david hartley saipa member articles at bdo spencer stewart work as financial manager in a few...
TRANSCRIPT
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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!!
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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.....
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These days ...our goal is to achieve the end result in with the LEAST:
- Amount of TIME & Effort- At the lowest COST possible
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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...
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The Bookkeepers Solution....using modern technology....
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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:
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Pastel Accounting – V2004 to V2012
Palladium Accounting
OS Financials
Standalone Application
QuickBooks - soon
With more soon...
SmartBank works with multi Accounting packages:
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Download Bank
Statement
Import into SmartBank
Edit & Auto Allocate
Transactions
Export into Accounting
package
Writing up Cash Books the SmartBank way!
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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
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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
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Step 2 Open SmartBank
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Open SmartBank– 60 day Free Trial
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Open Accounting Package + Company
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Change Accounting Package
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Add Company
Browse C drive or Server ANY Pastel version
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The SmartBank Screen –> Before Import of Bank Statement file
SmartBank has 4 menus:
1) Top menu2) Tool Bar menu3) Filter menu4) Transaction menu
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SmartBank MENUS
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SmartBank – with imported Bank file
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Step 3 Import Bank Statement file
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Import Bank AssistantBrowse for bank file to import-> OFX/OFC -> CSV files - ok but not recommended
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Step 4) Sort, Allocate + Edit Accounts
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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
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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:
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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
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Display List - Deposits Only
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Display List – Withdrawals/Payments Only
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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 ()
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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
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Step 5) Export Deposits & Payments batch from Smart Bank
-> Using SmartBank’s Export Assistant
Very NNB 1) Export Location
folder 2) Export File name
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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:
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Step 6) Import the Cashbook files into your accounting package (e.g. Pastel)
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Check that Bank Reconciliation balances
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SmartBank V2
Reconcile the cash book to the bank statement
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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:
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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!
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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...
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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