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Reply from matsusoh on Aug 4 at 10:40 AM Number of bank accounts created usually ease the finance ppl to
monitor inflow/outflow fund by each functional group.
If bank's data electronically uploaded into company's system daily, nature
of bank's transactions will fall into each of those bank suspenses accounts
created with coding pre-aligned to bank's transaction code type.
Usually for each physical bank account number opened, there will be 1
primary system bank account and 9 others bank suspenses accounts to
capture data transactions according to its nature (cheque payment / cheque
receipts (bank deposit box), wire payment and receipts, miscellaneous.). It
is necessary for company with large scale of financial team.
| | | ---------------Original Message---------------
From: Suvo Kol
Sent: Friday, August 03, 2012 1:32 PM
Subject: Bank Integration
Hi,
I want to know what are the critical points while configuring banks. Do we usually create too many accounts like chq recvd, chq issues, wire outgoing,incoming? Also where do we configure the micr codes etc. Appreciate a little help in this,preferably from Indian banking scenario.
Best regards
Subhadeep |
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