What are bank feeds and how do you reconcile them with unpaid invoices
In an earlier article, How to add school fees payments by importing from an Excel file, we looked at how to import payments from your bank or M-PESA statements.
Suppose we didn't have to manually add these transactions? Suppose it was possible for Sematime to get notified by your bank(or M-PESA) whenever a new payment has been made such that all the system has to do is reconcile the payment, issue a receipt and notify the parent of their new account balance.
Bank Feeds automatically import transactions from your bank, M-PESA paybill or any other financial institution directly into your Sematime account, eliminating the need to add transactions manually.
To view your feeds, click the 'Payments' option from the 'Home' view menu and then open the 'Bank Feeds' tab as shown in the image below.
The 'Status' column of the feeds table shows which transactions have been reconciled and which ones have not. 'Unreconciled' means Sematime could not tell whose student this payment belongs to and needs to be helped to reconcile it by clicking the 'Reconcile Feeds' button.
Now all you need to do is to specify the student for which each payment belongs to by either entering their student name or ID and then clicking 'Reconcile' to finish.
Suppose we didn't have to manually add these transactions? Suppose it was possible for Sematime to get notified by your bank(or M-PESA) whenever a new payment has been made such that all the system has to do is reconcile the payment, issue a receipt and notify the parent of their new account balance.
Bank Feeds automatically import transactions from your bank, M-PESA paybill or any other financial institution directly into your Sematime account, eliminating the need to add transactions manually.
To view your feeds, click the 'Payments' option from the 'Home' view menu and then open the 'Bank Feeds' tab as shown in the image below.
The 'Status' column of the feeds table shows which transactions have been reconciled and which ones have not. 'Unreconciled' means Sematime could not tell whose student this payment belongs to and needs to be helped to reconcile it by clicking the 'Reconcile Feeds' button.
Now all you need to do is to specify the student for which each payment belongs to by either entering their student name or ID and then clicking 'Reconcile' to finish.
Updated on: 10/04/2024
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