David Hartley SAIPA member Articles at BDO Spencer Stewart Work as Financial Manager in a few...

David Hartley

◦ SAIPA member◦ Articles at BDO Spencer Stewart◦ Work as Financial Manager in a few companies

◦ Started Pastel in Cape Town in 1990

◦ Designed: All charts of accounts in Pastel Pastel Auditor Worked with a few accounting firms... Became the Creative Accountant!!

From 1982 - 30 years ago we wrote up cash books manually...

from 1990s. PCs took over◦ Pastel and similar packages◦ Punching into Accounting packages from bank statements was

great!

And now 22 years later, most people are STILL punching in Accounting packages from bank statement line by line...which are:

◦ Open to human processing error...◦ Very costly in time and money...◦ Very tedious and boring...

Bookkeeping.....

These days ...our goal is to achieve the end result in with the LEAST:

- Amount of TIME & Effort- At the lowest COST possible

I then did some homework and realised that:◦ only a few clients ◦ were even attempting to finding◦ a Smarter way of processing their cashbooks!!

With this in my mind

...I then teamed up with Sylvain Ntumba and ... Spent the last 1 ½ years producing...

The Bookkeepers Solution....using modern technology....

Multi accounting package

Bank statement software Import management tool

Imports 1000s of transactions straight from bank statements into your cashbook ....at the push of a button...and is so easy....

Saves up to 80% to 90% in TIME and COSTS...

Finish work in less than 1 day what normally takes 4 to 5 days to do....the SMART WAY!!

SmartBank is a:

Pastel Accounting – V2004 to V2012

Palladium Accounting

OS Financials

Standalone Application

QuickBooks - soon

With more soon...

SmartBank works with multi Accounting packages:

Download Bank

Statement

Import into SmartBank

Edit & Auto Allocate

Transactions

Export into Accounting

package

Writing up Cash Books the SmartBank way!

Step 1) Download Bank Statement files

Step 2) Open SmartBank

Step 3) Import Bank Statement file into SmartBank

Step 4) Allocate (Auto) & Edit ledger transactions

Step 5) Export the allocated transactions Step 6) Import into Accounting package(e.g.Pastel) -> Direct Import to Pastel coming soon...

Step by Step – Summary

Step 1) Download Bank Statement files

Critical to download correct FILE from the bank (NOT PDF!!)

Search for .OFX/.OFC preferably (CSV as last resort)

SmartBank can:- VIEW and PRINT OFX and OFX/OFC files- Recognises and avoids duplicate transactions

Step 2 Open SmartBank

Open SmartBank– 60 day Free Trial

Open Accounting Package + Company

Change Accounting Package

Add Company

Browse C drive or Server ANY Pastel version

The SmartBank Screen –> Before Import of Bank Statement file

SmartBank has 4 menus:

1) Top menu2) Tool Bar menu3) Filter menu4) Transaction menu

SmartBank MENUS

SmartBank – with imported Bank file

Step 3 Import Bank Statement file

Import Bank AssistantBrowse for bank file to import-> OFX/OFC -> CSV files - ok but not recommended

Step 4) Sort, Allocate + Edit Accounts

Deposits / Receipts – BLUE Withdrawals / Payments - BLACK

Allocating / Editing includes:

◦ Allocating to: Ledger, Customers & Suppliers accounts Vat – if applicable

◦ Editing Ledger Description – if required (Pastel-> Max 40 characters

◦ Cost centre & References if required

Transaction Basics

Auto Allocate - Saving & Auto Allocating Recurring transactions

Abbreviations - Ledger Descriptions

Copy / Paste - Ledger Accounts & “Descriptions”

Search - Search for key words

Split /Unsplit – Unlimited transactions/accounts

Let SmartBank Intelligently Speed up Allocations & Editing with:

Start by selecting:- Display List + Sorting Columns -> Deposits or Withdrawals Only1) Select transaction from Display List

2) Sort and match like transactions by Date or Bank Descriptions

3) Start Allocating and editing transactions

Display List - Deposits Only

Display List – Withdrawals/Payments Only

Ready to Export – Check list:

1) All required transactions are ALLOCATED to Ledger ACCOUNTS (GCS)2) All Allocated transactions are TICKED ()3) All UNALLOCATED transactions not to be Exported are UNTICKED ()

Before EXPORTING...... Check Display menu Settings NNB:

IF set as:

Show ALL Transactions ◦ BOTH WITHDRAWALS AND DEPOSITS will be

Exported

DEPOSITS Only ◦ ONLY DEPOSITS will be Exported

WITHDRAWALS Only ◦ ONLY WITHDRAWALS will be Exported

Step 5) Export Deposits & Payments batch from Smart Bank

-> Using SmartBank’s Export Assistant

Very NNB 1) Export Location

folder 2) Export File name

Exported files - Locating & viewing

To VIEW and see the CONTENT of the exported file:-go to the “To Import” folder and view the- Payments file - “Name+CBPymt+Date+Time” and - Receipts file - “Name+CBRept+Date+Time” files CSV format as follows:

Step 6) Import the Cashbook files into your accounting package (e.g. Pastel)

Check that Bank Reconciliation balances

SmartBank V2

Reconcile the cash book to the bank statement

Any small, medium or large business

With lots of Cashbook and Credit Card transactions to process

Accounting and Bookkeeping businesses using:

◦ Using any of the multiple accounting packages◦ Lots of bank statement transactions to process

SmartBank is ideal for:

Nedbank is the only bank that can go back 30 months or more

Other Banks can only 3 to 6 months

Solution

◦ Teach / Educate clients into this new way of thinking!

◦ Ensure clients to regularly download Bank statement files daily, weekly monthly or bi monthly

◦ Rename files meaningfully

◦ Save and backup downloaded Bank files in a regular folder on C: drive

Downloading bank transaction history files is the KEY!

Electronic processing is the only solution...

Bank statement downloading and storage to:◦ Become the norm◦ Banks need to keep history – 3 to 5 years◦ Clients need to download and save OFX and OFC

files monthly (CSV is a fallback option)

◦ Accountants must EDUCATE and HELP clients...to the NEW way of Accounting!!

The future of Accounting...

SmartBank Solution (Pty) Ltd

Directors - David Hartley and Syvain NtumbaReg No: 2012/097293/07

26 Country Club Road P O Box 45100Kenilworth, 7800 Claremont, 7945

Phone    +27 (0)82 06 12300 / 021 – 683 8333Fax        +27 (0)86 684 8660Email     info@smartbank.co.zaWebsite: www.smartbank.co.za

JohannesburgTo be announced soon