New Bank Account

How do I add a new bank account in an existing company? 

Step 1

Go to the Chart of Accounts by either clicking on the Chart toolbar option or via the Setup > Chart of Account menu option.

Or

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 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.

Step 7

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

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

Click the Add buttn if you need to add any brought forward transactions.

Click on the Close button when you are finished.