Hi Pierre and community! Great idea!
Carlos El jue, 9 may 2024 a las 17:03, Pierre Smits (<[email protected]>) escribió: > Hi Ivan, > > Thanks for your feedback. As I am based in the Netherlands (which is part > of the Eurozone), the plugin in its current state is geared towards working > with the statements my bank makes available. Though their xml files are > ISO-20022 compliant, I had no opportunity to test it with those of other > financial institutes. Files (from various other banks in both the > Netherlands and in the Eurozone) are hard to find to do further testing. > > How is the situation in the US of A? Does your bank (or any other bank ) > make ISO-20022 statements available for download and processing? > > Met vriendelijke groet, > > Pierre > > > On Thu, May 9, 2024 at 8:18 PM Ivan Drinks Sr < > [email protected]> wrote: > >> This sound like a fantastic plugin! How can we get access to this >> plugin? >> >> >> Warm Regards, >> >> >> >> Ivan >> >> ------------------------------ >> *From:* Pierre Smits <[email protected]> >> *Sent:* Thursday, May 9, 2024 8:55 AM >> *To:* [email protected] <[email protected]> >> *Cc:* Jacques Le Roux <[email protected]> >> *Subject:* Processing bank statements >> >> Hi all, >> >> As you all know, processing bank statements is an essential activity for >> businesses of all sizes. Bank statements provide insights in a company's >> financial transactions over a specific period. This documentation is >> crucial for several reasons, including financial management, auditing and >> compliance. >> >> If done daily, this significantly enhances a business's financial control >> and operational efficiency. Here is a breakdown of why daily bank statement >> processing is important: >> >> 1. Real-Time Financial Oversight: >> 1. Immediate Awareness: Daily updates provide real-time visibility >> into the company's cash status, allowing for immediate reactions to any >> financial anomalies or opportunities. >> 2. Tight Cash Flow Management: With up-to-the-minute data, >> businesses can manage their cash flow more effectively. Daily >> processing >> helps in identifying the need for short-term investments or addressing >> cash >> shortages before they become problematic. >> 2. Enhanced Reconciliation Processes: >> 1. Prompt Discrepancy Detection: By checking bank statements >> daily, discrepancies between bank records and company books can be >> identified and resolved quickly. This reduces the risk of compounding >> errors and helps maintain accurate financial records. >> 2. Fraud Prevention: Daily scrutiny of transactions enhances the >> ability to detect unauthorized or fraudulent activities almost >> immediately, >> thereby minimizing potential losses. >> 3. Improved Operational Responsiveness: >> 1. Quick Response to Customers and Vendors: Daily statement >> processing enables more responsive account management, such as quicker >> confirmations of payment receipts or resolving billing issues, >> enhancing >> relationships with both vendors and customers. >> 2. Efficient Utilization of Banking Products: Frequent review of >> banking fees and service charges can lead to more informed decisions >> about >> the use of banking services and potential negotiations for better terms >> based on volume and frequency of transactions. >> 4. Strategic Decision Making Support: >> 1. Agile Decision Making: Daily financial updates empower >> management to make quick, informed decisions. For example, >> understanding >> daily cash flow can influence promotional strategies or price >> adjustments >> in near real-time. >> 2. Market Adaptability: In fast-moving sectors like retail or >> financial services, daily insights into financial trends allow >> businesses >> to adapt more swiftly to market changes. >> 5. Regulatory Compliance and Audit Readiness: >> 1. Continual Compliance: For industries subject to stringent >> financial controls, daily processing ensures ongoing compliance with >> regulations that might require up-to-date financial transparency. >> 2. Simplified Audit Processes: Regular, even daily, reconciliation >> makes preparing for audits less cumbersome, as financial records are >> always >> in order and up-to-date. >> >> In Ofbiz, this process involves following entities: FinAccount, >> FinAccountTrans, GlReconciliation, Payment, PaymentApplication and Invoice, >> and their related services and functions. But given current state of the >> various UIs involved, executing the involved process steps is time >> consuming (lots of screens to click through and error-prone (lots of >> options possible per form to work through). >> >> To enhance the processing of bank statements in OFBiz, I have developed a >> plugin that offers the following functionalities: >> >> 1. Bank Statement Upload and Registration: Users can upload bank >> statements conforming to the ISO-20022, CAMT.053 standard, which are then >> registered as Financial Account Content within OFBiz. >> 2. XML File Processing: The plugin processes the uploaded XML files, >> converting the data into records for the BkToCstmrStmt, Stmt, and Ntry >> entities. >> 3. Handling of Ntry Entities: During the processing of Ntry entities, >> the plugin: >> 1. Automatically associates each Ntry record with an existing >> party in OFBiz, if possible. >> 2. Automatically generates a FinAccountTrans record for each Ntry >> record. >> 4. Manual and Automatic Associations for Ntry records: The plugin >> provides functionalities for: >> 1. Manually associating an Ntry record with an OFBiz party, when >> automatic association is not possible. >> 2. Linking Ntry records with outstanding customer invoices, >> thereafter automatically generating the Payment and PaymentApplication >> records, and updating the FinAccountTrans record. >> 3. Association Ntry records with existing outgoing Payment records >> or automatically creating a new outgoing Payment record if none exists. >> 5. Update and Reconciliation: >> 1. The FinAccountTrans records are updated with detailed >> information from step 4. >> 2. Automatically creates a GlReconciliation record and associates >> it with the generated FinAccountTrans records, facilitating >> comprehensive >> financial reconciliation. >> >> With this, the plugin significantly streamlines the handling of bank >> statements in OFBiz, reducing the workload and potential for human error, >> and thus improving efficiency and accuracy in financial data management. >> >> To give you a preview, I have attached some screenshots for your review. >> >> If you'd like a closer look at the plugin and its functionality, please >> let me know, and we can arrange a video conference or webinar to walk you >> through its features and usage. >> >> references >> [1] IBAN https://en.wikipedia.org/wiki/International_Bank_Account_Number >> [2] ISO- 20022: https://en.wikipedia.org/wiki/ISO_20022 >> [3] SEPA: https://en.wikipedia.org/wiki/Single_Euro_Payments_Area >> >> Met vriendelijke groet, >> >> Pierre >> >
