How do I set up banks and bank accounts?

Create each bank on Bank, each account on Bank Accounts, and make sure the general ledger account for each bank and cash account has the cash or cash equivalent category, so the Cash & Bank board counts it.

Screen

Cash & Bank › General › Bank, Bank Accounts

Who

Implementation consultant, finance manager

Takes effect

On Save

Needs first

Currencies; the chart of accounts

Steps

1. Open Bank and create one record per bank: Bank code, Name, Currency, Routing Number. Add the bank's contact persons on the Contacts tab.
2. Open Bank Accounts and create one record per account: Account Number, Name, Bank, Currency, IBAN, Swift Code, and the Account it stands for in the books.
3. Check the general ledger accounts. Each cash and bank account in the chart should have the asset nature and the cash or cash equivalent category, and the bank named on it, on the General Ledger Account. The Cash & Bank board reads only those accounts.
4. For cheque clearing, give the payment methods that use a clearing account Bridging Posting and an Offset Account, on the Payment Method in Payables and Receivables.

Check it worked

• The Cash & Bank board's Cash and bank balance tile counts your accounts. See Lists, reports and board.

Related

• Bank, Bank Accounts, Cash Bank Setting.
• Opening balances of the bank accounts: see How do I bring in opening balances?.
• Set up a new company - where banks fit in the setup order.