New Bank Account.

New Bank Account.

New Bank Account
Adding a New Bank Account to an Existing Company

Step 1. Select Chart of Accounts

By either clicking on the Chart toolbar option or via the Setup > Chart of Account menu option

Step 2. Click on the Banks tab

Step 3. Click on the Add button at the bottom of the window

Step 4. Enter an Account Code for your bank (e.g. B4)

PLEASE NOTE: The default bank is the first bank in the list. This is sorted alphabetically so give the most used bank account the first code e.g. B1.

Step 5. Enter a Description of the Bank account

Enter a Description of the bank account for future reference. (eg. Business Cheque Account) - up to 30 characters
The Account Type will be BANK

Step 6. Enter the EFT Details

This is required if you are using this bank account for making payments via Electronic Funds Transfer (EFT).

Step 7. Enter a time frame for Reconciliations

Enter a time frame for reconciliations next to Usual frequency of reconciliations (see example below). 
PLEASE NOTE: If Never is selected then any transactions you enter will be automatically ticked off as reconciled as soon as you finish entering them.

Step 8. Click on the OK button 

Step 9. Click Yes to Confirm message

A window will appear asking if you would like to set the opening balance for the bank account now
Click Yes and it will take you to a screen where you can enter the opening balance
PLEASE NOTE: If you click No then you can enter the opening balance later via the Setup > Opening Balances > Bank Accounts menu option and selecting the new bank you have created.

Step 10. Type in the opening balance as it appears on your bank statement

Step 11. Select the Add button 

Click the Add button if you need to add any brought forward transactions
Click on the Close button when you are finished


Article ID 776