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Bank Record Account Details

Every business has a bank account and to help you keep track of the money coming in and going out of the bank you can set up bank records.

You can use the various tabs to record your bank information. However, most of the critical information required needs to be entered on the Account Details tab.

Before setting up your bank records, make sure you have completed the Customise your company settings tasks. If you haven't yet defined these settings, from the Help menu > Customise your company > follow the instructions provided.

To create a new bank record, enter an account reference and any other required details then click Save. Alternatively, you can create the record using the New Bank option that starts a wizard which guides you through the process.

Find out more about how to enter information in:

Account Details Bank Details Contact Activity Memo Revaluations

Account

A/C Ref

A unique reference code used to identify the bank account in your Chart of Accounts (COA), which can't be changed once the record is saved.

The code must be numbers only and have at least four digits and no more than eight, between 0001 and 99999999.

We recommend:

  • The number of digits in a code are consistent. For example, you shouldn't have some with four numbers and others with six.

  • Allocate a code so that the account is grouped with other bank accounts. If you using one of the default COAs, use a number within the range of 1200 to 1299.

    Tip: Check your financial reports layouts to ensure the new account is included in these reports. Find out more

You can use the drop-down list to choose a different bank account.

Nominal Name

The description that appears in the Bank Accounts window to identify the account, for example Bank Current Account, and also in the Nominal Ledger list of accounts.

You can change this as required, using up to 60 characters.

Type

A/C Type

The bank account can be any of the following:

  • Cheque account
  • Cash account
  • Credit card account

Once you have entered transactions into the account, you cannot change its type.

Currency

The base currency of the bank account. This defaults to Pound Sterling.

If your software has been set to use foreign currency by running the Foreign Trader Setup wizard, you can choose a currency from the drop-down list. Find out more.

Note: If the Regional Settings in the Microsoft® Windows Control Panel on your PC are set to English (Ireland), the default currency setting is Euro.

Balance

Current Balance

The amount of money in the bank account. This value updates each time you post a transaction for this bank account. 

Minimum Limit

The amount that you don't want the balance of this account to drop below. If the amount of money you have in this account goes below this value, then the bank account appears in red in your Bank Accounts window.

If the bank account is set to use a currency other than the base currency, the value of the current balance appears here in both the base currency and the foreign currency you assigned to the account.

Bank Reconciliation

No Bank Reconciliation

If you don't want to reconcile this account, select this check box.

You can select or clear this check box at any time.

Last Reconciled Date

The date you last ran the Bank Reconciliation option.

Last Reconciled Balance

The balance you reconciled to on the last bank reconciliation. This should match the opening statement balance on the next reconciliation.

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