Managing a Cashbook does not have to be complicated. This guide walks through everything from setting up a Cashbook to uploading transactions and allocating them accurately in WeconnectU.
TABLE OF CONTENTS
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1. Cashbook Setup
1.1 Creating a Cashbook
Navigation: Community Level > Finances > Financial > Cashbook
From the cashbook tab, click on Add New Cashbook / Bank Account.
Complete the required fields which are indicated in red.
Once this cashbook is created, a general ledger will automatically be created for the cashbook, and the Description (name) will be entered under General Ledger Details - Description. This can be edited before saving the cashbook.
If the bank account details from this cashbook should appear on customer invoices and statements, enable the Default Account option by toggling Yes.
If the bank account details captured for this cashbook should appear on all Tenant invoices and statements, select the Tenant Billing Account checkbox.
If applicable, enter the opening balance for the cashbook in the Opening Balance field. If there is no opening balance, leave the value as zero
Note: By entering an opening balance on the Cashbook setup page, it is required to create an Opening balance journal to have this same balance reflected on the Trial Balance. Should an actual cashbook transaction be brought in as the opening balance, do not enter the opening balance on this page as this will cause duplication. |
After the required fields are completed, click on Add Cashbook to save and create the cashbook.
1.2 Delete Cashbook
Navigation: Community Level > Finances > Financial > Cashbook
A cashbook which has any form of transaction captured cannot be deleted from WeconnectU. If there are no transactions in the cashbook, a red trash can icon will appear next to the Cashbook which will remove the Cashbook. Please note this action is permission-based.
However, should the cashbook no longer be in use and the property managing agent would like to "hide" the inactive cashbook this can be done by selecting the hide cashbook option. The requirements to hide a cashbook is:
- Zero Balance
- The Cashbook is not a ticked as a Default Cashbook
The cashbook will reflect the word (Hidden). These Cashbooks are hidden from the Dashboard total and the Cashbook dropdown list when uploading Cashbooks.
2. Uploading Cashbook
2.1 Upload a Template
Navigation: Community Level > Finances > General > Cashbook
If this is the very first bank statement upload, this is usually indicated by the last upload date stating 1970-01-01.
Click the Cashbook Options button, and from the drop-down menu, select Upload Bank Statement.
If this is the first bank statement being uploaded for this cashbook, select Create New template From This File. Then click Select Bank Statement file and choose the CSV bank statement to be uploaded.
Important: Only CSV (*.csv) format is permitted. Please upload the file exactly as. It is recommended that the file is not opened before uploading it to the system. Once statements are opened, the system might not validate the file upon upload. |
Once the file has been uploaded, the button will turn green. This will indicate that the file is now ready to be uploaded.
2.2. Create a Template
Once the bank statement has been selected and the upload has been clicked, the following screen will appear.
2.2.1 Naming the Template
- Template name: Create a name for the template. The best practice is to copy and paste the bold section of the Bank Name and Account Number.
- In which cell does the Account number appear: If the Account number appears in its' own single cell, without any text, specify in which cell it appears.
Note: This field is recommended to stay on "Not in this template" by default, in case your electronic bank statement file format changes. |
- Date format: Choose the date format exactly as it appears on the electronic bank statement file. To see this, refer to the preview screen on the Solution. The transaction detail within "column A" will show exactly which date format is used in the CSV and thus which format to choose.
- Zero amounts: Choose if Zero Amounts should be brought in or ignored.
- Amounts: Select whether the transaction amounts are all displayed in a single column or split by debits and credits in two columns.
2.2.2 Selecting Columns
The columns must now be mapped to indicate how the Solution should interpret the data in the bank statement. There are only three fields required to create the template.
Date
Amount
Description
- There is an option to add a Description 2 should the statement contain a secondary description
Select Ignore on columns that do not contain any relevant information.
Note: Do not bring in the balance as an amount column as WeconnectU is designed to calculate a balance automatically. |
2.2.3 Specifying Rows
Specify which rows can be classified as Header, Detail, and Footer.
- Header - All rows above the first transaction line will be Header.
- Detail - All transaction lines, must contain a Date, Description and Amount.
- Footer - All rows beneath the last transaction will be Footer.
Note: The requirement for a row to be classified as a transaction line must contain a Date, Description and Amount. Only if these three fields are there then this is a detail row spec. |
Click on Save Template after all rows and columns have been labelled.
Once the template has been saved, the Solution will automatically redirect to the Confirmation page, where all transactions imported from the bank statement are displayed.
Check through the New transactions and the Possible duplicates tab.
1) New Transactions - These are transactions which the Solution recognises that have not been previously uploaded.
2) Possible Duplicates - here a list will be displayed should the Solution recognise a transaction line as a duplicate. There is still an option to upload the transaction by selecting the toggle box.
