Bank Account Setup

Bank Account Creation

Before any cash transactions can occur at least one bank account is required.  Bank account maintenance is located under AP - Bank Accounts

On the Bank Accounts screen choose Add Bank Account.  (Note, before creating a bank account the user should first create the associated general ledger account).  This is covered in a previous document.

Required Fields

Account Number: The banking account number

Description: A friendly description

Beginning Balance: This is the current balance of the account for the starting point

Next Check Number:  This is the number of the first check in your preprinted forms

GL Account: General ledger account number

Optional Fields

Check Format: This is the layout of the printed check.  It is covered later in this document.

Currency: If the company uses multiple currencies for transactions this is set here.

Default Account

Setting an account as the default account is optional. The default account is the account used if no other account is specified when entering a payable invoice.

Allow Deposits

For a deposit to accept deposits, the Allow Deposits check must be checked.  This enables the account to show up in the deposit screen.

Check Formatting

Initial Balance

To open your bank account for the first time you must create one manual GL entry debiting the newly created bank account general ledger.