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Bank Reconciliation Code Tables

Caroline Buckland Updated by Caroline Buckland

Code Tables overview

Before Bank Statements can be loaded into Financials, it is essential that the following topics are understood on what Financials setup is pre-configured for ease of use and where setup is required, based on requirements.

The following list is a means of checking that the critical entries are made and are correct.

Bank Nominal

A bank nominal (also known as a bank nominal code or general ledger account code) is a unique accounting code used in Financials to represent a specific bank account in the general ledger.

Each bank account an organisation holds (e.g. a current account, savings account, or foreign currency account) needs to be mapped to its own nominal code. This enables accurate tracking of cash movements and proper financial reporting.

What is the purpose of a Bank Nominal?

  • Categorisation: Helps categorise transactions in the general ledger under "bank accounts."
  • Reconciliation: Facilitates bank reconciliations by matching system transactions with actual bank statements.
  • Reporting: Supports financial reporting, such as cash flow statements and balance sheets.
  • Control: Ensures traceability and control over which transactions affect which bank account.

Example:

Bank Code

A Bank Code in Financials is a unique identifier used to represent a specific bank account profile. It acts as the master record for each physical bank account an organisation uses, whether it's for operating funds, payroll, petty cash, or foreign currency transactions.

Key Elements of a Bank Code

A Bank Code typically stores key details about the bank account, such as:

  • Bank Name (e.g. Barclays, HSBC)
  • Account Number
  • Sort Code / IBAN / SWIFT
  • Currency
  • Country
  • Bank Nominal Code -The general ledger account used to track transactions in this bank account
  • Reconciliation Settings (e.g. auto-match rules)
  • Tolerance Settings

Relationship to the Bank Nominal

The Bank Code is where you assign the Bank Nominal Code — the GL account that reflects the actual money in that account. This link ensures that all transactions processed through that bank (e.g. payments, receipts, reconciliations) are posted to the correct place in Financials.

Example:

Create a Bank Code

Navigate to: Main Menu > General Ledger > GL Chart of Accounts > Maintain Nominals

Find your Bank Control Nominal. This will be given to you on the Requirements Sheet. Highlight the code and select the Copy option.

Create a Nominal Code “ZZXX” where ‘XX’ is your Bank number. Amend Description to read “Bank Code XX”.

Check the following fields have been marked as applicable:

  • Bank Account
  • Reconciliation Required

Navigate to: Main Menu > System Admin > Module Controls > Bank Reconciliation Controls > Bank Codes

Insert to create a new Bank Code.

Bank Details Tab

Bank Code: Enter Bank number on Requirements sheet

Description: Enter Bank number and “Current Account”

Bank Sort: Enter 999999 (Test Bank Name)

Account No: Enter 12345678

GL Account: Enter Account Code from Requirements Sheet

BTZ Element: If required for your company – see Requirements Sheet

Currency: Enter GBP

IBAN: Only enter if required

Closing Balance: Enter 0.00

Statement Date: Enter date of last period end

Controls Tab

Tolerances: Only enter if required

Write Off GL Acct: Only enter if required

Business Event Manager: Enter your Username and email address

Once Completed, select Save

Create a Bank Transaction Type and Sub Types

Navigate to: Systems Admin > Module Controls > Bank Reconciliation Controls > Bank Transaction Types

Enter your Bank Code: Created in above.

Select Search

Select Insert

Create a ‘Transfer Out’ type for Bank Charges posting to GL

Transaction Type: Enter TRO

Transaction Sub Type: Enter BCH

Description: TO Bank Charges

Recon Code Format: Enter “Reference”

Auto-Processing: Select “Auto GL Journal”

GL Account: Enter GL Account from Requirements Sheet

Once Completed, select Save and Return

Select Insert

Create a ‘Transfer In’ type for Unreconciled Bank Statement Items

Transaction Type: Enter TRI

Transaction Sub Type: Leave Blank

Description: Transfer I

Recon Code Format: Enter “Reference”

Auto-Processing: Select “None”

Once Completed, select Save and Return

Select Insert

To create a ‘Transfer In’ type for posting to AR Ledger

Transaction Type: Enter TRI

Transaction Sub Type: Enter AR

Description: Update to AR Ledger

Recon Code Format: Enter “Reference”

Auto-Processing: Select “Auto AR Batch”

Auto Processing Defaults allows entering further information that can dictate the posting on the AR. Check Requirements Sheet.

Once Completed, select Save and Return

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