ASWAQ6 : Banks and Commercial Papers

ASWAQ6 Offers a Highly Integrated and Flexible Environment for Managing Commercial Papers such as Checks and Promissory Notes
It also features a powerful bank reconciliation system that closely mirrors the manual procedures accountants are accustomed to when preparing bank reconciliation statements—offering unmatched strength and speed.

A Complete Document Workflow for Managing All Types and Statuses of Commercial Papers
The commercial paper module includes all the necessary documents for receiving, depositing into the company’s treasury or banks, and processing collection or return notifications.
While these documents are fully available, their use is often optional—saving time and effort when check transactions are relatively simple, eliminating the need for multi-step workflows for receipt, deposit, and collection.

Tracking Check Transactions with ASWAQ6

Full Integration with the General Ledger and Automatic Journal Entries
The system can automatically generate journal entries that reflect the status of commercial papers, according to user-defined preferences.
Entries can be generated for the receipt, deposit for collection, successful collection, or returned status of checks.
ASWAQ6 also allows the creation of dedicated sub-accounts for each debtor or creditor, holding checks under collection separately from the primary receivable/payable balances.
When a check is collected, ASWAQ6 performs the necessary journal entries to transfer the amount from “Checks Under Collection” to the main account.
The system also supports other types of financial instruments like insurance checks and handles check endorsement or cancellation movements.

Bank Account Reconciliation Through Electronic Bank Statements
ASWAQ6 is capable of processing electronic bank statements, which most banks in the Arab region now provide to their clients.
The system automatically reads these statements and compares them with transactions recorded in the software to identify and display discrepancies to the user.

Advanced Transaction Matching Method
ASWAQ6 matches electronic bank statements against system-recorded transactions using rules that can be customized by the user.
It also provides a simple manual matching method, even for complex cases like correction entries, settlement adjustments, or one-to-many transaction matches.
Once transactions are matched, ASWAQ6 instantly generates a reconciliation report showing matched and unmatched items—either in summary or detail format.
The system automatically carries forward unmatched transactions to the next financial period, in full compliance with proper accounting standards.