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Working with Bank Accounts

The Bank Account Document represents one of your company’s actual Bank Accounts.

The balance and associated transactions should reflect those of the actual account it represents and be reconciled with its real world counterpart.

As with its real world counterpart, the Bank Account Document allows you to make deposits and transfers, and record bank charges and interest payments.

Credit Card and Petty Cash accounts are very similar to Bank Accounts and this guide can be applied to those accounts too.

How to create a new Bank Account

  1. From the Explorer click BankingBank Accounts.
  2. From the Action Bar click ‘Create Newplus.
  3. This displays the new Bank Account page (as shown below).

New Bank Account Page

New Bank Account Page

4. Specify the Currency and the opening balance.
5. Specify the Chart of Accounts account name, and if required a Nominal Code.
6. The Account Name and Nominal Code have to be unique within the Chart of Accounts.
7. The Cash Flow Category allows you to categorize the account for the purposes of the Statement of Cash Flows Report.

Once the Currency has been set it cannot be changed.

Bank Account Key Facts

  • A Bank Account Document represents one of your actual bank accounts.
  • A Bank Account differs from a normal Asset account in that it has an associated Bank Name, Bank Account number and Sort Code.

The Bank Account Document

An example of the Bank Account Document is shown below.

The Bank Account Document

The Bank Account Document

Once the Bank Account has been created you can enter transactions such as:

  • Specify the Bank Account in a Cash Purchase
  • Receive a Customer Payment into the account.
  • Deposit checks into the account.
  • Make money transfers to and from the account.
  • Enter Bank charges.
  • Enter Bank interest payments.

How to reconcile your Bank Statements

It is important to ensure one-one correlation between the respective balances and associated transactions on the Bank Account and your system Bank Account.

To ensure this correlation, reconcile all transactions using a Bank Reconciliation Document. See Reconcile your Bank Account.

Also Read About

Showing Money In/Out
Setting default bank accounts
Entering Purchases directly
Making Bank Deposits
Transfer Funds from a Bank Account
Enter Payments from your Bank
Enter Payments to your Bank
Working with Checks
Working with Petty Cash Accounts
Reconcile your Bank Account
Working with Credit Cards
Working with Currencies
Currency Adjustments
Working with the Chart of Accounts
Working with Accounts
Working with Memos