SEMS Bank Transactions
Introduction
The purpose of this procedure is to reconcile all financial transactions generated in SEMS with those on the related bank statements.
In this guideline we will demonstrate the steps needed to import Bank Statements into the SEMS application.
It is recommended that this procedure be executed on a regular basis to ensure records are kept up to date.
Bank reconciliation is crucial for boosting business financial accuracy. By regularly reconciling your bank statements with your SEMS accounting records, you can detect errors, identify fraudulent activities, monitor cash flow, and ensure accurate financial reporting.
Once the bank transactions have been imported, the SEMS application enables you to assign payments, credits and debits, to the relevant parties. This, in turn, will make it possible to generate accurate financial reports using the functions and features in the SEMS application.
The SEMS software streamlines data extraction and data processing for businesses by handling repetitive manual tasks.
Before bank transactions can be imported in the SEMS application, bank statements need to be downloaded OR converted to Excel format for preprocessing.
The following documents detail the process required to successfully import Bank Transactions: