Bank Statements, effieciency

ERPNext User Forum
1

Hi,

Electronic payments become more and more mainstream. Not only in
Europe, in some cases things move faster non-western countries. In
Kenya, a huge share of payments are done by mobile telephones, MPesa
introduced by Safaricom (Vodaphone) a few years back is unbelievable
successful has left the traditional banks empty handed. Type Mpesa in
Google and u will find out how succesful. Vodaphone will roll out
Mpesa in India as well (http://articles.economictimes.indiatimes.com/
2011-10-19/news/30297817_1_vodafone-essar-pesa-vodafone-subscribers)

Believe ERPnext procudures should adapt to these new developments in
the financial industry.

In ERPNEXt, recording a payment is the last step in a processing
chain: PO>PR>PI,PV. and similar with the sales.

I believe every European Accounting system allows that the bank
statements are electronically uploaded one record for every
transactions, banks use a standard csv format.
So processing now starts with the payment record from the bank and is
linked in the opposite way to a purchase or sales, or other payment.

I just received (electronic) mail from our Bank that they want to get
rid of paper invoices, and companies can now send invoices to a
“invoice box” at your bank, allowing very quick and easy payments.
Most of our supplier invoices we receive already attached to an email
as a pdf file.

One “colleague” of ERPNEXT here in NL has just released an OCR based
module where electronic invoices are “semi-automatic” recorded in the
system, including the selection of the correct account head. Things
move fast.

For reflection, Robert

2

Robert,

Thanks again for sharing.

Most accounting packages offer integration of bank accounts. What they do is that there is they use a 3rd party service to do this that logs in to your bank account using your login / password and and “scrapes” the data from the HTML that is generated by your banks website.

We also think that updating bank payments is probably not a “bottleneck”. If you are using ERPnext, you are most likely entering invoices, deliveries etc regularly and updating the payment is only just a few clicks / keystrokes (though it can be a lot better).

We could integrate payments but then we would have to tie-up with a “scraper” service in each country / region. At this point it might be too much for us but once we get some scale, we could definitely think of it/

best,
Rushabh

On 26-Feb-2012, at 5:18 PM, robert wrote:

Hi,

Electronic payments become more and more mainstream. Not only in
Europe, in some cases things move faster non-western countries. In
Kenya, a huge share of payments are done by mobile telephones, MPesa
introduced by Safaricom (Vodaphone) a few years back is unbelievable
successful has left the traditional banks empty handed. Type Mpesa in
Google and u will find out how succesful. Vodaphone will roll out
Mpesa in India as well (http://articles.economictimes.indiatimes.com/
2011-10-19/news/30297817_1_vodafone-essar-pesa-vodafone-subscribers)

Believe ERPnext procudures should adapt to these new developments in
the financial industry.

In ERPNEXt, recording a payment is the last step in a processing
chain: PO>PR>PI,PV. and similar with the sales.

I believe every European Accounting system allows that the bank
statements are electronically uploaded one record for every
transactions, banks use a standard csv format.
So processing now starts with the payment record from the bank and is
linked in the opposite way to a purchase or sales, or other payment.

I just received (electronic) mail from our Bank that they want to get
rid of paper invoices, and companies can now send invoices to a
“invoice box” at your bank, allowing very quick and easy payments.
Most of our supplier invoices we receive already attached to an email
as a pdf file.

One “colleague” of ERPNEXT here in NL has just released an OCR based
module where electronic invoices are “semi-automatic” recorded in the
system, including the selection of the correct account head. Things
move fast.

For reflection, Robert

3

Hi,

I have never meant to have full integration with electronic banking
knowing that there would be too many security and standarisation
issues.

However, with electronic banking a standard transaction file in ascii
format can be downloaded and uploaded into ERPnext.

When making a bank voucher the fields “Check Number” (mandatory) and
“check date” have to be filled whereas in many parts of the world
checks are almost extinct!!
Instead of entring the cheque number a link could be established to
the bank transaction record, as imported on file.

rgds robert

On Feb 27, 6:25 am, Rushabh Mehta rm...@gmail.com wrote:

Robert,

Thanks again for sharing.

Most accounting packages offer integration of bank accounts. What they do is that there is they use a 3rd party service to do this that logs in to your bank account using your login / password and and “scrapes” the data from the HTML that is generated by your banks website.

We also think that updating bank payments is probably not a “bottleneck”. If you are using ERPnext, you are most likely entering invoices, deliveries etc regularly and updating the payment is only just a few clicks / keystrokes (though it can be a lot better).

