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11.2.3. Bank Accounts

Bank Accounts are established to define the Asset Account to be used when receiving or making payments. To access the master list of Bank Accounts, select the "Bank Accounts" option. The following screen will appear:

Bank Accounts Master List

The "Bank Accounts" screen displays information on all existing Bank Accounts, including period start date, period end date, and closed status.

11.2.3.1. Bank Account

A Bank Account can be set up for use by either Accounts Receivable (A/R), Accounts Payable (A/P), or both. To create a new Bank Account, select the NEW button. The following screen will appear:

Create New Bank Account

When creating a new Bank Account, you are presented with the following options:

Name

Enter a name to describe the Bank Account.

Description

Enter a description to further describe the Bank Account.

Bank Name

Enter the name of the Bank where the Bank Account is held.

Account Number

Enter the Account Number for the Bank Account.

Type

Specify whether the Bank Account is a checking, cash, or credit card account. The choice you make here is informational only.

Currency

Specify what type of currency to use for this bank account.

Used in Accounts Payable

Select if the Bank Account is used for Accounts Payable. If selected, the Bank Account will be available for use when making Payments. Not selecting means the Bank Account is not used for Accounts Payable. Payment specifications will be disabled if this option is not selected.

Next Payment #

Indicate the next Payment Number to be issued from the Bank Account. Payment Numbers will increment in intervals of one (1) beginning with the Payment Number entered here. By default, the next available number will display.

Print Checks/EFT Payments

Select if you want to require that Payments issued against the Bank Account must be printed. Not selecting this option means you want to by-pass printing and post Payments directly for the Bank Account.

Check Format

Specify the Payment Format to be used when Payments from the Bank Account are printed.

Used in Accounts Receivable

Select if the Bank Account is used for Accounts Receivable. If selected, the Bank Account will be available for use when receiving money. Not selecting means the Bank Account is not used for Accounts Receivable.

Asset Account

Specify the Asset Account to be credited when payments are made from the Bank Account.

Note

By default, the screen will limit your Account Number choices to only those Accounts having the correct Account Type for the chosen context. However, privileged users may override this default behavior by manually entering any Account Number listed in the Chart of Accounts.

Notes

This is a scrolling text field with word-wrapping for entering Notes related to the Bank Account.

To add Transmission details to an Account, select the "Transmissions" tab. The following screen will appear:

Create New Bank Account Transmission

When adding Transmission details to the Bank Account, you are presented with the following options:

Enable EFT Payments

Select to enable online processing or Electronic Funds Transfer (EFT) payment printing.

Routing Number

Bank Account Routing Number.

Settlement Lead Time

Number of days prior to funds transfer.

Create Payment Number for EFT File

Select to create payment number for automated transactions.

Immediate Origin Name and Number

Number used by the financial institution of origin, either routing or other, specified by the EFT gateway.

Company

Select if you want your Company Name and Company ID to be used. This information is defined on the Accounts Payable configuration screen. For more information, please see Section 11.1.1, “Configure Accounting”.

Bank Account

Select if you want your Bank Account name and routing number to be used.

Custom

Select if you want to define a custom name and number.

Immediate Destination Name and Number

Number used by the destination financial institution, routing or other, specified by EFT gateway.

Bank Account

Select if you want your Bank Account name and routing number to be used.

Federal Reserve

Select if you want the Federal Reserve to be used.

Custom

Select if you want to define a custom name and number.