank statement lines for reconciliation instructions |
Payments from/to Debtors and Payments to/from Creditors and bank accounts
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