Bank Stream in Rise Accounting and Rise School Management

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Overview

Bank stream allows you to get a copy of your bank statement and allocate transactions accordingly. It shows you all your transactions that were pulled from the bank account.


Bank stream.png


It will also show you the actual bank balance as it currently is on your bank as well as the bank balance in the system.


Bank stream header.png


It dispalys 3 tabs where the first one will list all transactions that have not yet been allocated and posted, the next tab will show a list of approved transactions and the last tab will show transactions that are excluded.


Tabs (Bank stream).png


You can filter your transaction list by dates.


Setting up Bank Stream

Connecting your Bank to Bank Stream and Importing Transactions

Bank integration tool automatically downloads your bank transactions. It currently works with 4 major banks in South Africa: Standard Bank, ABSA, First National Bank and Nedbank. If you use any other bank, you will have to create bank accounts manually as you will not be able to connect your bank to the system. The bank login details get encrypted and are not stored in the system. The data is secure and only accessible through the system after you have logged in.

To connect your bank account to the system:

  1. Navigate to Bank > Bank stream.
  1. Click Add account.
  2. Choose your bank.
  3. Click Proceed.
  4. Enter the User ID and Password you use to sign in to your online account.
  5. Click Proceed. The system will display the accounts from your banking profile.
  1. Select the accounts you want to import. You can map these accounts to the existing offline bank accounts or create new bank accounts by selecting Create new G/L account in the G/L account, Type column.
  2. Click Proceed. The transactions will be imported.




You can also create a bank account in the Сhart of accounts to use it in Bank stream. Note that only GL accounts with the Bank type are accepted by Bank stream.

Disconnecting your Bank Account from Bank Stream

You can revert an online account to an offline account if needed.

To disconnect your bank from the system:

  1. Navigate to Bank > Bank stream.
  2. Click the double box sign on the Account field.
  3. Go to the Disconnect tab.
  4. Click Disconnect.



Updating Login Credentials in Cloud Banking

It’s a good idea to change passwords often. When the credentials used to log in to online banking at the bank’s website change, they will need to be updated in the system so that Cloud Banking can still connect and get transactions. If this isn’t done, the connection may give an error.

To update the credentials:

  1. Navigate to Bank > Bank stream.
  2. Choose the bank from the drop-down list of banks.
  3. Click the double box sign on the Account field.
  4. Click Edit Sign-in info.
  5. Enter your credentials.
  6. Click Save.



Importing Bank Transactions Manually to Bank Stream

Another way to set up your Bank stream without your bank account details is to manually import your bank transactions from a CSV file.

Before you upload a CSV statement into the system, set up your bank account:

  1. Navigate to Bank > Bank Stream.
  2. Click the double box sign on the Account field to open the data card.


Manually import bank stream.png


  1. Click the CSV tab.



  1. Open your Microsoft Excel file and set up the information in your bank card according to the Microsoft Excel file. For example:
    • The Separator is a comma ( , ). To check the separator, open your CSV file in a notepad on your desktop by right-clicking it, Open with > Notepad.
    • Our file has 1 Header row so we tick the box and specify the number of rows.
    • The Date is in the first column so we enter 1.
    • The Description is in the second column so we enter 2.
    • The Money coming in and out is in the third column so we enter 3 for both fields.
    • The Date format is very important. It needs to be exactly the same format as your Microsoft Excel file. If the format you have in your file is not available in the system, you can enter it manually.
    • Click Save and close to complete.




You can now upload your file.



To importing bank transactions from a CSV/OFX file:

  1. Navigate to Bank > Bank Stream.
  2. Click Import transactions from file on the right. A window will pop up that will give you an option to choose your file.
  3. Select the file with the transactions you wish to upload. Remember that the file should be in a CSV or OFX format.

IMPORTANT: Work with the transactions in a notepad on your desktop and make sure the information is separated by a comma ( , ) and do not forget to save it in a CSV or OFX format.

  1. After selecting the file, click Continue. Another window will pop up giving you an option to either upload all the transactions or choose according to a specific date range.
  2. Click Continue to complete.



A message will appear below stating that the uploading is complete. The Bank Stream interface will now have the list of the transactions which you can match, split, allocate, and approve.



