Cash and payments

For companies of every size, the status of cash position is one of the most vital pieces of information. Not surprisingly, more than half of all bankruptcies are due to a lack of understanding of liquidity. Yet finding out the amount of cash on hand at any given moment is often difficult to obtain. This is especially true for distributed organizations. Xledger’s cash and payments management functionality offers class-leading, extensive tools for managing bank accounts, payments, deposits and other cash assets. Dashboards provide instant access to analyze cash inflow and outflow giving you better understanding of current cash position. View and process all bank transactions from within Xledger, including payment authorization and approval, automated import of statement data, bank reconciliation and automated posting. This empowers you to know your company’s liquidity at any point in time and forecast future cash flow based upon accurate, up-to-date data. Explore these features in more detail below.

Bank accounts

Setup bank accounts quickly. Maintain them in local and foreign currencies. Full integration with AP and AR ensures value of payments or deposits entered into the system are reflected immediately in your available balances account by account.

Cash analysis

Analyze cash transactions and group them for budgeting and reporting purposes. See historical overview of cash position or forecast future cash position. Budget vs. actual variances and trends give you the information you need to make timely and well-informed decisions.

Reconciliation

Performing bank reconciliation in Xledger is quick and simple, because it requires little to no effort on your part. That’s right, for most transactions, no data entry and no matching by users are required. Reconciliation is fully automated and appropriate users are simply notified for exceptions. Bank integrations using standard, pre-defined formats and interfaces make this possible. We upload transactional data from hundreds of banks for hundreds of thousands of customer bank accounts every single day. In addition to time savings, this also significantly reduces errors.

Payment processing

Another benefit of bank integration is the ability for our customers to manage the processing and approval of all payments from within one application. Xledger can generate payments using US and global standard file formats – including ACH, International ACH, FedWire, OCR, BAI, SWIFT, etc. – and transmit them securely to your bank so there is no longer a need to leverage third party payment programs or to regularly visit a bank branch or website. As for checks, you can print directly from Xledger or you can opt for us to print and mail checks on your behalf from our central US check print facility.

Deposit management

Like electronic payment processing, managing check deposits in Xledger is also a breeze. Scan checks directly into the system and we will extract the relevant data to support the accounting entry as well as generate and send the relevant formatted file (e.g. X9.37, RDC) to your bank for deposit.

Rule-based postings

Don’t waste time manually entering journal entries to account for bank postings that could easily be automated. Using pre-defined or customer-configurable rules, Xledger can automate cash book postings, saving you both time and money. Use for posting interest, bank fees, recurring deposits or payments. You have tremendous flexibility using free text or structured arguments with variables such as bank, bank account, date, amount from/to, GL account, dimensions, tax rules, period, etc.

Currency management

As businesses operate more globally and traditional boundaries disappear, the systems we use need to reflect an accurate picture of that reality. Xledger has been designed from the ground up to support global business, so it is natural that we provide full multi-currency capabilities across all areas of the application. You can receive and disburse funds from different currencies to specific bank accounts. General ledger transactions are stored in local currency plus up to three consolidation currencies. Account balances can be viewed at any time in their local, exchange, and consolidation currency rates. Exchange rates can be inherited from daily updated spot rates, or customers can define specific rate timing and purpose such as for closing, budget, or average. Foreign exchange gains and losses are fully automated based upon customer-definable business rules.

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