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Bank accounts are set up in the General Ledger Setup window by specifying General Ledger accounts as a linked account of type Bank Account. Bank accounts entered in this way can be also viewed and modified in the Bank Accounts window. Bank accounts may be set up for local and foreign currency. The details entered in this screen can appear on financial documents such as your invoice and statement.
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How to Create a Bank Account
In General Ledger Setup, select an account and assign a “Banking Account” type Linked Account (see Control and Linked Accounts).
Navigate to Banking > Bank Accounts in the main menu.
In the Bank Accounts window, select the new bank account and enter Bank Details as required. The account BSB and number can be set, as well as the bank name and branch. If applicable, the Swift, IBAN and BIC Codes of the account can be entered as well.
Fill out the fields outlined in detail below as required.
Click Save.
The following fields are available:
Field | Description |
|---|---|
G/L Account Number | General Ledger Account number for the Bank Account. As set up within the General Ledger Setup screen. |
Control Account | The assigned control account. As set up within the General Ledger Setup screen and should always be set to bank account to appear in this screen. |
Currency | Currency for this account. This will default to the system base currency. If the bank account is in foreign currency, make sure this is set to the correct currency. This cannot be changed once the account has transactions. |
Bank Type | Bank code for this Bank Account. Bank code of the account. Bank codes are set up in Codes Management. |
Bank Account Number | The actual bank account number assigned by the bank. |
Account Name | Bank Account Name. As entered via G/L Setup. |
Bank Name | Name of the Bank |
Branch Name | Name of the Bank Branch |
BSB/ Sort Code / Transit Number | Bank State Branch (or BSB) is a unique number used to identify the bank and branch where the account is held. This field is used for the Sort Code in the UK or the Transit Number in Canada. |
Routing Number | Bank account routing number used as identification number by the bank for electronic payments (US). |
Swift Code | Used to identify banks and financial institutions globally. |
IBAN Code | International Bank Account Number. |
BIC Code | Business Identifier Code. |
Default Payment Method | |
Van Line Bank | |
Last Reconciled | Date account was last reconciled. System generated date from the last time Bank Reconciliation was performed. To be manually entered when setting up system for the first time. |
Last Reconciled Balance | System generated amount from the last time Bank Reconciliation was performed. To be manually entered when setting up system for the first time. |
Next Bank Statement Number | Not currently used |
Next Cheque Number | Number to be used on the next cheque printed for this account. Valid only if A/C is a Chequing Account. |
Online User Number | Your user number for online banking payments. |
EFT Reference | Reference text to be included in EFT file. Usually the account name. This text will appear on bank statement for each transaction. |
Electronic Banking File | Name and location of the generated electronic banking file to be uploaded. The bank can provide details of the naming conventions to be used. |
Bank Deposits File | Name and location of the generated bank deposits file. |
Authorisation Code | Authorisation code used for electronic banking (if applicable). |
Receipts Client Number | |
Online User ID | Your user number for online banking direct debits. |