The Banking module is designed to help you track your chapter’s expenses. You can sync your bank account, and the transactions will sync over as a check, or you can manually track every transaction by adding a check for each transaction.
Syncing your bank:
Syncing your bank for tracking expenses differs from having your bank account set up with the accounting department for weekly transfers. You can sync your bank through the banking module so that all the transactions and deposits automatically come over to greekbill. Banking Module> Banks and Purchase Card tab > Sync Bank > Securely Link Bank Account.
You will locate your bank, enter the user name and password, and agree to the sync. Please note your bank account information is not accessible and is stored on a secure network.
Once the sync is active, deposit and expense transactions will automatically sync to greekbill as a check. They import into greekbill as an uncategorized vendor and chart of account. You will need to update the vendor and chart of account(s) for these transactions, so it updates the correct expense bucket for your budget.
NOTE: The date you select to start the sync will be the date to import the data. If you want to import historical transactional data, choose a past date for backfilling.
Checks:
You can manually track all your expenses if you cannot locate your bank or sync it. You will need to add a check every time the chapter spends funds for chapter expenses.
Banking Module > Check & Deposits > Manage > Checks tab > Create Check:
You will need to select the following:
- A bank account that the transaction was processed from.
- Date it was processed
- Check Number – this is for reporting purposes or to help locate a check in the future. If this way not a check or you don’t have the check number available, you still need to put in a number. For example, you can enter 0000, or if it was an online transaction, we recommend putting in ‘EFT’ for Electronic Funds Transfer.
Note: If you put in a duplicate check number/ EFT, you will get a pop-up notification that this check number already exists. That is fine, and you can select continue to move on.
Vendor Type:
- Vendor
- Chapter Member – You can track checks written to a member for either reimbursement of funds, refunds, or returning a security deposit... ETC.
Vendor:
- Vendor Name a vendor from the existing list
- Add a vendor -add the new vendor so you can link it to the check
***For more info on managing your vendors, CLICK HERE
Pro Tip: if you type the first letter of the vendor, it will jump to that. Example: type a “G,” and it will jump to the “G” vendors to locate greekbill.
Details to tag the transaction:
- Chart of account – will only load expense accounts because these are expense transactions from your chapter, and this will then link to the appropriate budget bucket and reporting
- Description– for record purposes, more information about the purchase.
- Amount of the transaction
- Tag– What role was the transaction associated with? (This may not be an option depending on your org)
Memo: Add any notes about the transaction that will help with your reporting or identifying it in the future. It may be helpful to add the why/ what event or budget the transaction was intended for or who made the payment. There is a limit on how many characters you can add. If you are over the limit, you can not save the memo.
NOTE: Purchase card transactions will automatically post as checks, and you need to categorize them accordingly. You can quickly identify them as such because the check number is listed with a “PC” in the front of the check number Example: “PC48904”.
NOTE: You do not need to add a check or deposit for purchase card loads. They automatically post a journal entry.