Creating Bank Account
User must create Bank Account through Banking. User will not be able to create Bank Subtype Account of Bank Subtype through Chart of Account.
Go to Banking > Bank Account, click New. Enter the bank Name, Account Number, Currency. Click Save.
An Account in Accounting will be created automatically, if is is a foreign currency (HKD in this case) bank, an accompanied Currency Exchange Account will also be created for tracking the Default Currency (USD in this case) value.
To view the bank balance, user can go to Banking > Bank Register Line, select the bank and the date range, then click Show Bank Register
All transactions of the selected bank will be shown and the Bank Balance Per System Record is dispalyed. This balance is calculated purly using the data entered into the system. So if there is a delay in data entry, it may or may not reflect the true balance of the bank.
Entering Check Bank Balance
When data entry is not up to date but user still want to track the bank balance, user can go check with the bank/online banking and get the balance at a certain date end. For example, at day end of 3rd of April 2019, user go to online banking and saw the bank balance was $18,000.
User can enter this balance into the system. Go to the Bank Account DetailView
Then enter the day end balance
Go back to the Bank Register and view the Bank Register
- Notice the Balance Amount Per Actual is now $21,955, equals the checked balance + the deposit ($18,000 + $3955)
- The Balance Amount Per Actual is calculated based on the bank's Last Check Day End Balance and Last Check Balance Date and all the subsequent transactions.
- User can continually update the Last Check Balance to track the bank balance updated even if data not fully entered yet