Adding Banks

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Setting up Bank Services

Deleting Bank Accounts

You must add a record for each bank account on your chart of accounts.

  • Make sure that the general ledger includes the following accounts:

    • Bank Account
    • Write-Off Account
    • Credit Card Charges Account
    • Exchange Gain Account (for multicurrency companies only)
    • Exchange Loss Account (for multicurrency companies only)
    • Rounding Account
  • Add the distribution codes you need for bank entries.
  • Add tax authorities and tax groups.
  • Make sure you have authorization to maintain banks if you want to add, edit, or delete bank records.

To add a bank:

  1. Open Bank Services > Bank Setup > Banks.Open Bank Services > Bank Setup > Banks.
  2. In the Bank field, enter a bank code, and then enter a description for the bank.
  3. Complete the fields on the Profile tab.
  4. If this is a multicurrency bank, select the Multicurrency option, and then specify the statement currency.
  5. On the Account tab, specify the general ledger bank, write-off, and credit card charges accounts for the bank.

    Note: Do not specify accounts to which posting is prohibited.

  6. On the Address tab, enter the company address, contact name, and phone and fax numbers.
  7. On the Check Stocks tab, specify check stock code, the next check number, and stock type.
  8. If this is a multicurrency company, click the Currency tab to select a currency code and the check and deposit rate types, as well as the general ledger exchange gain, exchange loss, and rounding accounts.

    Note: Do not specify accounts to which posting is prohibited.

  9. On the Taxes tab:

    1. Select a tax group.
    2. For each tax authority in the tax group, select a vendor tax class.

    Note: The tax group and vendor tax classes that you specify are used as defaults for taxable bank entries for the bank.

  10. Click Save.