I am trying to get an idea of best practices for bank accounts in X3.  We are coming from Sage 500 where there is a Cash Management module and implementing Sage X3, where there is not.  Our partner believes we should not make our cash account a control account due to having to set up BPs for each one (we have over 250). 

Since all of our cash accounts use the same g/l account, the way we would designate the bank account in a journal entry would be by using the journal code and that this would cause the journal line to be available for bank reconciliation purposes.  Since in every other ERP I have worked with, cash has been a control account I am having a hard time getting my head around this practice.

Also, using a specific journal code for each bank account would make it necessary to employ the use of a clearing account just to do a bank transfer entry (i.e., one journal to move funds out of bank account A offset with the clearing account and a second journal to move funds into bank account B offset with the clearing account).  In my experience, clearing accounts tend to be a reconciliation nightmare.  We have around fifty companies so that would be fifty more accounts to reconcile.

I would be interested in hearing from companies that use BPs to handle their bank transactions with the Cash g/l account being a controlled account and also from those who don't have Cash set up as a controlled account and how they make their journal entries to allow bank reconciliation.  What are the pros and cons.

Thank you very much for whatever insights you can provide.

Cindy