In your Chart of Accounts, you can create two types of accounts: Normal accounts or Bank accounts.

Bank accounts can be the following:

Below are some other benefits of using a bank account instead of an account.

Each Bank Account has its own dashboard page charting the running balance and a breakdown of receipts/payments/transfers in and out during the period. There are also various quick links on this dashboard. For example, a quick link to Bank Statements.

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 remains a separate report in itself. This allows cheque/deposit matching and inter-bank transfer matching to work smoothly.

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

You can mark bank accounts as favourites for quick access from the main menu. Just click the star ☆ next to the account.
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