Bank Accounts

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. 

Open

• 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.