We could integrate payments but then we would have to tie-up with a “scraper” service in each country / region. At this point it might be too much for us but once we get some scale, we could definitely think of it/

best,
Rushabh

On 26-Feb-2012, at 5:18 PM, robert wrote:

Hi,

Electronic payments become more and more mainstream. Not only in
Europe, in some cases things move faster non-western countries. In
Kenya, a huge share of payments are done by mobile telephones, MPesa
introduced by Safaricom (Vodaphone) a few years back is unbelievable
successful has left the traditional banks empty handed. Type Mpesa in
Google and u will find out how succesful. Vodaphone will roll out
Mpesa in India as well (http://articles.economictimes.indiatimes.com/
2011-10-19/news/30297817_1_vodafone-essar-pesa-vodafone-subscribers)

Believe ERPnext procudures should adapt to these new developments in
the financial industry.

In ERPNEXt, recording a payment is the last step in a processing
chain: PO>PR>PI,PV. and similar with the sales.

I believe every European Accounting system allows that the bank
statements are electronically uploaded one record for every
transactions, banks use a standard csv format.
So processing now starts with the payment record from the bank and is
linked in the opposite way to a purchase or sales, or other payment.

I just received (electronic) mail from our Bank that they want to get
rid of paper invoices, and companies can now send invoices to a
“invoice box” at your bank, allowing very quick and easy payments.
Most of our supplier invoices we receive already attached to an email
as a pdf file.

One “colleague” of ERPNEXT here in NL has just released an OCR based
module where electronic invoices are “semi-automatic” recorded in the
system, including the selection of the correct account head. Things
move fast.

For reflection, Robert

4

Robert,

Opened a feature request on this

https://github.com/webnotes/erpnext/issues/233

Hope this is what you meant

best,
Rushabh

On 28-Feb-2012, at 2:39 PM, robert wrote:

Hi,

I have never meant to have full integration with electronic banking
knowing that there would be too many security and standarisation
issues.

However, with electronic banking a standard transaction file in ascii
format can be downloaded and uploaded into ERPnext.

When making a bank voucher the fields “Check Number” (mandatory) and
“check date” have to be filled whereas in many parts of the world
checks are almost extinct!!
Instead of entring the cheque number a link could be established to
the bank transaction record, as imported on file.

rgds robert

On Feb 27, 6:25 am, Rushabh Mehta rm...@gmail.com wrote:

Robert,

Thanks again for sharing.

Most accounting packages offer integration of bank accounts. What they do is that there is they use a 3rd party service to do this that logs in to your bank account using your login / password and and “scrapes” the data from the HTML that is generated by your banks website.

We also think that updating bank payments is probably not a “bottleneck”. If you are using ERPnext, you are most likely entering invoices, deliveries etc regularly and updating the payment is only just a few clicks / keystrokes (though it can be a lot better).

We could integrate payments but then we would have to tie-up with a “scraper” service in each country / region. At this point it might be too much for us but once we get some scale, we could definitely think of it/

best,
Rushabh

On 26-Feb-2012, at 5:18 PM, robert wrote:

Hi,

Electronic payments become more and more mainstream. Not only in
Europe, in some cases things move faster non-western countries. In
Kenya, a huge share of payments are done by mobile telephones, MPesa
introduced by Safaricom (Vodaphone) a few years back is unbelievable
successful has left the traditional banks empty handed. Type Mpesa in
Google and u will find out how succesful. Vodaphone will roll out
Mpesa in India as well (http://articles.economictimes.indiatimes.com/
2011-10-19/news/30297817_1_vodafone-essar-pesa-vodafone-subscribers)

Believe ERPnext procudures should adapt to these new developments in
the financial industry.

In ERPNEXt, recording a payment is the last step in a processing
chain: PO>PR>PI,PV. and similar with the sales.

I believe every European Accounting system allows that the bank
statements are electronically uploaded one record for every
transactions, banks use a standard csv format.
So processing now starts with the payment record from the bank and is
linked in the opposite way to a purchase or sales, or other payment.

I just received (electronic) mail from our Bank that they want to get
rid of paper invoices, and companies can now send invoices to a
“invoice box” at your bank, allowing very quick and easy payments.
Most of our supplier invoices we receive already attached to an email
as a pdf file.

One “colleague” of ERPNEXT here in NL has just released an OCR based
module where electronic invoices are “semi-automatic” recorded in the
system, including the selection of the correct account head. Things
move fast.

For reflection, Robert