AccountsPrep - What are the benefits of creating some accounts as Bank Accounts instead of ‘normal' accounts?

The benefits of creating Bank Accounts over 'normal' accounts in AccountsPrep.

Aaron avatar
Written by Aaron
Updated over a week ago


This article will go through some reasons why you may want to create a 'Bank Account' as opposed to a 'normal' account.

Applies To

  • AccountsPrep integrated companies.


Here are some benefits to creating a Bank Account within AccountsPrep:

  • Each Bank Account has its own dashboard page charting the running balance and a breakdown of receipts/payments/transfers in & out during the period, and various quick links.

  • Bank reconciliations – reconcile against cheque/deposit entries to see what is outstanding at year end.

  • You can upload the statement data just as it is per account, then quickly match transfers between the Bank Accounts (without causing a double-up on the transaction entry in the general ledger).

  • The statement data feeds to the General Ledger, but is still a separate report in itself. Thus allowing cheque/deposit matching and inter-bank transfer matching to work nice and smoothly.

  • You can split receipt or payment transactions (you cannot do this in manual journal entries).

  • You can ‘favourite’ (☆) these accounts for quick access from the main menu.

Ultimately, the decision on which financial accounts to create as Bank Accounts is up to you!

In some cases, it may be easier to have simple financial accounts as normal accounts so you don't have to match transfers between two Bank Account's statement data.

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