The structure of the process transaction view
Once your banking file has been uploaded or transactions automatically fetched online, you are transferred to the Process Transactions view. The steps below are identical no matter how your transactions have been imported, online or via file upload.
This view is divided into several sections:
- The view is divided into 2 collapsible sections:
- Unprocessed transactions at the top. These are the transactions Briox has not been able to match automatically.
- Matched transactions at the bottom. Here you will find the transactions that have been automatically matched to their payments.
- On the left hand side you find the transactions contained in the file(s) you uploaded from the Bank. These are payments to and from your account or card expenses.
- On the right hand side, are the transactions you have registered in Briox. These are invoices and here you can choose in the drop down menu if you want to display:
- Customer Invoices,
- Supplier Invoices or
- Templates you want to use to automatically code manual journals in banking.
The invoices that appear here are both posted and unpaid or only partially paid. If the authorisation functionality has been turned on, supplier invoices must be authorised for payment to appear here.
On both sides you have the possibility to additionally filter the transactions to make matching easier.
When you have found two matching transactions, e.g. a bank transaction that is a payment for a supplier invoice, drag one and drop it onto the other. You can do this in either direction.
A modal pops up and here you can:
- Choose on or many difference accounts from the drop down menu if you need to account for a discrepancy between the payment and the invoice. The amount infront of difference will then be posted to that account when the payment journal is created. See below.
- Overpayments from you customer can also be handled here.
- If you are creating a part payment leave the difference account empty so that the difference remains on the invoice. After being processed, the invoice will display both sums in the list: what is left to be paid/the total. See below.
- The Payment Date can be changed if it should be different than what is registered on the uploaded transaction.
- The Payment Method is automatically the one linked to the bank account you are reconciling. (A bank account is set up as a payment method under: Settings - Accounting - Payment Methods).
Click on OK and the match will land in the Matched Transactions list in the section at the bottom of your screen. Here the transactions are awaiting processing.
If you want to check a matched transactions, simply click on it to open it up. Here you can edit the deviation account and payment date.
Matching invoices that are in foreign currency
If a payment is draged and dropped onto an invoice in foreign currency, the payment modal will offer a currency rate option. See below.
- If you have activated the automatic currency update from XE (under registry - Currency), Briox will automatically select the currency according to the payment date.
- If you set your currency manually, Briox will fetch the currency rate set in the Registry.
- You can also update the exchange manually to the rate you want to use by clicking on the changing the rate manually in the currency rate field.
- An invoice in foreign currency with several payments linked to it cannot be mass managed as different payment dates will call for different currency rates.
- A single Payment with several invoices in currency can be mass managed as we set the currency rate according to payment date.
- Currency differences too small to be posted, will be removed and logged under Reports - Activity Log - Currency log. Read more.
When carrying out final payments in currency in banking, the invoice balance may turn out to be 0.00 EUR but not 0.00 in the invoice currency. The problem is that the difference is so small it cannot be posted in Euro but still blocks a payment from being carried out.
For the system to be able to mark the invoice as paid in full, we need to remove this difference.
We log what we have removed to be be able to carry the final payment, this way, in case there are many small differences that build up over time, the customer can with the help of the log, post the difference when it grows larger than 0,01 EUR, maybe yearly, quarterly or monthly.
Mass manage matching
Several payments can be matched to one invoice as well as several invoices to one payment.
Use the check boxes on the left of the transaction or invoices to highlight them & drag them simultaneously to the other side.
Note: The transaction you are dropping on is highlighted in Green. The transactions you can drop on are highlighted in blue.
The Payment Modal
The same modal appears for you to confirm the match. see below for several transactions matched to one invoice.
For several invoices matched to one payment, the modal will look like this:
Note: In the case of additional payments, you can drag any additional payments onto a match in the matched transactions area at the bottom of your screen to add it to the list to be processed. The transaction must be open.
Processing the matched transactions list
- Payments are automatically registered on the invoices as they are reconciled – the box Register Payment is pre-checked to highlight what is going on in the background.
- Choose whether you want to hide a transaction from the list by ticking the box Hide bank transaction from list.
- Click on:
- OK to go ahead with your reconciliation
- Delete if you want to undo your match
- Cancel to simply leave the view without making any changes
When you are happy with your matches click on Process all to reconcile the transactions you have matched and create payment journals all in a single click.
A notification informs you that your matches have been processed.
All bank transactions will be automatically marked with the journal numbers and your journals will be found in the journal list.