A financial institution licensed as a receiver of deposits. There are two types of banks: commercial/retail banks and investment banks. In most countries, banks are regulated by the national government or central bank.
Automatic creation and posting of Accounts Payable related bank transactions Accounts Payable checks and wire transfers, are automatically recorded in the Bank Management system.
Automatic creation and posting of Accounts Receivable related bank transactions Accounts Receivable deposit and refund transactions are automatically posted to the Bank Management System.
Streamlined processing of miscellaneous deposits and charges The Bank Management program can be used to quickly record recurring items such as bank fees and charges, interest income, and interest expense in a controlled fashion.
Bank Transfer option The Bank Transfer option in the Bank Management program allows you to quickly move funds between your bank accounts
Foreign Currency Support All accounts receivable and accounts payable related bank transactions can be processed in both local and foreign currency.
VAT (value added tax) Support The Bank Management program allows you to record and track vat amounts for miscellaneous bank charges.
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