This form allows you to create a new bank or cash account or edit an existing one.
Bank accounts track money in your bank, while cash accounts track physical cash on hand.
Complete the following fields:
Enter the name of the bank or cash account as it should appear throughout the system.
For bank accounts, use descriptive names like 'Business Checking - ABC Bank' or 'Savings Account #1234'.
For cash accounts, use names like 'Petty Cash', 'Cash Register', or 'Cash on Hand'.
Enter a unique code to identify this account quickly in dropdown lists and reports.
Account codes are optional but useful for organizing multiple accounts. Examples: 'CHK001', 'SAV001', or 'CASH-01'.
The code appears before the account name in selection lists for easy identification.
Select a foreign currency if this account holds funds in a currency different from your base currency.
All transactions in this account will be recorded in the selected foreign currency and converted to base currency for reporting.
This field only appears if foreign currencies are enabled under Settings → Currencies.
Assign this bank or cash account to a specific division for divisional reporting.
All transactions in this account will be allocated to the selected division for profit center analysis.
This field only appears if divisions are enabled under Settings → Divisions.
Select a custom control account to categorize this account differently on the balance sheet.
Custom control accounts help separate different types of bank accounts, such as operating accounts vs investment accounts, or restricted vs unrestricted funds.
This field only appears if custom control accounts for bank accounts have been created under Settings → Control Accounts.
Enable this option to record the International Bank Account Number (IBAN) for this account.
IBANs are used for international wire transfers and are required in many countries. The IBAN will appear on remittance advices and payment instructions.
Enable pending transactions to track when payments and receipts clear your bank account.
When enabled, each transaction can have two dates: the transaction date and the clearance date. This helps with bank reconciliation and cash flow management.
Pending transactions appear separately in reports until they are marked as cleared.
Enable this option to set a credit limit for overdraft facilities or credit card accounts.
Enter the maximum amount that can be overdrawn or charged. The system will warn when transactions would exceed this limit.
Useful for monitoring credit card balances and overdraft usage to avoid fees and manage cash flow.
Mark this account as inactive to hide it from dropdown selection lists while preserving all transaction history.
Use this for closed bank accounts or discontinued cash accounts. Historical transactions remain in reports for audit purposes.
You can reactivate an account at any time by unchecking this box.
New accounts start with a zero balance. To set an initial balance:
• For a positive balance, create a receipt in the Receipts tab
• For a negative balance, create a payment in the Payments tab
• For bulk adjustments, use the Journal Entries tab to create a journal entry