Overview
Bank accounts are setup and used to track deposits and withdrawals and can be reconciled with bank statements. When making cash receipt entries in A/R or cash disbursements through A/P a bank account is specified for the transaction. At least one bank account must be defined before using either the A/P or A/R module.
Routing number – Routing number for this account; most users have preprinted check shells and will not need to list a real routing number here, however if you have a MICR printer and create your own checks then you will need to have this routing number filled in for the check report.
Account number – Bank account number for this account; most users have preprinted check shells and will not need to list a real bank account number here, however if you have a MICR printer and create your own checks then you will need to have this routing number filled in for the check report.
Contact name and phone: These are optional fields but if you have an account manager at this bank you can place their information here.
Interest earned GL account: During the bank reconciliation process there is a place to enter interest that was earned. That interest is usually tracked though a separate GL account. Here is where you declare the default account for this bank.
The bank reconciliation process also lets you enter charges against the account, define the default GL account here.
TRX will track the reconciliation total and date of the last bank reconciliation.