Cash accounts setup

To configure the accounts that will be used for your process, select Accounts from the Settings menu.

The Accounts menu allows you to link individual or multiple accounts for the process. These can be added by selecting Add account.

This will present you with the option to either key in the accounts manually, or import the accounts from a file. Imported accounts can have their details manually adjust after upload.

As well as the key account details, at this stage, you will also be able to configure whether or not to Allow manual transactions (see Manual transactions section for more detail). You can also apply labels against a specific account. 

Import accounts

Alternatively, you can upload multiple accounts from a CSV. This feature is especially useful when migrating recs from existing systems. Uploads should use our template, which is accessible via the interface by selecting Download our template.

Once you have populated the template, select Add account, and then choose Import accounts from the drop-down.

Field Specifications

The import accepts a fixed format with the values separated by commas (CSV). A template is available on the accounts settings page.

When performing a cash reconciliation, you may sometimes receive statements for accounts that you are not currently reconciling.These accounts can be set up automatically.

This feature is enabled using a checkbox on the Accounts page from the Settings menu:

If you then receive an unknown account during statement submissions, Duco will automatically set-up the account. This will use the account number, currency and the balance information received in that statement.

You can then finish configuring the account by adding labels, tolerances etc. as well as setting-up the other side of the account and linking these together in a group. 

From that point on, the transactions for the account will start to appear in the transactions view and will start matching when new statements are submitted. 

When automatic creation of accounts is enabled, the submission screen will show the number of accounts created per submission.  When you click on the link, it will show you those accounts in the account setting screen, so that you can immediately group them and fill in other information.

Similarly, the account setting screen now has a column to show the submission where an account was created automatically.

Deleting accounts

To delete an account, select the checkbox next to the relevant account and then select Delete account.

You will be prompted to confirm this step by manually keying in DELETE.

Cash account overwrite and deletion

In a production environment, you may want to enforce stricter control in account data and the associated statements and transactions in your cash reconciliation process.  You can do that by enabling Change Control in the process, which in addition to restricting configuration changes, will also disallow deleting accounts and overwriting accounts during import.

Account Statuses

• Ignore: Setting the Account status to ‘Ignore' will block balances and transactions related to those Accounts from feeding into the reconciliation. This helps to control which accounts are to be reconciled within any process and which should not be considered.
• Active means account will be loaded for reconciliation.

Grouping accounts

After you have set up the internal side and the external side of an account, you then need to group these sides together to indicate that they are related to each other.

When accounts have been linked together, they are in an account group. The transactions of all accounts in an account group are considered eligible for matching together: 

If - for example - you have a bank account with account number CH57274424489581603155 and the internal account number from your back office system is ACC853, you mark these accounts as being in the same account group. Transactions loaded for the former will be matched with transactions for the latter. Similarly, any manual interventions - for example splitting of transactions or manual matching with write offs - will only be possible within an account group. 

An account group needs to have at least one account from each side, but supports many accounts on each side: This helps you deal with scenarios where you might be maintaining more accounts internally than you do externally (e.g. for asset specific collateral accounts with your broker where you might just maintain a single collateral account internally). 

To manually group accounts, simply select the checkbox next to the relevant accounts, and this will enable the Group accounts button.

After selecting this, you will be prompted to enter a name for the account group, and choose the matching type. Account grouping can be one-to-one or one-to-many.

Matching type:

• Same sign - transactions of negative amounts from internal accounts will be matched with transactions of negative amounts from external accounts; transactions of positive amounts from internal accounts will be matched with transactions of positive amounts from external accounts.
• Opposite sign - transactions of negative amounts from internal accounts will be matched with transactions of positive amounts from external accounts; transactions of positive amounts from internal accounts will be matched with transactions of negative amounts from external accounts.

To remove an account from a group, select the checkbox next to the relevant accounts and then click Ungroup accounts.

Account group based auto-match tolerance

You can configure an auto-match tolerance for each account group.  If the difference in transaction amounts from the accounts are within this tolerance, will match them and create a write-off transaction.

This allows you to set very specific tolerances for individual accounts depending on how closely they need to be supervised. These tolerances can be defined either in the UI or via import. They have the same effect as a conditional result for each individual account and result in a match together with a generated write off.

Manual match tolerance

This adds controls to manual match done by users.  Users with Manual Matcher role will only be able to manual match transactions if their overall amount difference is within this tolerance level.  

Account labels

You can add one or multiple labels per account.  This is useful to identify accounts that are related but not necessarily in the same account group e.g. accounts from an investment fund in different currencies.  You can use this to filter transactions in matching results.