CODA (Coded Daily Bank Statement) and FINSTA (Financial Statements) are the general layouts of electronic bank statement files which are used by all Belgian and Dutch banks respectively. The CODA/FINSTA interface reads the bank statement files (provided by the Isabel SA company) and assigns the different transactions to a G/L account, a debtor or a supplier depending on the type of bank transaction. Furthermore, if the transaction is a payment, then the interface searches for possible transactions to settle. Finally, transactions are created in an open financial transaction batch. Reports are printed during the process, so the user can reconcile the bank statement with the open batch.
The layout of the CODA file is completely different from the layout of the FINSTA file. Both of them are separate files. However, it is possible to load CODA and FINSTA bank statements in one run. For example, if a company uses both Dutch and Belgian banks, it is possible that they will receive bank statements from the Dutch bank in the FINSTA layout and from the Belgian bank in the CODA layout.
Note: A/P payments, A/R payments, and the G/L transactions (bank transfers, bank costs and interests) are all handled by the CODA/FINSTA functionality.