Bank Accounts in AccountsPrep have three core elements to them:

  1. Bank Statement data entered via 'bank statement batches'

  2. Cheque listings entered via 'cheque batches':

    • when posted are considered outstanding cheques until they are matched with a payment in the bank statement date.

  3. Deposit/lodgement listings entered via 'deposit batches':

    • when posted are considered outstanding deposits until they are matched with a receipt in the bank statement date.

It is definitely fair to say, the order of importance (in terms of regular use) is how they appear 1 to 3 above.

At minimum, every bank account requires 'Bank Statement batches' to be posted to get receipts and payments data into the account.

How you interact with bank accounts thereafter is entirely up to your own practices and the client at hand:

  • Some users may use 'Cheque batches' and 'Deposit batches' just for posting outstanding cheques/deposits at year end only.

  • Other users upload all cheques for the year using 'Cheque batches', then let the system's matching help reconcile for outstanding cheques.

  • Others (although less common) do this for deposit listings also.

Important things you NEED to know about 'Bank Accounts':

  • It is very important you get the opening balances correct to begin with!

  • If you have two or more accounts set up as 'bank accounts' and transfers happen between them you'll need to understand how we do bank transfers - see here.

  • You cannot make journal entries to Bank Accounts.

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