Set up bank accounts

This explain how to set up your bank accounts in Accounting. You need bank accounts to keep track of the money paid in and out of your actual business bank accounts and manage your cashflow.

What you need to know

Create as many bank accounts as you need to manage your business’s transactions and cash flow. You may want to add banks accounts for your petty cash, savings, credit cards, and loans.

Consider connecting Accounting to your bank accounts to import transaction automatically. This saves time and makes your transactions more accurate as the details come directly from your bank.

Amend the default bank account

We have created two bank accounts for you. One for your main bank account and one for cash. Just amend this and add the details of your actual bank account.

  1. From Banking, and select the Bank Account tile.
  2. Enter details for your main bank account such as the name, sort code and account number.
  3. - By default, this is set to the using nominal code 1200. If your chart of accounts is different, change to a different ledger account
  4. Default transaction method - choose the payment method used most often for this bank account. When you enter a payment or receipt, this will be the default method shown.

Add another bank account

  1. From Banking, select New then Bank Account.

  2. Enter the details of the new bank account.

  3. To add further details such as the account number and sort code, Edit the bank account you've just created.
    1. Select the tile for your new bank account.
    2. Enter the details as required.
    3. Click Save
What's next?

Enter bank account opening balances