Fields and controls
Account Description
Enter a description for the account, using up to 60 characters.
Distribution Code
Enter a unique code that identifies a type of bank transaction, using up to 6 alphanumeric characters.
Tip: If you are setting up Bank Services, we recommend that you add a distribution code called SETUP, and use it to establish your bank account balances. You can delete this code once you have finished setting up your bank accounts.
Distribution Code Description
Enter a description for the distribution code, using up to 60 characters.
G/L Account
Enter the number of the General Ledger account to which offsetting entries for this distribution are made. For example, if the distribution is interest income earned on deposits, the General Ledger account would be Interest Income.
If you are adding a distribution code called SETUP, select the general ledger account number for the bank account.
Do not select accounts with the Post To Account field set as prohibited.
Inactive (as of)
Select this option to set the distribution code as inactive.
The date that the record became inactive appears in the date field beside the Inactive option.
Last Maintained
When you save a new record or make changes to an existing record, this field is updated with the system date.
Detail Table
Tax Authority
Specify a tax authority that taxes transactions that use the distribution code. A description of this authority will appear in the correlative description field.
Tax Class
Specify the item tax class for a tax authority. A description of this class will appear in the correlative description field.
Note: After doing this, specify in the Tax Included field whether tax is included in the amount of a transaction.
Tax Included
Specify whether taxes are included in transactions that use the distribution code.
Note: This field applies only to tax authorities that allow included taxes.
Overview
Use the Bank Distribution Codes screen to add, edit, or delete distribution codes you use to distribute bank transaction details to your general ledger accounts.
Note: If security is turned on for your system, you need Setup Maintenance authorization to update distribution codes, and you need Maintain Bank Information authorization to view distribution codes.
Distribution codes represent the different types of transactions that you enter in Bank Services, such as interest earned on deposits, interest charges on loans and overdrafts, monthly or annual service charges, charges for NSF checks, and transfers of funds from one bank account to another.
Distribution codes identify the offsetting general ledger accounts to debit or credit when you post bank entries, but they are usually easier to remember than an account number. For example, a distribution code for interest income, INT, would debit a bank account and credit the Interest Income account.
On the Bank Options screen, you can specify a distribution code to use as the default for new entries on the Bank Entry screen.
Once you create distribution codes, you can combine them into distribution sets using the Distribution Sets setup screen.
Distribution codes and distribution sets represent the default account or group of accounts for the different types of transactions you record, but they are usually easier to remember and quicker to enter than the account numbers themselves.
Tip: If you are setting up Bank Services, we recommend that you add a distribution code called SETUP, and use it to establish your bank account balances. You can delete this code once you have finished setting up your bank accounts.