How to Automate an Internal Control for Missing Bank Statements

  • by Gaurav Aggarwal, Lead Consultant, SAP S/4HANA Finance, Infosys Limited
  • July 27, 2015
In today’s world, financial transactions are becoming virtualized and bank-related transaction flows are essential for organizations’ financial systems. Banks periodically (usually daily) send electronic bank statements to an organization that are imported into the system and processed to do reconciliations with the financial system. This process creates the need for tracking whether or not the organization has received the bank statement at an agreed-upon interval from the bank. If there a missing bank statement, the organization then needs to follow up with the bank to get that missing bank statement. Learn how to use a customized tool to track missing bank statements.
Learning Objectives

By reading this article, you’ll learn how to:

  • Install a monitoring utility to monitor missing bank statements
  • Use a monitoring utility to monitor missing bank statements
Key Concept
A bank statement is received from banks either electronically or manually. Larger organizations may have multiple accounts with multiple banks and numerous transactions. The timely import of such statements into the SAP Financial Accounting system is important for keeping the accounts reconciled and cash flows accurate. Organizations use interfaces to automatically transfer the electronic bank statement files or to assign a team to load them periodically. If you need to track whether a particular statement is missing for a period (e.g., a particular day), then it has to be checked manually by executing transaction code FEBAN or in the application server where the files are transferred from the bank to the SAP system. You need a faster way than a manual process to track such missing bank statements for timely resolution.

In a standard SAP solution, you can track a missing electronic bank statement (EBS) manually using transaction code FF67. It provides you with an overview of various bank accounts being used by an organization and within each account details for various statements available and processed in the SAP system. To see these accounts, execute transaction code FF67 or follow menu path Accounting > Financial Accounting > Banks > Incomings > Bank Statement > FF67 - Manual Entry. In the screen that appears, click the Overview button as shown in Figure 1.


Figure 1
Select an overview for getting details of each EBS

This action opens the screen shown in Figure 2. In this screen, double-click the bank account that you want to track.


Figure 2
Select the relevant bank account from various bank accounts

In the next screen (Figure 3), you can see the various bank statements loaded for the bank account that you selected. Now you can observe from this manual process that tracking a missing EBS is a time-consuming, effort-intensive process that is prone to error because you can miss a statement during the manual scanning on the screen shown in Figure 3, especially when you have scores of bank accounts in an organization.


Figure 3
Select relevant bank statements from various bank accounts

I provide a solution whereby you can automate the internal control for finding the missing bank statement and notify the person responsible for taking the appropriating action (e.g., contacting a bank). The solution is flexible to show different periodicity (daily, weekly, monthly, yearly) of receiving an EBS from a bank.

I have divided the article into three main sections:

  • How to install the missing EBS monitoring utility
  • How to use the missing EBS monitoring utility
  • How to fully automate the process

Gaurav Aggarwal

Gaurav Aggarwal is SAP S/4HANA lead consultant at Infosys Limited. He has more than 14 years of experience, including 11 years in SAP Finance. He has expertise in both SAP FI and Controlling (CO) with integration to other modules in manufacturing and process industries. He is a chartered accountant and SAP Certified Financial Consultant. He holds a bachelor’s degree in commerce and is a techno-functional expert with thorough knowledge of the necessary ABAP for functional experts. He is a veteran in G/L, AR, AP, banking, FA, Travel Management, and closing cockpit and has handled greenfield implementation, upgrades and conversions, rollouts, and support projects. 

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Comments

8/19/2015 10:53:24 AM
Ravi

Excellent Article
8/4/2015 2:49:09 PM
Sridher Sathi

Nice Article

Thanks for sharing

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