Bank Accounts

Use this form to setup and configure your bank & cash accounts. All accounts are used to reconcile customer payments and payments to Suppliers.

bank account copy

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.

 If you need to operate on account with negative balance it cannot have type Cash account selected when account is created. Choose another account type e.g. Credit Account.

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.