Introduction

What does the bank connection enable?

The food coop offers the option of a bank connection. When set up, this allows Foodsoft to import the bank account lines of the association accounts, and to make transfers of invoices (in progress) and subsequently mark them as paid.

This offers the following advantages:

• Transfers from members to the association account can be automatically recognized by Foodsoft through the use of payment reference codes and assigned to the order groups. This eliminates the manual process of, for example, crediting order credit or membership fees to the order groups in Foodsoft.
• Transfers of invoices to suppliers can be recognized, assigned and marked as paid by Foodsoft.
• Internal cross-references, called financial links, are created (partially) automatically. This makes it possible to link bookings in order to make them traceable at any time. If all bank transactions, account transactions and invoices are linked with a financial link, a traceable (simple) double-entry bookkeeping can be implemented.
  • This saves external accounting software or redundant note-taking.
  • In conjunction with separation into account transaction types such as trust and association, this enables clean accounting with just one association account.
• Multiple association accounts are also supported.

The ability for Foodsoft to make transfers on the bank account to pay invoices is currently being developed and is in the testing phase (as of 16.02.2021).

Content continues but is truncated for brevity. The full bank accounts documentation is quite extensive.