Important: The Solution will pick up duplicate transactions if the date, description, and amount are the same as any transaction that has been uploaded previously. |
Once all the transactions that need to be uploaded are selected, click on Confirm Transactions at the bottom of the page.
Important: There is NO bulk deleting of imported cashbook transaction lines. It will need to be done manually transaction by transaction line. Also note that to delete a transaction line the necessary permission must be granted. |
2.3 Manual Transactions
Navigation: Community Level > Finances > General > Cashbook
To manually capture the bank statement, hover over Cashbook Options. Click on Manual Transactions.
The following screen will be displayed. Select the transaction date, enter the description and amount, and indicate whether the transaction is an Income or Expense. To capture additional transactions, click Add Line.
Once all transactions have been entered, click Upload Transactions to add them to the cashbook.
3. Allocating Transactions
3.1 Allocation Rules
Navigation: Community Level > Finances > General > Cashbook
Instead of manually allocating each transaction, allocation rules can be created and run to automatically allocate cashbook transactions. To create a new allocation rule, click on the description of any transaction.
The following screen will pop up to complete.
- Description: The description of the transaction will need to start with a certain word or phrase and/or contain a certain word or phrase for the rule to allocate the transaction to a certain ledger account - this phrase/word is the criteria that needs to be met so that this rule can apply:
- Account: Choose the ledger that this transaction should be posted to:
- Apply to amounts/Apply to Bank accounts: Choose to which Amounts and Bank Accounts this rule applies
As soon as the rule is added it will appear in grey under the transaction description. This does not mean that the transaction has been allocated. This is to indicate where the transaction will be allocated once the rules have run.
3.1.1 Run allocation rules
Navigation: Community Level > Finances > General > Cashbook
To run the allocation rules, click on the Cashbook Option and select Run Rules.
3.2 Manual Allocation
Navigation: Community Level > Finances > General > Cashbook
To manually allocate a transaction, click on Allocate.
Choose between General/Customer/Supplier/Reserve Fund Ledger and then select the specific ledger it relates to.
From the same screen, use the search bar at the bottom to find the correct customer if applicable. This will display the customer's balance as well.
Click on submit allocation when done with allocating the transaction.
3.3 Split Allocations
3.3.1 Manual Split Allocation
To split a transaction click on the three grey lines on the right-hand side of the page (i.e. menu options).
The following screen will pop up to complete.
Select the Ledger Type and the relevant ledger account. Add a remark, if applicable, and enter the amount. If the transaction requires more than a two-way split, click on Add Additional Split.
Note: A split allocation can only be completed when the remaining amount is 0.00. |
3.3.2 Bulk Split Allocation
In the case of a large split transaction that occurs every month/regularly, it is recommended to use a bulk split file. Click on the three grey lines on the right-hand side of the page and select Split.
Download the template file. Complete the split transaction details in Excel, and upload the completed file back into the Solution.
The template file has the same fields as a journal batch file.
- Column A: Enter the account type (General, Customer, Supplier, or Reserve)
- Column B: Enter the relevant account number, such as the GL code/ Customer code/ Supplier code
- Column C: Enter any remarks or a description for the transaction
- Column D: Enter the transaction amount
- Column E: Displays the remaining balance after the allocation
To save a split for future use, tick the save Split Template option upon upload, before submitting.
In future select the name of the split saved previously from the dropdown list. The Solution will automatically populate the fields as applied before.
4. Unallocating Transactions
Navigation: Community Level > Finances > General > Cashbook
On the cashbook screen, once a transaction has been allocated, this is what it will look like on the Solution.
To unallocate a transaction, click on the three grey lines (menu options) next to the transaction on the right side of the screen and click on Unallocate.
5. Deleting Transactions
In the case of an incorrect transaction upload, there is an option to delete a transaction. From the menu options click on Delete.
If the transaction was allocated, it must first be unallocated before being able to delete the transaction.
Important: There is NO bulk deleting of imported cashbook transaction lines. It will need to be done manually transaction by transaction line. Also note that to delete a transaction line the necessary permission must be granted. |
6. Remove Allocation Rules
Navigation: Community Level > Finances > Setup > Financial > Allocation Rule
All allocation rules will be listed, these rules can be edited or deleted by clicking on the pen or the bin.
Note: When a transaction description matches a customer code or a supplier invoice's 'Our Reference', the Solution automatically applies an allocation rule and allocates the transaction to the corresponding customer or supplier account. These system-generated rules cannot be edited or deleted from the Allocation Rules. To update the allocation rule, edit the customer code under Manage Customers. |
7. Cashbook Icons
The icons on the dropdown menu indicate which cashbook transactions are all allocated (green check) and which transactions are not all allocated (red triangle). In the top left, the number indicates the total unallocated transactions across all cashbooks. The bottom left indicates the number of unallocated transactions in the specific cashbook.
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