Bank Account Information

Modify Bank Account Information allows you to set up and edit your bank accounts. Each bank account in Bank Account Management is connected to the appropriate bank account (asset account) in the General Ledger application. The Bank Account Information grid contains the following columns for each bank account:

•Company

•Account Structure

•Account

•Description

•Opening Balance

•Active: This column contains a check mark if the bank account is active.

•Setup: Hover over the Information icon to display user and time information for the creation and last update of the bank account.

Concerning Inactive Bank Accounts

When the same bank account is used multiple times across funds, the inactive bank accounts display their balances in the Calculated Ending Balance field on the Bank Reconciliation page for the bank account in the first fund.

Inactive bank accounts cannot be selected using the Current Financial Settings window and do not show on the Bank Balances widget.

Click the Edit icon or double-click any bank account in the grid to edit the record. You can also click the Add New Bank Account link to add a new bank account (More Information). Click the Delete icon by an existing bank account to be prompted to delete that bank account. You can only delete a bank account that is not in use.

Refer to the examples below before defining your bank accounts.

Example A: If you have multiple funds and separate accounts at the bank for each fund then define each bank account within Bank Account Management. In this case you reconcile each account separately.

Example B: If you have multiple funds and reconcile to one account at the bank then only define the main bank account in the main general fund. For this to work each bank account number in each fund must be the same in your chart of accounts in General Ledger (e.g., Fund 000 - Bank Account 10100, Fund 001 - Bank Account 10100). In this case you reconcile only one bank account in Bank Account Management. Entries made to the general ledger are still posted to the correct fund bank account.

Example C: If you have multiple accounts at the bank in one fund then define each bank account (e.g., Bank Account 10100, Bank Account 10200, and so forth).