AR Management - This article will explain uploading bank statements, matching transactions to outstanding invoices or already recorded payments, and the automated generation of payments in Lumary for matched transactions.
Required packages and permissions
Available with: Lumary 22.82 and later
Permission: Lumary AR - AR Management & Lumary AR - EFT Matching
Lumary AR Management features do not necessarily come as standard. If these features are not available to your users, please contact your Account Manager.
This feature currently does not handle transactions from credit card payment gateways or refund transactions. These transactions should be ignored in the matching process and handled manually.
The process of performing Bank Reconciliation using Lumary is as follows:
- Uploading your Bank Statement
- Automated Ignoring of transactions
- Automated Matching
- Manually Matching Remaining Transactions
- Verifying and Validating Ignored, auto-matched and manually matched transactions
- Approving All Matched transactions for payment generation
- Finalising Bank Statement
- Payments and Payment Assignments Auto-Generated