Customising Columns in Bank Stream

You can add and remove some columns in Bank stream.

To customise the columns in Bank stream:

  1. Click Settings.



  1. Select the check boxes you would like to have on Bank stream.
  2. Clear the check boxes you would like to remove from Bank stream.


Untick boxes.png


  1. Click OK.

Bank Transactions in Bank Stream

Updating Transactions in Bank Stream

To update transactions in Bank stream:      

  1. Go to Bank and click Bank stream.
  2. Click Log in and enter your login details.


Updating Transactions in the Bank Stream.png


  1. If you receive any OTP or need any authorisation, be ready to do so. Once it is done, you will get a message showing the date range that has been imported.
  2. Specify the date range you would like to import from: click the calendar symbol and select your dates.
  3. Click the Refresh symbol to bring in new transactions that were not included in the import by selecting the date range first.

Please note that some banks only provide limited information. Some provide transactions up to 1 month only, others up to a maximum of 3 months.

Matching Transactions to Documents

Matching transactions to invoices, if they exist, will make sure all payments are against the invoice and will constantly update the status of the invoice with the balance until it is fully paid.

You can match 1 transaction to multiple invoices as long as the invoice amount left to be paid is less than the payment amount. The system will split the payments automatically.

To match transactions to documents:

  1. Click the New, Match or Split column on the line of the transaction and click Match.
  2. Click Match.



  1. Find the specific document you wish to match with the transaction, select the check box on the left of the document and click Match to complete. This will automatically give you the name of the counterparty in your transaction line.



  1. Click Approve.

Your transaction will move to the Approved tab.




Allocating Transactions to GL Accounts

Some transactions may have no documents but must be recorded.

To  allocate transactions to GL Accounts:

  1. Click the Category/Account Code column on the transaction line.
  2. Select the GL code the transaction applies to.
  3. Click Approve.



Your transaction will move to the Approved tab.

Splitting Transactions

Sometimes, a customer pays for two invoices, and you need to allocate the correct payment to each invoice, or you paid the supplier 2 invoices and need to split it.

To split a transaction:

  1. Click the New, Match or Split column on the line of the transaction you wish to split and select Split.
  2. Select the customer/supplier/student in the Company field, the account, and the amount.
  3. Click Add to add another line for another customer/supplier/student. At the bottom you can see how much still has to be assigned.



  1. Click OK to complete. The transaction will now appear in multiple lines. If there is an amount left unallocated, you can allocate it to a particular GL account. For example, Bank charges.



  1. Click Approve.

Your transaction will now appear under the Approved tab.

You can split your transaction into several GL Accounts as well.

After Approving Transactions

After you have clicked Approve, the transaction moves to the Approved tab. Then the system automatically creates a document to support it, if it doesn’t have any. For example, Payment for expenses or Payment receipt for income.

To unapprove a transaction:

  1. Go to the Approved tab.
  2. Click the transaction you wish to unapprove and click Unapprove selected. This will automatically cancel any existing documents and move the transactions to the New transactions tab.



Excluding Transactions from Bank Stream

Sometimes you get transactions that are duplicates or that have a 0 value. There is no point in allocating these transactions and affecting your ledgers.

To exclude a transaction from Bank stream:

  1. Select the check box on the transaction line that you would like to exclude.
  2. Click Batch actions and select Exclude transactions.Your transaction will now move to the Excluded transaction tab and will not be recorded in your ledger.




To undo the transaction, go to the Excluded transaction tab, click the transaction and click Undo. This will take your transaction back to the New transactions tab.

Duplicates in the Bank Stream

When you import transactions from CSV files or update your bank stream, some transactions might duplicate transactions imported previously. In this case, you see a tick in the Duplicate column, indicating that a transaction is a duplicate. You can approve, exclude, or delete such transactions.

When searching for duplicates, the system checks both Unapproved transactions and Approved transactions tabs. If the Unapproved transactions tab contains a duplicate of a transaction from the Approved transactions tab, it will be marked as a duplicate as well.

To delete duplicates in bulk:

  1. On the Unapproved transactions tab, click Mark duplicates.
  2. Click Batch actions > Exclude transactions.
  3. On the Excluded transactions tab, select the required transactions and click Delete.

