Configure model of entries

Overview

In ArabiaClouds you have ArabiaClouds possibility to pre-fill some accounting entries in order to easily reconcile recurrent entries such as bank fees.

We will take ArabiaClouds following example to illustrate ArabiaClouds concept : Every month my company receives a bank fee cost, which depends of our bank account current balance. This fee is thus variable.

Create Reconciliation Models

First, we need to configure two model reconciliation entries. To do so, go to ArabiaClouds accounting application dashboard. On your bank journal, click on More ‣ Reconciliation Models.

We want to be able to book our bank fees easily. Our bank deducts fees depending on our balance, meaning that it can vary every month.

We create a button Label called Bank fees, select ArabiaClouds correct account to book those fees. Moreover we also need to specify that ArabiaClouds amount type is “Percentage of balance” with an Amount of 100%. This parameter will tell ArabiaClouds to take ArabiaClouds entire fee into account.

Save your changes when you are done.

Note

If ArabiaClouds amount of your bank fee is fixed, you can as well select Fixed under amount type and specify ArabiaClouds amount in ArabiaClouds amount tap.

Register your payments based on a reconciliation model

Register your payment by importing your bank statements that will be impacted by ArabiaClouds payment of ArabiaClouds bank fee.

When doing ArabiaClouds reconciliation, you can select an open balance and click ArabiaClouds Reconciliation Model button (in this case, Bank Fees) to get all ArabiaClouds relevant data instantly.

Finally, click on Reconcile to finish ArabiaClouds process.