DESKTOP EDITION CLOUD EDITION SERVER EDITION THEMES GUIDES FORUM
Guides

Set up a bank account

Bank accounts are sources or repositories of money maintained by a financial institution of any type. Virtually every business needs at least one bank account. Possibilities include:

Enable the Bank Accounts tab

Before you can create a bank account, you must enable the Bank Accounts tab. Click Customize below the left navigation pane, check the box for Bank Accounts, and click Update. You will see the Bank Accounts tab added to the left navigation pane.

Create a bank account

Click the Bank Accounts tab, then New Bank Account:

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Define the bank account:

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Note
You should only add bank accounts that belong to the business. Personal credit cards and personal bank accounts used infrequently for business transactions should not be added as bank accounts. Transactions using such personal funds should be entered as expense claims.

Example
Brilliant Industries, an Australian company, has one business bank account used to receive money from customers and pay suppliers and employees. The business also maintains an account with a London bank for transactions in the United Kingdom. The business owner occasionally uses a personal credit card for business expenses. Brilliant Industries creates two bank accounts in different currencies:



Brilliant Industries does not create a bank account for the personal credit card of the owner because it is a personal account. The owner’s use of the personal credit card will be recorded in the Expense Claims tab.

View bank account balances

By default, all bank accounts are combined into an automatic control account named Cash at bank for Balance Sheet reporting. Foreign currencies are converted into your native currency on the Balance Sheet:

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Drill down by clicking the blue balance to see individual bank account balances:

You can see more detailed information by selecting the Bank Accounts tab. Here, you can find information about all bank accounts, even if you have modified your chart of accounts to have them reported on the Balance Sheet under different control accounts. You will also see pending transactions, if any.

Example
Northwind Traders maintains a primary bank account in Euros and another for transactions in British Pounds. Its Bank Accounts tab shows both accounts, including pending transactions and cleared balances, in their respective, denominated currencies:


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