Two bank accounts have already been created, one for a bank account and one for cash. You need to add the details of your client's actual bank account then additional bank accounts where necessary. - Go to Banking, and select the Bank Account tile.
- Enter details for your main bank account.
Show bank details guide
| Account Name * | Enter the name for the account. This shows on the Banking page and on your reports. Use a name that makes it easy for everyone in your business to identify. | | Account Type * | As this will be your main bank account, it is automatically set to Current. | | Sort Code and Account Number | Enter the details for this bank account. | | Default transaction method | When you enter a payment or receipt, this will be the default method shown. | | Ledger Account | Payments and receipts for this bank account are recorded in the Ledger Account shown here. This is 1200 by default. You can change to a different ledger account if required. You might need to do this if you imported your chart of accounts. | | IBAN | This is the International Bank Account Number. | | BIC / Swift | A BIC (or SWIFT code) is used for processing an international payment using the SWIFT system. BIC stands for Bank Identifier Code. |
Add another bank account- Go to Banking, select New, and then Bank Account.
Enter the details. | Account Name | The account name shows on the Banking page and on reports. | | Account Type | This adds a logo to the top right corner of the tile to allow you to identify it more easily. |
- Select Edit on the bank account to add details such as the account number and sort code.
- Select the tile for your new bank account.
- Enter the details as required.
- Select Save.
Enter bank opening balancesBefore you begin you must set a VAT Scheme and Accounts Start Date by selecting Settings then Accounting Dates & VAT. There two ways you can enter your opening balance, when you create a new bank account or afterward from the Opening Balances section in Settings. Add an opening balance with a new bank account- From Banking, select New, then Bank Account.
- Choose the right account type and enter your bank details. You may record your Sort Code and Account Number and / or the Last 4 digits of your credit card number to help you identify the account.
- Select Add an opening balance.
- Enter a corresponding Open Balance Date.
- Select if the bank account has a positive opening balance, is overdrawn, or you can indicate an overpayment balance for credit cards and loans.
- Enter the amount.
- Choose to Save the details or Save & Connect Bank.
Enter opening balance from Settings- Select Settings (or More in Accounting Start).
- In the Opening Balances section, select Bank.
- Check the Accounts Start Date is correct. If it isn’t, select the date. Then change it as required and select Save.
- Enter the bank details.
| Bank Account | Choose the relevant bank account. | | Date | This date must be before the Accounts Start Date entered in Settings, Accounting Dates & VAT. | | Type | Choose whether the balance is a Receipt (debit) or Payment (credit) (overdrawn) amount. | | Opening Balance | Enter your total bank account balance from your bank statement as at the date used for your opening balance. |
- Repeat the previous step on the next available lines until you’ve entered the opening balances for each of your bank accounts.
- If you’ve entered bank items in your previous accounting system but they have yet to clear on your bank account, you should record each of them on a separate line, using the date of the original transaction. You can then reconcile these items easily once they appear on your statement.
- Select Save.
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