What's a bank journal?
It's a record of financial transactions. It will be necessary when financial teams make reconciliations at the end of the month or year. On Spendesk, we provide you with a file containing card transactions and expense claim transactions (when these were paid via wire transfer from Spendesk).
Our bank journal now contains accounts payable for card payments and invoice payments. Also, our bank journal now includes a Payable reference that gives your Accounting software the possibility to match the entries of the purchase journal.
What is included in the bank journal?
In the bank journal are all payables' corresponding payments displayed for a given period. No matter whether the payables are "marked as ready" in 'Bookkeep>Prepare' or not - the corresponding payments for an exported period in 'Bookkeep>Export' are going to be shown in the bank journal.
Set up and use the new bank journal
Set up your accounting
1. General accounts
Fill in your different general accounting codes: Spendesk bank account, Bank fees account, Spendesk-funding bank account...
👉🏻 Great news for your accountant! Bank fees are now reflected in the bank journal (previously in the purchase journal).
2. Expense accounts
Enter your own expense accounts along with their corresponding codes to replicate your current system.
3. VAT accounts
Set up your own VAT accounts by providing a name (account name) along with a corresponding rate (%) and VAT code.
4. Accounts Payable
If you'd like to add specific accounts payable against suppliers, head out to this page: 'Settings > Accounts payable'.
👉🏻 This will be useful to set up your Purchase journal. Supplier invoices are indeed not yet in the Bank journal, as they are not paid via Spendesk for now!
6. Miscellaneous supplier account
This generic account payable will be assigned to all purchases where a specific account payable is not saved on Spendesk.
7. Employee accounts
Enter your own employee accounts along with their corresponding codes to replicate your current system. You can also use a custom default account for employees without an employee account. This custom default account can be enabled / disabled at any time.
Start typing the name of the employee, then assign them an employee account.
Use the bank journal
The new bank journal and purchase journal are now complementary. Our bank journal now reflects payments of supplier accounts vs the Spendesk bank account.
Both can be used in their current form in accounting software.
The bank journal of a bank account registers all movements on the bank account (in 512XXX in France) and the counterparts on accounts payables (in France 40XXXX accounts).
👉🏻 Since we now cover fully the Accounts Payable, accounting teams can now check the two journals for reconciliation purposes.
All clear? Now check our out our Purchase journal article!