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Best Practices for using Sybiz 22 Bank Feeds

With its goal of connecting businesses where they need to, Sybiz 22 was launched with a new and improved Bank Feeds feature that would automatically sync bank statements to your cashbook.  

At its core, this feature simplifies and speeds up your cashbook processing through different functions like rule-setting and automation.  

If you’re new to Sybiz 22 Bank Feeds, here are some of the best practices that Sybiz experts recommend: 

Best practices for Sybiz 22 Bank Feeds 

  1. Set a uniform length when using numeric or even partially numeric codes – Become regimented when it comes to your codes so that your data is more organized and can easily be found or filtered.  
  2. Require your customers to use your business reference codes – Communicate with and train your customers to use the same reference numbers or codes that you use to avoid inconsistencies and errors.  
  3. Remember that the system redacts digits, excluding the final four digits – Sybiz 22 utilizes, Yodlee, a third-party platform that connects the ERP system to the banks. For security purposes, Yodlee redacts sequences of numbers, such as sales invoice numbers, that go beyond the final four digits. 
  4. Set group reference codes – Certain transactions will be grouped in bank statements; these should be given a group reference code for more efficient processing and matching to the checkbook. 
  5. Consider using automatic payments Automatic payments not only improve the efficiency of your process but also support the group references mentioned in the item above.  
  6. Don’t try to create rules for every scenario – While a great amount of automation can be done for your cashbook processing through running rules within the system, there are still certain transactions that will be exceptions or one-offs and will require manual review. If you spend too much on creating a rule for highly specific requirements, it defeats the purpose.  
  7. Think about rule prioritization – When identifying which rules you’d like to run, always start with the more specific rules and then move on to the broader rules. This way, your broader rules won’t affect the specific rules that you’ve already set up.  
  8. If a bank is unable to connect or feed transactions, try later or handle manually – There will be times when banks may unavailable from the system briefly. In those instances, users can try at a later time or, if the matter is urgent, manual transactions can be done.  
  9. Bank reconciliation and bank feeds should not be processed at the same time – Don’t play tug of war with your fellow users by reconciling and processing bank feeds at the same time. Sybiz 22 sends notifications to users when one is doing another. 
  10. When planning to process a bank reconciliation, process bank feed transactions up to the date of planned bank reconciliation – Before you proceed with bank reconciliation, finalize your bank feed transactions up to the date that the bank reconciliation is performed. This way, you won’t have to uncheck any other transactions during the bank reconciliation process.  

Picked up a lot of helpful tips?  You can learn more about the exciting enhancements to this ERP system by watching the Sybiz 22 webinar below:  

 

In need of support for Sybiz Vision? Contact our friendly to assist you with all your ERP system needs. You may also check out our YouTube channel, LinkedIn, and Facebook pages for more product updates.  

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