When customer and supplier payments have been processed by your bank, you use banking functions to complete the AR and AP cycles. You can also create bank statements using Banking Entry.

When you have created the bank statement, you create statement lines to allocate to payments to and from the account. When you save the statement, you generate postings to the sub-ledger and update the accounts. Finally, Banking Entry displays an immediate bank account balance, and you can list activity on the account using different GL transaction reports. The Petty Cash report also details cash movements on the account for period ranges.