Adding a bank account adds a GL account with bank specific details to the General Ledger and Balance Sheet. Bank account records contain fields to store bank account numbers, routing numbers, assign entities and default locations as well as assign banks if needed to configure the account for positive pay or ACH payments.
Security
Users must have the following permission to create a bank account:
Banking → Bank Accounts → Create Bank Accounts
These permissions can be added to custom user roles or individual users. The Permission Access report can be used to determine which user roles or users already have these permissions assigned. For more information, see User Setup and Security.
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, click the Quick Add dropdown menu then select Full bank account record.
See Quick Add a Bank Account to use the simplified bank form.
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.
Enter the Account Name and Account Number.
The account number refers to the GL account number and not the bank account number, which is entered in the Bank Account Information section.
GL accounts and account names must be unique.
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.
If the account will not have a Parent Account, select the GL Type for the account.
Only accounts that appear on the balance sheet include the is bank account option.
Set the other GL account fields (Optional).
Select Is Bank Account to include Bank Account Information section.
In the Bank Account Section, select the Legal Entity for the bank account.
The assigned legal entity does not limit use to locations within the legal entity.
Set the Default location (Optional).
The Default Location that will use this Bank Account within the Legal Entity selected in #6. This field will help drive the intercompany transactions.
Assign a Bank or create a new bank if the bank account will be used with positive pay or ACH payments.
Review and update Report Settings and Budget Defaults as needed.
Save the bank account.