Thanks to this feature, you can log in your bank accounts to your BoondManager interface and thus save valuable time ⏱️ tracking your payments by reconciling your incoming payments with your invoices directly in BoondManager!
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Configure permissions related to bank reconciliation
Our bank reconciliation feature consists of 2 modules: Bank connection (feature administration) and Bank (main module).
Permissions for the Bank connection module
From Administration > Managers / Roles > open the relevant role: you can activate the Bank connection module in the Administration tab. You do not need to configure search or record permissions for this module.
Permissions for the Bank module
From Administration > Managers / Roles > open the relevant role: you can activate the Bank module in the Main Modules. Here you must configure search permissions (filter on legal Agencies only), and record permissions (access to all records, those of its Agencies or a list of Agencies, restrictions depending on the state of the transactions).
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Add and configure bank accounts
Prerequisites
To add and configure bank accounts, you must have access to Administration > Advanced Configuration section, to access the Bank connection module.
Here, you can create and manage your banking institutions.
Administration > Advanced Configuration
Add a banking institution and associated accounts
By clicking the "+" button, you are redirected to the site of our partner POWENS, you can:
Select the bank to integrate with BoondManager
Enter your log in credentials to ensure a secure connection
Select the bank account(s) you want to use in BoondManager for your transaction reconciliations
When this operation is completed, our partner redirects you to BoondManager and the banking institution containing the account(s) you just selected is then added to the list of banking institutions in the Bank connection module.
Edit accounts linked to a banking institution
Once the banking institution is synchronized with BoondManager and the bank account(s) are linked to your interface, you must select the legal Agencies linked to these bank account(s).
To do this, click on the institution name from the Bank connection module, then click on the account you want to edit: you can customize the label, and choose the legal Agencies concerned by this bank account.
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Handle and reconcile transactions
You have configured and linked your bank accounts to your BoondManager environment, congratulations!
You will now be able to reconcile transactions from your bank accounts with invoices entered in BoondManager.
This bank reconciliation can be done from the Bank module, available in your sidebar menu.
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Note
If you do not see the Bank module in your sidebar menu, click on your first name at the top right > Configuration: here you can edit your menu bar to add this module.
Search for transactions to reconcile
In this module, we list all positive transactions (incoming payments) retrieved from your synchronized bank accounts.
Thanks to the filters in the search view, you can select:
The legal Agencies you want to work on
One or more bank accounts
The state of the transactions (To reconcile, partially reconciled, Validated without reconciliation, Reconciled)
The period of the displayed transactions
As in all our search views, you can save your search by clicking "Open search" to the right of your filters.
By default, and before you start reconciling transactions with your invoices, all transactions are in the "To reconcile" state.
Reconcile transactions and invoices
Once the list of transactions you want to handle is displayed in your search view, you can click the reconciliation icon for the transaction to handle
Our workflow takes you to the Invoices view of the Billing module and is automatically pre-filtered on invoices with a "remaining due" equal to the amount to reconcile. You can then choose one or more invoices to associate with the selected transaction. You can select all invoices, including locked ones and credit notes.
When you have selected the invoice(s) concerned by this transaction and clicked the orange "Reconcile" button (you can also notify the order manager of this bank reconciliation), the following modal opens:
From this modal, you can view and set:
The remaining amount to reconcile on the selected transaction (it updates according to the amount you enter in the "Payment amount" fields)
The payment date of the invoices which will be taken into account in the tool once this reconciliation is confirmed (this date will be the payment date indicated in the bank statement by default)
The amount to reconcile per selected invoice (the total or only a portion of this amount, you have control over this amount)
The state of the invoice after this reconciliation is confirmed
The state of the associated transaction after this reconciliation is confirmed ("Reconciled" if the remaining amount to reconcile is €0, "partially reconciled" if the remaining amount to reconcile is positive)
By clicking confirm, you are redirected to the Bank module and can proceed to the next reconciliation.
Reconcile invoices in currencies different from the transaction amount
The procedure is the same as described above, and you can choose to reconcile invoices that are in a different currency from the initial transaction.
When BoondManager detects a different currency in the selected invoice(s), it integrates a "Transaction currency" field so you can specify the exchange rate you want to apply: the transaction amount will remain in the account currency, the invoice payment amount will remain in the billing currency, but the reconciliation will take into account the exchange rate between these two currencies.
View reconciliation from the invoice
From the invoice record, you can view the reconciled amount by clicking the "see payments" link next to the remaining due.
Edit reconciliation once completed
From the Bank module, by clicking on the reconciliation line in question, the modal opens again and you can edit the elements (the state of the reconciliation or the amount) or delete the link between this transaction and the invoice(s).
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FAQ
I do not see the bank accounts linked to my legal Agency in the Bank module, why?
This means that in the Bank connection module configuration, you have not linked a bank account to an Agency. To fix this, go to Administration > Advanced Configuration > Bank connection, select the relevant banking institution, then click on the relevant account. You must then indicate which legal Agencies this account should be linked to. Once confirmed, your bank account will appear in the Bank module.
Where can I delete a banking institution?
To completely delete an institution, go to Administration > Advanced Configuration > Bank connection, then click on the name of the relevant banking institution, and on the cogwheel. You will be redirected to our partner POWENS site, which will offer you either to edit the linked accounts or to delete the link by clicking the "Delete" button at the top right of the partner's screen.
Can I add/edit/delete an account within a banking institution?
If you want to make changes to a banking institution, click on the relevant banking institution, then on the cogwheel and you can, via our partner POWENS site:
delete one of the accounts linked to this institution
add an account to link to this institution
delete a banking institution from BoondManager
Can I manage accounts in different currencies?
Yes, you can add accounts in all currencies, and reconcile transactions in the same way.
I am trying to reconcile 2 invoices in different currencies, without success... Why?
It is not possible to reconcile, for a single transaction, invoices in different currencies. You must select invoices that are in the same currency (even if this currency is not the same as the transaction).
In the Bank module, am I limited in the number of displayed transactions?
At the time of the first synchronization with your banking institution, we retrieve transactions from the last 3 months. Then we add to these transactions all transactions that arrive on your bank accounts afterwards. You are therefore not limited in the number of displayed transactions.
Can I delete transactions from the Bank module?
No, you cannot delete transactions: we retrieve transactions from the selected bank account(s) as on your bank statement, you do not have the option to delete them.
How often are transactions synchronized on Boond? Is this frequency configurable?
Synchronization is done on a daily basis: we update transactions from your bank accounts every day on BoondManager, if there has been activity on your bank account.
If you do not see synchronization, it may be due to a lack of activity on the relevant account(s). This frequency is not configurable.
Can I edit reconciliation states and if so, where?
You cannot edit reconciliation states, this is a fixed configuration we provide. If you are missing certain states or some terms do not suit you, please do not hesitate to send us your improvement suggestions via our roadmap!
Can I also reconcile transactions with payments from the Purchases module?
This is not possible at the moment, we have focused on reconciling transactions with invoices in this V1. We are studying all your needs for future developments, please do not hesitate to send us your improvement suggestions via our roadmap!
Which banks are available?
You can find all available banks via our partner POWENS on this link.
I do not see the Bank module in my sidebar menu?
Click on your first name at the top right > Configuration: here you can edit your menu bar to add this module.
If you still do not see it in your menu configuration, contact your Administrator to make sure they have given you access rights to the module.
I want to save my search / filters in the Bank module, is it possible?
Of course it is possible! You can consult the dedicated article to learn more about this very practical feature!