Using Card Provider Services in Bank Stream

Card Providers Functionality

On the figure below, you can see a statement received by the card provider.



And here is how appears in Bank stream:



The transaction total was R1125,00 and the bank only shows the net amount received by the schools which is R1086,92 after the service fee is removed by the card provider.

You can use the split function to record the net amount of the transactions by card providers.

Treat the transaction like a normal split transaction but consider service fees.



The Additional Fee field shows the amount in the daily settlement statement.

The difference between Allocated and Additional Fee is equal to the Transactional total.

Activating Card Providers in Bank Stream

You can select a card service provider: SnapScan, Ikhokha, Yoco and so on. For example, if you have received 500 rand from a customer and you use a SnapScan card machine, you will receive only 492 rand and 8 rand will be a commission. If you use a card provider and have that situation, the system will accommodate your needs.

To  activate the card provider functionality:

  1. Go to Bank Stream and click Settings.
  2. Select an expense account where all the service fees will be debited to. For example, Bank Charges. Once you do it, it will be a default account and all service fee charges will go to that expense account.
  3. Select the Use card service provider check box.



Accounting

The Service Fee column amount will debit the Service Fee Expense GL Account and credit the Bank Account, creating payments as documents.

The Total column amount will debit the Bank Account and credit the Customer Control Account, creating receipts as documents.

The Additional Fee amount will debit the Service Fee Expense GL Account and credit the Bank Account, creating payments as documents.

After Transaction is Approved

After transaction is approved, the system will create specific and necessary documents for the service fees and income received from students.

It will create a cash receipt with the correct amounts for students and 3 payment documents, 2 for the service fee applying to each amount paid and another applying to the daily settlement fee.

Categorization Rules in Bank Stream

You can set up your Bank stream so that once you assign a transaction with a certain pattern, you will not have to do it again if it appears in your Bank stream.

To create a categorization rule:

  1. Go to Quick menu > Settings.
  2. Click General settings and select the Manage categorization rules in Bank stream checkbox.
  1. Click Go to Categorization rules and click Create to start categorizing your transactions.

Alternatively, you can create categorization rules right from the Bank stream:

  1. Go to Bank > Bank stream.
  2. Click Settings.
  3. In the Bank stream settings window, select the Use categorization checkbox and click Categorization rules.
  4. Click Create.
  5. To apply the rule you create to a particular bank account, select the Apply to specific bank account checkbox and select the required bank account. Such rule will be effective for this bank account only.
  6. Enter a Pattern as a text. The system will search for the entered pattern in the Description column of the Bank stream. The rule you create will be applied to all lines matching this pattern.
  7. In the Match type field, select the position of the Pattern you created in the Description column cell. There are several options:
    • Exact match. The system will search for the Description which has exactly the same text as you entered in the Pattern field. For example, to find FNB OB TSIBA EDUCATION in the Bank stream, you have to enter FNB OB TSIBA EDUCATION in the Pattern field.
    • Starts with. The system will search for the Description which starts with the text you entered in the Pattern field. For example, to find FNB OB TSIBA EDUCATION in the Bank stream, you can enter FNB in the Pattern field.
    • Ends with. The system will search for the Description which ends with the text you entered in the Pattern field. For example, to find FNB OB TSIBA EDUCATION in the Bank stream, you can enter EDUCATION in the Pattern field.
    • Contain. The system will search for the Description which contains the text you entered in the Pattern field. For example, to find FNB OB TSIBA EDUCATION in the Bank stream, you can enter TSIBA / FNB / EDUCATION / etc. in the Pattern field.
  8. Specify the information you want the system to populate for the line matching the Pattern: Company, Account code, Payment method, and Project (all optional).
  9. If you want your transactions to be approved automatically, select the Auto-approve checkbox.
  10. Click Save and close.

To apply categorization rules:

  1. Go to Bank > Bank stream.
  2. On the New transactions tab, select one or several lines.
  3. Click Re-cateregorize. If the system finds rows matching the patterns of any rules you have in the system, it will populate the data specified in these rules.

To disable created categorization rules:

  1. Go to Bank > Bank stream.
  2. Click Settings.
  3. In the Bank stream settings window, click Categorization rules.
  4. Open the required rule and select the Do not categorize checkbox.
  5. Click Save and close.