Before you begin

• Before you start the bank account setup, verify that you have your accounts set up in General Ledger.
• Create new bank accounts before entering transactions, when possible. It's simplest to create the bank when it has balances of zero.
• We recommend using Setup Assistant to create your Cash Management bank accounts.
• For help on an item in the Setup Assistant windows, right-click the item and select What's This?

Setting up the account

1. Go to Cash Management, Setup, Setup Assistant.
2. Follow the steps below to complete the bank setup. Each section below corresponds to a separate screen in the setup wizard.

Introduction

Review the introduction and click Next.

Specify CM Settings

1. Click CM Settings to review your Cash Management settings.
2. Click OK and then click Next.

Set up Bank Accounts

1. Click Bank Account to open the Bank Accounts window.
2. If you already created this account, select it from the Bank account list and skip to step 5. If this is a new bank account, click the button with the * (asterisk).
3. Type a bank account ID (up to 10 characters) for the new bank account and then click Insert. If you use AvidXchange, don’t use commas, spaces, dashes, periods, or other special characters for your ID. 
4. Enter the full name of your bank account or a description in the Description box.
5. Select the GL Cash Accounts tab.
6. From the General cash account list, select the cash account that you want to use for this bank.
7. Select the checkboxes corresponding to each of the interfacing applications that want to use this bank account.
8. To use separate cash accounts for each application, select the Use separate cash accounts per application box. You can then specify a specific full or base account to use with your interfacing applications. The General cash account is the only box that requires entry before continuing through Setup Assistant.
9. You can enter more information on the bank now, or enter the information later in Setup, Bank Accounts.
10. If Accounts Payable (AP) or Payroll (PR) will be using this bank account, go to the General tab. Select the AP check format and/or PR check format to use with this bank.
11. Click Close to return to the Setup Assistant process.
12. Click Next.

Select Bank Account

Select your new bank account and click Next.

Enter Balances

For Cash Management to report accurate bank account balances, each bank must "Go Live" with a beginning balance as of a specified time.

Setup Assistant walks you through the process to set up Cash Management and establishes the beginning balance and starting point for the bank account.

Balances entered directly to Cash Management must correspond with the future balances of the cash accounts in General Ledger.

1. Locate the statement ending balance on the most recent bank statement you have for this bank. Enter that amount in the Last statement ending balance box (unless the GL future balance is $0.00). If the account doesn’t have a balance, enter 0.00. New banks have a 0.00 last statement ending balance because transactions don't appear until the next statement.
2. Enter the date of your most recent bank statement in the Last statement date box. If this is a new account, use the date you opened the account as the last statement date.
3. Leave the prefilled General cash account.
4. In the Cash Account column, enter each cash account associated with the bank. Include the same cash account that appears in the General cash account box above.
5. Enter the General Ledger future balance for each cash account in the Amount column. If this bank replaces an existing CM bank and will use the same GL account, enter 0.00 instead. After going live on this bank, enter a bank transfer in Cash Management. Move the balance from the existing bank to this new bank account. You can find the future balance in the General Ledger Account inquiry.
   1. In General Ledger, from the Inquiry menu, select Account.
   2. Select Current, and then click OK.
   3. Note the appropriate Future Balance.
   4. Click Next.

Enter Open Transactions

1. Enter your open transactions. Only enter transactions already accounted for in General Ledger. Entering your Open Transactions doesn't send entries to General Ledger.
2. Cash transactions already entered to this bank account from other applications appear here. If you have never used this bank account in any other application, no transactions appear.
3. Click Next.

Go Live

Select Yes under Do you want to go live with bank account "<bank account ID>"? if:

Last Statement ending balance (Enter Balances, step 1) + Open Transactions (Enter Open Transactions) = General Ledger Future Balance (Enter Balances, step 5) 

The Go Live option is only available if the bank account is in balance with General Ledger. If Yes is unavailable, your bank account isn’t in balance with General Ledger.

More information

For more information about setting up or changing the bank accounts in other modules, refer to the following articles.

• Where do I set up default bank accounts?
• For Accounts Payable (AP): How does Accounts Payable know which bank account to use when printing checks?
• For Accounts Receivable (AR): How do I set up my bank account to use in Accounts Receivable?
• For General Ledger (GL): How do I change the bank account assigned to my General Ledger Prefix or Company?
• For Payroll (PR): How do I set up my bank account to use in Payroll?
• For Property Management (PM): How do I change the bank account on a property in Property Management?

How do I deactivate, disable, delete, or close out a Cash Management bank account?

How do bank accounts work when you print checks in Accounts Payable?

Where are the AP check formats stored?

What are the differences between the three default Payroll check formats?