Skip to Content
0
Former Member
Nov 12, 2008 at 05:47 AM

Electronic Bank Statement Reco

100 Views

Hello all

I need to configure Electronic Bank Reco for my client. Now, I am wondering what should be my starting point as I have not worked on this before. I have recieved a bank statement file from the client. I know that I need to first Create Transaction types and Assign External Transaction Types to Posting rules. I am wondering what these 2 mean. I am aware that the External Transaction Type is the code used by the bank to classify the transactions. E.g Cheque Payment might be MICR. But where do i find them, i mean I see the codes in the statement file. But am I looking at the right codes or these are something which are internal to the bank and we need to obtain them from the bank itself?

Second, do we need to obtain the format from the bank of the output file e.g Multicash, SWIFT etc?

Once this is done, we would need to upload the file. Or do we need to first convert the files?

Any help on this topic would be highly appreciated.

Thanks in advance

Hrishi