The Customer Banks Book Addon lets the admin track payments, deposits, and withdrawals from a customer's bank account to the store's. The system records these transactions in a dedicated ledger, thus ensuring accurate accounting and easier financial management. Each transaction is linked to a customer account and allows for detailed reporting.
Key Features
- Customer Account Management
- The module enables back-end creation of customer bank accounts that can be associated with customers.
- Customers are able to view their account balance and transaction history on the front end (if enabled by the module).
- Transaction Recording
- The module will enable administrators to manually post deposits or withdrawals made to the store's bank account by customers.
- Every transaction will reflect the details like transaction type (it may be a deposit/withdrawal), date, and amount, besides having notes or references.
- There are facilities that allow joining orders with payments for smooth reconciliation.
- Bank Deposit / Withdrawal Functionality
- Administers the deposit the bank receives straight from customers by recording the withdrawal of money for a firm in case clients are entitled to withdraw his balance.
- This feature ensures an accurate record of all transactions involving the customers so that every financial exchange is accounted for.
- Transaction History
- All transactions can be viewed by both admins and customers depending on the permission level set by the owner of the store.
- This feature enables the customer to check his payment history and transparency in the system.
- Balance Management
- The system automatically updates a customer's balance following each and every transaction. For instance, on deposit, the balance on the customer's bank would go up, while at withdrawal, it decreases.
- This aspect makes the current customers' balances easy to know and follow up on at every time.
- Notifications and Alerts
- The administrator can allow having alerts when some certain transaction has taken place to assist them in tracking in real time the activities involving their customers.
- Customisable Reports
- Admins can also generate detailed reports by account or any other criterion based on transactional activity of customers and include deposits, withdrawals, and balance.
- This enables auditing, tax filing, and other financial management needs.
- Refund Management
- The module may also have refund functionality where administrators could directly refund customers back to bank accounts.
- This helps administer the process of issuing refunds and maintains accuracy.
- Multi-Currency Support
- If the store is worldwide, then the module can support multiple currency transactions. This enables the consumer to make payments or withdrawals in their local currencies.
