Set up General Ledger Bank Accounts
You can add or enter bank accounts when you set up the General Ledger. They are physical accounts at the bank your organization does business with.
You must set up at least one bank account before you can post transactions.
A bank account is the actual account your organization has established with a financial institution, and a check account is the cash (asset) G/L account that prints on your balance sheet. Each checking account must be associated with a bank account.
You can add a new bank account at any time, and you can edit a bank account's information, such as the next check number, next ACH/Online reference number, and bank account name if it changes. However, once bank account codes are set, you cannot change them. Bank codes must differ from payee codes because the bank account is also listed as a payee.
If a bank account has a balance, you cannot make it inactive. If you receive a message that the account still has a balance, create journal entries to zero out the accounts, then mark the savings and checking accounts as inactive, then deactivate the bank account.
When setting up your chart of accounts, you can set up multiple checking accounts and associate them with a single bank account. This allows you to reconcile a single bank account while keeping separate checking accounts in ACS at the same time.
- Under Advanced Tools, click on the Define Lists tab.
- In the list, select General Ledger and click Go
.
- Select Bank Accounts, then click Add.
- On the Bank Account tab, enter the appropriate information.
- On the Additional Information tab, enter the bank account's Next Check Number and Next ACH /Online Ref. #.
- Select Print AP Check Copy to print a copy of Accounts Payable checks, and enter a Comment if necessary.
- On the ACH Setup tab, enter your ACH Setup information. This option is only available if you use either the Accounts Payable or Payroll modules.
- To add additional bank accounts, select Add Another.
- Click OK.