Use this form to setup and configure your bank & cash accounts. All accounts are used to reconcile customer payments and payments to Suppliers.
To Add a New Bank Account
Go to General Ledger -> Setup -> Chart of Account
- Select New Account from the drop down list
- Enter Account Code (e.g 1066)
- Leave Account Code 2 blank
- Enter Account Name (e.g Bank Alfalah – Clifton Branch)
- Select appropriate Account Group (e.g Current Assets)
- Click Add Account
Go to General Ledger -> Setup -> Bank Accounts
- Enter Bank Account Name (e.g DYS Solutions)
- Set Account Type as Saving
- Select the account you created above from the Bank Account GL Code drop down.
- Enter Bank Name (e.g Bank Alfalah)
- Enter Account Number.
- Enter Bank address (if required)
- Click Add New to save
Tips and Tricks
Every currency bank account can have one default mark. This account will then be selected when doing payments / deposits to suppliers / customers. Also this default account will be stamped on the sales invoice. Remember to fill out the Bank Name and Bank Account no.
Credit Cards Bank Account
Assign a bank account to a liability GL account to solve credit card accounting.
- Create the GL liability account for the credit card
- Create the bank account to link with the liability account created above
- Enter your supplier details like pay them using the bank account which is actually the credit card
- Do a bank transfer to pay the credit card
- GL Account Code should not have any transactions for it to be assigned to a Bank Account (or a Credit Card Account).
- Bank Account cannot be created by assigning a GL Account that has existing transactions. Begin with an empty GL Account.
- Bank Account can be edited to be assigned a GL Account Code that has existing transactions, but Reports=>Bank Statements will not include any of those pre-existing transactions.
- Once assigned to a Bank account (or a Credit Card Account), the GL Account cannot be deleted within software.