Set up Bank Accounts for any of the following:

• Banks (Current Account, Deposit Account, Foreign Currency Accounts)
• Credit Card Companies
• Leasing Companies
• Finance Houses
• Petty Cash Boxes
• Employees and Directors to whom you sometimes advance Cash or Foreign Currency

To get an overview of all your Bank Accounts, go to Bank > Bank Accounts.

Corresponding Control Accounts

Each Bank Account must have its own General Ledger Control Account. You can create this in advance and subsequently allocate it to the Bank Account. It must be unique to that Bank Account.  If you do this, or use an existing GL Code for the Bank Control Account, the GL Account that you set up must initially have a Posting Type of P, not B. The process of setting up the Bank Account will change this to B and then this Control Account cannot be used again for any other purpose.  

See:

Cash and Bank Overview (6A.0) - AIQ Academy 

Add / Edit Bank Accounts (6A.1) - AIQ Academy

Bank Receipts and Payments (6A.3) - AIQ Academy

Bank Transfer (6A.5) - AIQ Academy  

Manual Bank Reconciliation‍ 

Automated Bank Reconciliation‍ 

Option1: Set up GL Control A/C Code first

You can set up a GL Control Account Code before setting up a new Bank Account. This account will hold the Bank Balance and associated transactions.

1. Go to GL > General Ledger Accounts > New GL Account.
2. Complete all other relevant details referring to Managing General Ledger Accounts.
3. Click Process.

Option 2: Set up GL Control A/C Code during Bank setup

Instead of creating the GL Code in advance, you can create a new GL Control Account Code during the Bank setup process.

1. Go to Bank > Bank Accounts and click on New Bank.
2. In the Select a GL Account field, select the account you created earlier. Alternatively, click Create new GL Account and create one now referring to Managing General Ledger Accounts.
3. Complete the appropriate details:
   • Online Payments Gateway Settings are used for setting up TransferMate accounts. See the next section for more details.
   • The Payments File Settings are used in the Supplier’s Bulk Payments program.
     • Type: This field determines the file format for your Bank.  If yours isn’t listed, then contact your System Provider who will add your Bank’s file format.  
     • Group Online Payments allows you to group many generated online Supplier (Vendor) Payments into a single entry in your system’s Bank Reconciliation.
4.  Click Save.
5. In Bank List, click refresh to view your account in the grid. 

Editing and Deleting Bank Accounts

To edit a Bank Account’s details, click A/C Details against the appropriate Bank Account. 

Bank Accounts can be deleted if:

• There are no related transaction records in the system.
• It is not a Default bank account for any Customer or Supplier. 

1. Set up your Company Credit Card as a Bank with its own GL Control Account.
2. When the Credit Card Statement arrives, use a Bank Credit Journal to record the expenditure, item by item, against the various GL Expense Codes, coding any personal expenditure to the relevant employee’s drawings account.   
3. When you pay the credit card company, use a Bank Credit Journal to post the payment from the relevant Bank GL Account to the Credit Card GL Account.

Creating Bank Transactions

1. Go to Bank > Bank Accounts.
    
2. Under Actions, note the following options:
   • Create New Reconciliation: See Manual Bank Reconciliation for more details.
   • Debit Journal, Credit Journal: Use these to make adjustments to the Bank Account, such as bounced Cheques, Credit Card refunds, Sundry Bank Charges, and errors. Use the template facility to create and post regular bank transactions for items such as Finance Leases, Rental Agreements, Loan Account payments, and Deductions. See Creating Bank Credit and Debit Journals for more details.
   • Bank Transfer: This is not to be confused with your live Bank’s Online-Banking System transfers. Use it to record transfers you make between the Bank Accounts you have set up and manage within this system.  In the case of transfers from Foreign Currency to another Currency, you can either supply the Rate of Exchange or the equivalent amounts. See Creating Bank Transfers for more details.
   • Sundry Receipt: Use this to deposit transfers from organisations that are not part of the Debtors (AR) Ledger, such as the occasional sale of an Asset, Insurance Claim, and repayment of Employee Cash advance. See Creating Sundry Bank Receipts  for more details.
   • Sundry Payment: Use this to make Payments from the relevant Bank Account to organisations, agencies, and people who are not recorded in the Creditors (AP) Ledger, such as VAT  (Tax) Payments, NI Deductions, Credit Card Companies. See Creating Sundry Bank Payments for more details.
   • Customer Refund/Supplier Refund: See Creating Customer and Supplier Refunds for more details.

Viewing Bank Transactions in the Transaction Browser

To view Transactions relating to the Bank Account:

1. Go to Bank > Bank Accounts and find your account.
2. In the Current Balance column, click View Transactions.
3. This opens the Transaction Browser displaying only transactions relating to that account. Click any of the blue links to drill down, such as Customer or Supplier Account, allocation against other transactions in the system, or opposing posting to the General Ledger.
4. Use the Action dropdown to print or re-print Remittances, and Reverse transactions.
5. Click Edit if you need to make any changes. 

See:

Using the Transaction Browser‍