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Twinfield - Processing Bank - and Cash statements and Journal Entries
Twinfield - Processing Bank - and Cash statements and Journal Entries

Read more on how to process cash and journal entries in Basecone

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Written by Team Basecone
Updated over a week ago

In this article, you can read more on:

  • Bank statements

  • The processing of cash statements

  • The processing of journal entries

Bank statements

Bank statements are nowadays usually imported, mostly through the MT940 format. This way there is a direct link between banks and your accounting system. This is option is only available for companies that are linked to Twinfield. When you tag the statement with the label BNK, the statement is only stored in your online archive. However, you can generate a link in Basecone and link this to the bank transaction in Twinfield. In this way, you can always view the bank statements from Twinfield. If you would like to link the statements, please use article: How to generate ID link for Twinfield?  Start in point number 5 and select the tag label BNK instead of CUST.

The processing of cash statements

  • Two delivery methods

It is possible to process cash transactions in Basecone. There are two ways to process the receipts. The second method works the most efficient:

👉  Method 1You can deliver the receipts separately to Basecone > tag each receipt as CASH > each receipt will then be processed under the cash transaction > The begin and end balance will then be updated.

👉  Method 2
You can create a cash statement > add a follow-up page with a scan of all receipts > tag the document as CASH > the cash statement is processed in a multi-line booking (according to the number of lines on the cash statement ). Instead of adding a follow-up page, it is also possible to deliver the receipts separately to Basecone and then merge them together in Basecone.

  • Booking/Processing

Basecone automatically calculates the opening balance and closing balance of a cash statement and processes the mutations on each line. Please note that the begin balance. This only works correctly if the cash entries are processed in the date of order. In each line you indicate whether the amount is a credit or an debit. 

If you choose the method 2, you will see the cash receipts on the left side of the screen, you can then easily fill in the cash entries on the right side and process it to Twinfield.

After you have processed the cash entries, your accounting system will create a link where you can retrieve the receipts.

From Basecone you can indicate which VAT for a cash mutation, unfortunately it is not possible to book it directly to a supplier (creditor) or customer (debtor).

It is also possible to book in multiple journals, depending the availability on your accounting system.

📌 Only users with the role of Accountant and SME Accountant can access the booking screen.

The processing of journal entries

It is possible to create a journal in Basecone and process it to your accounting system. Deliver the document(s) to the web application and tag them as JNL. For each document tagged as JNL, you can manage each journal entries in the booking screen. A journal entry always consists of a debit line and credit line; the entry must be in balance with a variance of zero. For each posting line, you can indicate a VAT, but not book it directly to a supplier (creditor) or customer (debtor).

A journal entry is often a correction. You can make this booking when you provide a document that you attached to the journal.

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