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

1. 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). 
2. 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. 
3. 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.
4. 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.
5. 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. 
6. 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. 
7. 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.
8. 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.
9. 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. 

Benefits

1. Accurate Financial Records
   • Customer transactions are tracked in a dedicated system, all the monetary exchange can be recorded correctly, and it can be recalled anytime in the future. Therefore, it helps to keep proper bookkeeping.
2. Improved Customer Experience
   • Transparency increases as customers can monitor their balances and check the history of transactions with the company. 
   • Easy deposit and withdrawal options customer satisfaction. 
3. Simplified Bank Reconciliation
   • The module allows easy reconciliation of customer payments with the bank statements. Since every transaction is recorded in real time, administrators can compare financial records against actual bank deposits, making it easier to spot discrepancies.
4. Reduced Errors
   • By automating the recording of customer transactions, the module reduces the risk of human error that might occur when manually tracking payments or withdrawals.
5. Better Cash Flow Management
   • Tracking deposits and withdrawals helps store owners maintain a clear view of their financial position, enabling better decision-making for cash flow management.
6. Customisable and Scalable
   • As your business grows, the module can scale to accommodate more customers and transactions. The customizable features allow it to be adapted to different types of store operations, whether it’s managing small deposits or large sums.
7. Financial Transparency
   • This module provides transparency for both customers and store administrators by providing a clear view of all transactions. This level of transparency helps build trust between the store and the customers.
8. Enhanced Security
   • Using a customer bank book module provides a secure way to handle financial transactions within the CS-Cart environment, protecting sensitive customer and store financial data.
9. Tax and Reporting Compliance
   • The module provides transaction and balance reports that can be crucial for accounting and tax filing purposes, ensuring businesses comply with financial regulations.

The Customer Banks Book Addon for CS-Cart streamlines financial operations for online stores by offering an efficient way to track customer payments, balances, and transactions. This helps enhance customer experience, reduce errors, and improve overall financial management.