MT940

A standardised electronic bank statement format (MT940) for transferring bank statement data between banks and companies.

Detailed explanation/description:

Detailed functionality, purpose and context in SAP Business One
MT940 files contain structured information about account balances, postings and balances, which are imported into SAP Business One as electronic bank statements and processed automatically.
Integration into business processes
The MT940 file is generated by the banking system, imported into SAP Business One and used for automated bank account reconciliation.
Relevant modules and functions
Bank statement processing, payment module (Electronic Bank Statement), automatic allocation Open item.
Concrete application examples
A company imports MT940 files from its house bank on a monthly basis, imports them into the Bank statement processing and automatically reconciles payments with outstanding invoices.

Key features/important aspects:

Standardised by SWIFT.
Tag-based structure: e.g. :20: (reference number), :25: (account), :61: (booking line), :62F: (closing balance).
Supports transaction type codes (e.g. FINT = interest, CHG/CHG = charges, NTRF = credit transfer) for classification.
Supplementary field (tag 86) provides narrative details and SEPA references.
Can be customised with DMEE or format definition according to bank specifications.

Note on the Versino Financial Suite:

the Versino Financial Suite offers a convenient extension for SAP Business One, with which MT940 files can be automatically imported, analysed and transferred to accounting. It supports intelligent payment allocation and considerably simplifies the reconciliation of open items.