Add a New Bank Account

Bank Accounts are GL accounts with additional fields for bank account specific details.

Step 1 - Review Existing Bank Accounts

To avoid creating a duplicate or similar account to one that already exists, before adding a new bank account, review current the bank accounts on the Bank Accounts page.

Step 2 - Create a New Bank Account

To create a new bank account, select Create on the Bank Accounts page.

A new Bank Account record opens in a new tab.

Step 3 - Complete Fields in the Bank Account Record

Read about each field on the Bank Account Record.

1. Enter the Account Name and Account Number.

   1. The account number refers to the GL account number and not the bank account number, which is entered in the Bank Account Information section.

   2. GL accounts and account names must be unique.

2. Select a Parent Account (if applicable).

   • When a Parent Account is selected, the GL type is automatically set to match the parent account’s GL type.

3. If the account will not have a Parent Account, select the GL Type for the account.

   1. Only accounts that appear on the balance sheet include the is bank account option.

4. Set the other GL account fields (Optional).

5. Select Is Bank Account to include Bank Account Information section.  

6. In the Bank Account Section, select the Legal Entity for the bank account.

   1. The assigned legal entity does not limit use to locations within the legal entity.

7. Set the Default location (Optional).

   1. The Default Location that will use this Bank Account within the Legal Entity selected in #6. This field will help drive the intercompany transactions.

8. Review and update Report Settings and Budget Defaults as needed.

9. Save the bank account.