On the Banking page, set up bank accounts to track your bank activity, reconciliations, and balances. For each account, you can:
Edit the account information
Enter an opening balance
Review the balance graph
Pay a vendor bill
Record a customer receipt
Record a payment other than for a vendor bill
Record a receipt other than for a sales invoice
Receive a refund from a vendor
Record customer refunds
Record bank deposits
Transfer money between bank accounts
Reconcile a bank account
Import your bank statement
For foreign bank accounts, you can:
Toggle between currencies when reviewing bank account activity
Revalue bank accounts, showing gains and losses
Cause
Resolution
Activity tab
The Activity tab shows transactions posted to this bank account. You can:
Search for transactions by reference or transaction value
Select More to view transactions between a range of dates, or to view transactions by type
View or edit details of receipt and payment allocations
Select transactions to print, email, export, or delete
NOTE:
You can’t delete transactions included in a bank reconciliation.
Address & Contacts tab
Change the main address and contact details if required. You can have only one address per bank account.
Select Add Address Contact to add more contacts.
Select the Main Contact checkbox to specify the main contact.
Select Delete to remove a contact.
Reconciliations tab
View and print reconciliations.
Revaluations tab
Revaluing changes the value of your base currency due to exchange rate fluctuations. Complete this monthly or quarterly as needed.
From the Revaluations tab, select Revalue this bank account.
Choose the date for revaluation.
The system automatically populates the exchange rate, but you can change it manually.
The system shows a loss or gain as a difference.
The difference posts to the Exchange rate gains and losses ledger account. This appears on your Profit and Loss Report as an overhead.
Add a reference for audit purposes, such as a month-end revaluation.
Select Revalue.
Once you complete the revaluation, the system shows details of all revaluations in the Revaluations tab. If you notice errors, delete the entry and complete the revaluation again. We recommend completing new revaluations on entries shown after the deleted date.