Banking

The Maconomy solution includes the Banking module. The Banking module uses standard payment formats. Maconomy delivers payment formats to the largest and most frequently used banks. However, if you use a bank connection for which Maconomy does not have a payment format, the development of this payment is beyond the scope of the standard solution.

You can set up payment modes for your vendors to pay your vendors according to their requirements (by bank transfer, manual payment, foreign transfer, and so on). You can set up payment modes for your customers according to the ways in which you want to receive payments. Note that this can vary from country to country.

The Banking module allows you to:

• Make batch payment selections on your vendors, which, after approval, are ultimately sent as a payment file to the bank. All payments are then made by the bank, and the payments are automatically reconciled against the vendor invoices in Maconomy.
• Perform bank reconciliations within the system.
• Receive a file from your bank that contains payments from your customers. This file is loaded into Maconomy, and all payments in the file are reconciled directly against the invoices.