Main Page → Bank Reconciliation → Documentation → Charges → Adding a Service Charge
Contents
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What This Process Does
- This process is used to add service charges/fees assessed by the organization's bank.
- A charge record is created for the bank and the amounts are updated to Financial Management.
Adding a Service Charge
- Finance → Bank Reconciliation → Charges tab → Add Charges → Standard
- Populate applicable fields using the field description below as a guide. Click the Save button when finished.
- Upon saving, errors and/or warnings will display if required fields are not populated.
- Follow the instructions in the Instructions Tab on the screen if you are unsure about the add service charge process.
| FIELDS | Opt. | Rec. | Req. | Description |
|---|---|---|---|---|
| Journal ID | - | - | ♦ | The receipt Journal ID selected to assign to the charge |
| Account Type | - | - | ♦ | Expenditure, Revenue, or Balance Sheet |
| Bank ID | - | - | ♦ | Select the Bank ID that represents the account that the charge was assessed |
| Fiscal Year | - | - | ♦ | Defaults to the Current Fiscal Year in Financial Management, change if necessary |
| Override Current Month | ♦ | - | - | Set to TRUE to override current month |
| Fiscal Month | - | - | ♦ | Defaults to the Fiscal Month set in Financial Management |
| Account Code | - | - | ♦ | Account code the service charge will affect |
| Credit Code | - | - | ♦ | Credit code the service charge will affect |
| Debit Code | - | - | ♦ | Debit code the service charge will affect |
| Control Number | - | ♦ | - | User defined number for auditing purposes |
| Reference | ♦ | - | - | Enter a number or identifier for the source document |
| Amount | - | - | ♦ | Amount of service charge |
| Charge Date | - | - | ♦ | Defaults to current date, change if necessary |
| Service Charge Description | - | ♦ | - | Charge description |
| Opt. = Optional Rec. = Recommended Req. = Required | ||||
Audit Trail
- Automatically generates once charge is saved.
- Can be regenerated in the event the original Audit Trail is aborted before flags are set.
- If a mistake is made AFTER setting the Audit Trail flag, you can do one of the following:
- Add a correcting Service Charge – the net would be the correct amount
- Flag the incorrect service charge for deletion and reenter the correct service charge
- Undo Charge Audit Trail
Distribution
- This process will distribute and clear (reconcile) the activity of a service charge.
- That activity will be made available for posting in Financial Management.
- Two dataspaces are updated:
- In Financial Management, the service charge amount will move from the undistributed column to the distributed column in the account year masters.
- In Bank Reconciliation, the distributed and cleared flags will be set to true in the maintain screen of the service charge.
- If a mistake is made AFTER distributing, you can Undo Charge Distribution/Clearing
Post Activity
Update Bank Balance