Frequently Asked Question

Adding a new bank account
Last Updated 3 months ago

Follow these few easy steps if you have already been using Bank Reconciliation, and simply want to add a new bank account:

  1. Create a General Ledger account for the new bank account in General Ledger > Chart of Accounts. Be sure to set the Control account flag to N because you should be handling all transactions through either B/R or the sub-ledgers (A/P, Payroll, A/R, POS, etc.);

  2. Set the new G/L account up as a cash account using Bank Reconciliation > F2 > Setup > Cash accounts;

  3. Use Bank Reconciliation > Bank accounts to add the new account;

  4. Enter any existing account activity into the account using Bank Reconciliation > Bankbook entries;

  5. If you are transferring funds from an existing bankbook to the new bankbook, you'll need to enter two bankbook entries - one negative value adjusting the from account downward, and another depositing into the new account (use a clearing account as the offsetting G/L account in both transactions).

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