Add and manage bank accounts
Adding a bank account is quick and easy. You can add as many bank accounts as needed to manage your business’ transactions and cash flow. For example, you may add accounts for your business' petty cash, savings, credit cards, and loans.
When you add a bank account, a general ledger account is automatically created for it with account type-appropriate settings. For example, the general ledger account for a checking account is set as an asset and is visible in areas such as journals and reports. Later, you can review and edit the general ledger account as needed in your chart of accounts.
You cannot change the account type (for example, Savings to Checking), general ledger account assignment, or delete an account after a transaction is created. If you choose to enter an opening balance when adding an account, it is automatically posted to the general ledger account as a transaction.
To add a bank account
- Go to Banking.
- Click New and then select Bank Account.
Complete the following information:
- Account Type. Select the bank account type; Checking, Savings, Credit Card, Loan, or Other.
- Account Name. Enter the name of the account, as you want it to appear on the Banking page and on reports.
- Currency. Select the currency. If you add a foreign bank account, the bank balance will show on the banking page in the selected currency with your base currency underneath it.
- Account Number. Optionally, enter the account number.
- Last 4 digits. This field displays only if the selected Account Type is Credit Card. Optionally, enter the last four digits of the credit card number.
- Add an opening balance. Click if you want to enter an opening balance for the account. Before entering an opening balance, specify your accounts start date in your financial settings.
- Opening Balance Date. Enter (or select) the opening balance date.
- Balance or Other. Select if the bank account has a positive opening balance or is overdrawn (or you can indicate an overpayment balance for credit cards and loans), then enter the amount.
Click Save & Connect Bank to create a secure connection to your bank or Save to save it without connecting to your bank.
Tip: We recommend connecting the bank account you add to your bank's feed. Doing so allows your bank transactions to automatically download, which saves you the time of manually entering transactions. It also ensures that the account is always up to date and simplifies statement reconciliation.
On the Address & Contacts tab, enter the bank account address and the main contact details. To enter additional contacts, click Add Address Contact and enter the relevant information.
Managing bank accounts
After adding a bank account, you may want to add additional details about it such as address or contact information. You may also want to review reconciliation details or delete an erroneous account.
Also, you cannot delete a bank account after you have used it to process transactions. To avoid confusion, we recommend changing the account name to “Do not use."
Inactive bank accounts
You cannot delete a bank account after you have used it to process transactions. You can set a bank account to inactive and hide it from your banking list instead. Inactive accounts still show in reports and completed transactions.
To edit or delete a bank account
- Go to Banking:
- To delete an account, click Delete under the account name and then click OK to confirm the deletion. You cannot delete bank accounts with posted transactions (which includes opening balances); therefore, the Delete option will not display on these accounts.
- To edit an account, click it to open the Bank Accounts page and then continue to step 2.
- Edit the account details as needed. You can also click the Address & Contacts tab at the bottom of the page to add more information.
- Click Save.
To delete a bank account
- Go to Banking.
- Select the bank account you want to delete.
- Click Delete.
Trading with foreign countries
While you cannot add foreign bank accounts, you can process foreign currency transactions such as on invoices and credit notes. Before recording a foreign currency transaction, live exchange rates will be used to convert the transaction amount to your base currency. For example, from Canadian Dollars (CAD) to United States Dollars (USD).
Adding a foreign bank account is the same as adding an account in your base currency. Just select the currency you want in the Currency field.