FAQ - Bank Master

Q1. What is a Bank Master in MDM?

ANS: Bank Master is a database in an ERP (Enterprise Resource Planning) system that contains information about the banks that a company uses for financial transactions. The Bank Master typically includes details such as the bank name, branch, address, account number, account type, and other relevant information.

Q2. Why is a Bank Master important?

ANS: Bank Master plays a crucial role in managing financial transactions, including payments, receipts, and bank reconciliations. The Bank Master is used to define the bank accounts that will be used for these transactions, and to specify the various payment methods that are available to the company.

Q3. What type of information is required for a Bank to be added?

ANS: A Bank Master typically includes essential Bank information such as Bank account number, Bank Name,Branch, Address, Account type, Swift code & IFSC code.

Q4. Mandatory Documents required to onboard a Bank?

ANS: For Bank account Onboarding below details are required:

1. Bank Statement

2. Canceled Cheque

Q5. What to do if a Bank account number is not found in the Transaction?

ANS: If a Bank account number is not found, Please raise a freshdesk ticket, with the above mentioned mandatory documents attached.

Q6. Whom should we reach out to get the Bank account onboarded?

ANS: Reach out to MDM Team via Freshdesk ticketing portal to get Bank accounts added.

Q7. What will MDM do if Mandatory documents or required information is not provided in the Freshdesk ticket?

ANS: MDM will reject the request asking for the required information or Mandatory documents.

Q8. If I want to add the bank account of the vendor in the system; will I need to raise a ticket for bank master addition?

ANS: Yes, You have to raise a Vendor bank addition - VFS request in freshdesk.

Q9. Who will be POC for Bank Addition through which all requests should be routed?

ANS: POC for Bank addition from banking team - Chanjana Saji & from MDM team Lokeshwari Kuppan. All requests should be routed via freshdesk tickets only.

Q10. I can add foreign bank accounts in Master?

ANS: Yes, Foreign banks can be added in Bank master by providing all the required documents.