Cash Management Step-by-Step Workflow

Step 1 - Navigate to AutoMatch

This will automatically match any transactions with the same check number and amount. These should be reviewed for accuracy prior to saving.

Step 2 - Create New Rules for Fuzzy Matches

Review transactions that did not automatically match but were populated as potential matches or “fuzzy” matches. Click on the pencil icon to create a new rule to automatically match the transaction in the future. Top 9 Rules to Automate Cash Management

Step 3 - AutoMatch New Rules

Once new rules are saved, they will automatically show as a match. Save these AutoMatches and continue repeat this process until no further rule generation applies.

Step 4 - Complete Any Additional Fuzzy Matches

Check and match any Fuzzy matches that are not applicable to a new rule. Fuzzy matches will contain transactions that match dollar to dollar within a specified time allotment. These should be selected and reviewed for accuracy prior to saving.

Step 5 - Get One to Many Matches

Click the "Get One to Many Matches" button to generate any matches that clear for one dollar amount but contain several Profit Center™ entries. Common examples: merchant deposits (especially weekend deposits) and invoices where multiple invoices are paid with one payment.

NOTE: To generate One to Many Matches, too many potential variations cannot exist. It's critical that Auto and Fuzzy Matches are complete prior to generating One to Many Matches. If too many potential matches exist, the system cannot properly calculate the One to Many Matches.

Step 6 - Identify & Match Payroll Stale Dated Checks

Review the Profit Center™ transactions for any payroll checks that are flagged (Hint: a red flag appears next to them). These are payroll checks that have been issued but have not cleared the bank and are now past the clearing window. If the employee is a current employee and you are going to issue the funds in another check, code it as Stale Dated and then issue an AP check to GL7501. If it is a terminated employee, they will be marked as Stale Dated and reported to the state at year-end.

Step 7 - Identify Any AP Stale Dated Checks & Void/Reissue if Applicable

If an Accounts Payable check goes to Stale Date and can no longer clear the bank account, send a request to RASI to void the invoice. Once voided, you can match the voided entry to the Stale Dated check entry to clear the transaction. The voided transaction will impact the GL once the next week's financial statements are posted.

If the voided check needs to be reissued, please enter the new check through Accounts Payable in the same week the void occurs. This will ensure that the GL has a net zero impact. If a reissue is applicable, the entry to match the voided check to the Stale Date check would still apply, then when the new check clears the bank, it would be matched against the bank side entry.

Step 8 - Identify Any Match Differences

Sort by description to identify Profit Center™ entries that don’t match to the bank entries. If the entries align but are different, match them and code the difference to the applicable GL. This will impact the GL balance when the statements are posted the following week unless the back post option is selected, then it will post to the chosen financial statement.

Common examples: Deposits that are rounded at the bank but put into Profit Center™ with change, invoices that contain credits that were not entered into Profit Center™ AP, etc.

Step 9 - Identify External Transactions That Need to be GL Coded or Invoice Created

Any transactions that have cleared the bank but do not have a Profit Center™ match will need to be either GL coded, or an invoice will need to be created for which to match the transaction. In both instances, a vendor will need to be selected to ensure vendor history is accurate. If it is a new vendor, create the vendor first, then create the invoice or GL entry.

Step 10 - Complete Cash Transfers Across Multiple Bank Accounts

If a transaction is on the Profit Center™ side but cleared the bank in another account, use the Cash Transfer option to move the transaction from one account to another. This would be applicable for any Cash Transfers across accounts, such as moving money from the Operating Account to the Payroll Account.

TIPS FOR SUCCESS

• Use the sorting functions to best isolate and group transactions together. The most effective sorting functions are date/amount and date/description.
• Rules can contain threshold differences. If there are transactions that will clear for different amounts due to fees, set up the fee threshold to automatically match those differences.
  • Example: Set a rule for Credit Card Processing fees up with the merchant fee percentage (such as 2.75%) and code the differences to Credit Card Processing Fees. This would create AutoMatches for any merchant deposit if it's within that threshold.
• AutoMatch and Fuzzy Match should be completed daily to reduce the number of transactions that need attention on a weekly basis.
• All bank-side transactions should be cleared on a weekly basis to ensure accurate financial statements.