Cash management

By using the Cash management workspace, you can track a wide range of cash transactions and perform bank reconciliations quickly and easily.

A single window, Cash account details (CA303000), gives you instant access to cash account balances and helps you streamline the processing of cash transactions that originate in the Supplier ledger and Customer ledger workspaces.

Support for cash accounts

Each branch in a multi-branch organisation maintains its own cash accounts. To be able to maintain a unified chart of account for all branches, cash accounts are defined separately and linked to specific accounts (of the Asset type) on the chart of accounts. Thus, a multi-branch company can have a unified chart of accounts; all the accounts on the chart are multi-branch accounts, and each branch can have its own cash accounts, access to which is allowed only for the users who have access to the branch. Visma Net supports different types of cash accounts, including bank accounts, clearing accounts for each bank account, and unknown payment accounts.

Multi-currency support

If multi-currency support is activated in your system, you can maintain cash accounts in different currencies, enter transactions in foreign currencies, and transfer funds from one cash account to another by using a special multi-currency cash-in-transit account. In any window, you can view amounts in the currency of denomination or in the base currency.

Multiple entry types

User-defined entry types are used for correct processing and tracking of many different types of cash transactions entered in the Cash management workspace. These transactions include cash deposits, cash withdrawals, adjustments, interest earnings and charges, bank fees, transfer service charges, and processing centre charges. For more information about entry types usage, see the following topics:

• About entry types
• About the registration of finance charges

Flexible payment methods

A payment method defines how incoming money is actually transferred from customers to your company and how outgoing money is moved from your company’s cash accounts to the suppliers. You can configure specific payment methods for use in the Supplier ledger workspace or the Customer ledger workspace, while other methods may be used in both workspaces. For payment methods, you can configure custom elements to store details of the method used by a particular customer or supplier. Information about particular methods in the system is stored encrypted. Also, you can set up masks to ensure that sensitive data, such as card numbers, is not displayed.

Cash transaction approvals

To implement effective control over cash flows, you can require approval of cash transactions before they can be released. With approvals configured in your system, when a user attempts to release a cash transaction, the system changes the transaction status to Pending approval and assigns it to another user who is authorised to approve transactions.

Petty cash management

You can use the Cash account details (CA303000) window to effectively manage petty cash and monitor account balances. You can view the transaction history for a specific date range and switch between detailed views and daily summary views. Visma Net tracks both the balance by the books and the cleared balance and gives you the ability to reconcile the balances and add cash-related transactions directly from the window.

Cash forecasting

In Visma Net, you can view the 30-day cash flow forecasts calculated with the selected level of detail for a single cash account or for all cash accounts available in your system. By analysing cash flow forecasts, you can avoid unexpected shortages in cash and properly plan your payments.

Import of bank statements and reconciliation of accounts

Visma Net provides functionality that you can use to easily perform reconciliation of bank and cash accounts. To facilitate reconciliation with bank statements, you can import multiple statements from Excel files or files in OFX format, and match transactions manually or automatically by using adjustable criteria. Also, while performing reconciliation, you can apply payments to the documents available in the system. To make cash forecasts more accurate even in the middle of financial period, you can clear cash transactions with the bank by using any available information. For more information, see the following topics:

• Manage bank statements - overview
• Reconcile cash accounts - overview

Bank deposits

In Visma Net, you can configure daily deposits if your company deposits customer payments to a bank regularly. With this functionality, you can create deposit slips for collected customer payments and easily add appropriate bank charges; this makes it possible to match lines on bank statements to cash account transactions.

Reclassification of payments

Some of the transactions that appear on a bank statement cannot be entered into the system as regular payments because the customer or supplier is unknown or other details are unknown or unrecognisable. Such “unknown” payments are temporarily recorded as cash transactions of special entry types to a special-use cash account (an unknown payments account). Later, when details become known, these transactions can be reclassified as payments with appropriate transactions between the accounts involved (bank account, customer ledger account, and unknown payments account) generated automatically

Account security

To limit access to confidential bank account information to only a group of authorised users, you can use restriction groups.

Other functionalities and options

In addition, by using the workspace’s extensive drill-down capabilities, you can quickly and conveniently access any transaction details. You also can use the Cash management workspace to complete the following tasks:

• Maintain an unlimited number of cash accounts, including bank accounts.
• Maintain any number of banks as suppliers. You can create a business account and locations for every bank involved and define entry types for bank charges to create adjustments quickly.
• Enter miscellaneous cash transactions on the fly while you perform funds transfer or reconcile bank statements, or before you release a daily deposit.
• Attach scanned images or electronic versions of any supporting documents to cash transactions or to specific lines of transactions.
• Select whether users may release supplier ledger and customer ledger transactions from the Cash management workspace or only from their workspace of origin.
• Drill down to each document and view its details, no matter where the document has been created: in the Supplier ledger, Customer ledger, or Cash management workspace.