david hartley saipa member articles at bdo spencer stewart work as financial manager in a few...
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David Hartley
◦ SAIPA member◦ Articles at BDO Spencer Stewart◦ Work as Financial Manager in a few companies
◦ Started Pastel in Cape Town in 1990
◦ Designed: All charts of accounts in Pastel Pastel Auditor Worked with a few accounting firms... Became the Creative Accountant!!
From 1982 - 30 years ago we wrote up cash books manually...
from 1990s. PCs took over◦ Pastel and similar packages◦ Punching into Accounting packages from bank statements was
great!
And now 22 years later, most people are STILL punching in Accounting packages from bank statement line by line...which are:
◦ Open to human processing error...◦ Very costly in time and money...◦ Very tedious and boring...
Bookkeeping.....
These days ...our goal is to achieve the end result in with the LEAST:
- Amount of TIME & Effort- At the lowest COST possible
I then did some homework and realised that:◦ only a few clients ◦ were even attempting to finding◦ a Smarter way of processing their cashbooks!!
With this in my mind
...I then teamed up with Sylvain Ntumba and ... Spent the last 1 ½ years producing...
The Bookkeepers Solution....using modern technology....
Multi accounting package
Bank statement software Import management tool
Imports 1000s of transactions straight from bank statements into your cashbook ....at the push of a button...and is so easy....
Saves up to 80% to 90% in TIME and COSTS...
Finish work in less than 1 day what normally takes 4 to 5 days to do....the SMART WAY!!
SmartBank is a:
Pastel Accounting – V2004 to V2012
Palladium Accounting
OS Financials
Standalone Application
QuickBooks - soon
With more soon...
SmartBank works with multi Accounting packages:
Download Bank
Statement
Import into SmartBank
Edit & Auto Allocate
Transactions
Export into Accounting
package
Writing up Cash Books the SmartBank way!
Step 1) Download Bank Statement files
Step 2) Open SmartBank
Step 3) Import Bank Statement file into SmartBank
Step 4) Allocate (Auto) & Edit ledger transactions
Step 5) Export the allocated transactions Step 6) Import into Accounting package(e.g.Pastel) -> Direct Import to Pastel coming soon...
Step by Step – Summary
Step 1) Download Bank Statement files
Critical to download correct FILE from the bank (NOT PDF!!)
Search for .OFX/.OFC preferably (CSV as last resort)
SmartBank can:- VIEW and PRINT OFX and OFX/OFC files- Recognises and avoids duplicate transactions
Step 2 Open SmartBank
Open SmartBank– 60 day Free Trial
Open Accounting Package + Company
Change Accounting Package
Add Company
Browse C drive or Server ANY Pastel version
The SmartBank Screen –> Before Import of Bank Statement file
SmartBank has 4 menus:
1) Top menu2) Tool Bar menu3) Filter menu4) Transaction menu
SmartBank MENUS
SmartBank – with imported Bank file
Step 3 Import Bank Statement file
Import Bank AssistantBrowse for bank file to import-> OFX/OFC -> CSV files - ok but not recommended
Step 4) Sort, Allocate + Edit Accounts
Deposits / Receipts – BLUE Withdrawals / Payments - BLACK
Allocating / Editing includes:
◦ Allocating to: Ledger, Customers & Suppliers accounts Vat – if applicable
◦ Editing Ledger Description – if required (Pastel-> Max 40 characters
◦ Cost centre & References if required
Transaction Basics
Auto Allocate - Saving & Auto Allocating Recurring transactions
Abbreviations - Ledger Descriptions
Copy / Paste - Ledger Accounts & “Descriptions”
Search - Search for key words
Split /Unsplit – Unlimited transactions/accounts
Let SmartBank Intelligently Speed up Allocations & Editing with:
Start by selecting:- Display List + Sorting Columns -> Deposits or Withdrawals Only1) Select transaction from Display List
2) Sort and match like transactions by Date or Bank Descriptions
3) Start Allocating and editing transactions
Display List - Deposits Only
Display List – Withdrawals/Payments Only
Ready to Export – Check list:
1) All required transactions are ALLOCATED to Ledger ACCOUNTS (GCS)2) All Allocated transactions are TICKED ()3) All UNALLOCATED transactions not to be Exported are UNTICKED ()
Before EXPORTING...... Check Display menu Settings NNB:
IF set as:
Show ALL Transactions ◦ BOTH WITHDRAWALS AND DEPOSITS will be
Exported
DEPOSITS Only ◦ ONLY DEPOSITS will be Exported
WITHDRAWALS Only ◦ ONLY WITHDRAWALS will be Exported
Step 5) Export Deposits & Payments batch from Smart Bank
-> Using SmartBank’s Export Assistant
Very NNB 1) Export Location
folder 2) Export File name
Exported files - Locating & viewing
To VIEW and see the CONTENT of the exported file:-go to the “To Import” folder and view the- Payments file - “Name+CBPymt+Date+Time” and - Receipts file - “Name+CBRept+Date+Time” files CSV format as follows:
Step 6) Import the Cashbook files into your accounting package (e.g. Pastel)
Check that Bank Reconciliation balances
SmartBank V2
Reconcile the cash book to the bank statement
Any small, medium or large business
With lots of Cashbook and Credit Card transactions to process
Accounting and Bookkeeping businesses using:
◦ Using any of the multiple accounting packages◦ Lots of bank statement transactions to process
SmartBank is ideal for:
Nedbank is the only bank that can go back 30 months or more
Other Banks can only 3 to 6 months
Solution
◦ Teach / Educate clients into this new way of thinking!
◦ Ensure clients to regularly download Bank statement files daily, weekly monthly or bi monthly
◦ Rename files meaningfully
◦ Save and backup downloaded Bank files in a regular folder on C: drive
Downloading bank transaction history files is the KEY!
Electronic processing is the only solution...
Bank statement downloading and storage to:◦ Become the norm◦ Banks need to keep history – 3 to 5 years◦ Clients need to download and save OFX and OFC
files monthly (CSV is a fallback option)
◦ Accountants must EDUCATE and HELP clients...to the NEW way of Accounting!!
The future of Accounting...
SmartBank Solution (Pty) Ltd
Directors - David Hartley and Syvain NtumbaReg No: 2012/097293/07
26 Country Club Road P O Box 45100Kenilworth, 7800 Claremont, 7945
Phone +27 (0)82 06 12300 / 021 – 683 8333Fax +27 (0)86 684 8660Email [email protected]: www.smartbank.co.za
JohannesburgTo be announced soon