Create / Edit Bank Accounts

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On the Edit Accounts menu, you may create a new bank account, change the descriptions of an existing account, or to delete an existing account.

You may have more than one Bank Account and wish to add this to your Chart of Accounts. TurboCASH will have set up a Bank Account for you in your selected template. (In this example, account number “810-000 - Current Bank Account” is used).

If you wish to add another Bank Account remember that in planning your Chart of Accounts you would like accounts of a similar nature to be grouped together.

Bank Accounts must be linked to a unique Payments and Receipts Batch. Before you can create a new Bank Account you will first need to create a new Payments and Receipts Batch.


To create new Payments and Receipt Batches:

1. Click on the Setup  →  System parameters  →  Batch Types menu. The Batch Type screen is displayed:

You may access the Batch F10: Setup (Options for this batch) screen for a selected batch from this screen. To do this, select the Batch and click on the Edit button or double-click on the selected Batch.

2.Select the Batch Type on the Description list where you need to create a new batch type.

3.Click on the Add button. A blank row will be inserted above the selected batch type.

4.Type the Name or description for the Payments Batch (In our Example we will use “Savings Payments”  for the “Savings Account”).

5.Select the Batch Type below the newly created “Savings Payments” and click on the Add button.

6.Create a Receipts Batch in a similar manner (“Savings Receipts”).

7.Click on the Close button.

Once you have added your payments and receipt batches, you may create your new bank account.

To create a new Bank Account:

1.Click on the Edit  →  Accounts menu. The Accounts screen; listing your available accounts will be displayed.

2.Select the an Bank account.

2.Click on the (Add:Account) icon. An Entry for the new Ledger account is displayed as “G821 Account name” on the Account list.

3.Enter or select the following:        

a)Account Type - Select “Bank Account”.

b)Account No. - The Main account “821” is displayed. Type “830” in the account field.

c)Description - Replace  “Account name” with the new Bank account description e.g. “XYZ-Bank”.

d)Account Group 1 - Select the “Current Assets”.

e)Account Group 2 - Select Account Group 2, if set.

f)Type - Select “Balance Sheet”, since the Bank Account needs to be reported on the Balance sheet.

g)Sub-accounts - This field should not be selected, since bank accounts may not have sub-accounts.

If you select (tick) this field, the Bank tab will not be displayed. You will not be allowed to link the bank account to its own receipts and payments batch.  

h)Status - “Enabled” (default) should be selected.

i)Open Item Account - “No” (default) should be selected.

j)Link Tax - “Empty” (default) should be selected.

4.Click on the Bank tab.

5.Select the “ABC-Payments” and the “ABC-Receipts” batches.

Once any transactions is posted  (updated to the ledger) for a selected bank account ; you cannot change the Payments or Receipts batches.

6.Click on the Save button.

The icon will change from (Assets / Liabilities) to (Bank Account).

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