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

Creating a bank account will activate the following features that normal accounts don't have.

You can create the following as Bank Accounts:

You enter bank statements data via bank statement batches only. These allow you to import/enter bank statement data from the client's bank accounts.

You can't make journal entries to Bank Accounts.
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Make sure your opening balances are correct. You can import your opening balances.

The statement data feeds to the General Ledger, but the system will tag those transactions separately in the background. This will allow for cheque matching and transfers to work smoothly.

If needed, you can add and manage the cheques you write and deposits lodged into your bank.

You can then match them later with your bank statements.

The reconciliation report helps you manage the outstanding cheques at any time.

​If you have several accounts set up as Bank Accounts, and transfers occur between them, you can match any transfer between two accounts. This is to avoid duplicating the ledger entries.

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

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.

You can also easily access different sections such as the Bank Statements or Cheques listings using the quick links.

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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