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:
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.
Click the Bank Accounts tab, then New Bank Account:
Define the bank account:
Namethe account so it will be recognizable. The name could include a description, a bank’s name, a credit card designation, or an account number.
Codeallows you to set the order in which bank accounts are listed. Enter a number. If blank, accounts will display in alphabetical order.
Credit limitcan be set, especially for credit cards. You can also use this field to indicate the amount of overdraft protection.
Currencyoptions will be available if you have set a base currency. By default, bank accounts are undenominated. That is, they are assumed to be in your native currency, whatever that is. But if you plan to use multiple currencies, or just want your currency symbol to appear on forms and reports, set a base currency. (Go to Settings Base Currency, select a base currency in the dropdown box and click Update.) Bank accounts will then automatically be denominated in your base currency. Change the selection for a specific bank account in its
Starting balancecheck box will appear only if you have set a start date for your business. Enter the account balance on the start date in the blank field that appears when the box is checked. This feature is used when migrating to Manager from a prior accounting system.
Inactivebox can be checked if the account is closed. (Bank accounts cannot be deleted from Manager if they have any past transactions, because doing so would eliminate the records of those transactions and affect active Balance Sheet accounts.) If the box is checked, the bank account will not appear in lists for transactions in the Bank Transactions tab. The account will be greyed out in the Bank Accounts tab listing. Edit it to restore to active status.
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:
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.