About bank accounts

On the Banking page, you set up bank accounts to keep track of your bank activity, reconciliations, and balances. For each account, you can:

• Edit the account information
• Enter an opening balance
• Review the balance graph
• Record money in
• Record money out
• Record bank deposits
• Transfer money between bank accounts
• Reconcile a bank account
• Import your bank statement

If you have foreign bank accounts you can also:

• Toggle between currencies when reviewing bank account activity.
• Revaluate bank accounts, showing gains and losses.

Activity tab

The Activity tab shows transactions posted to this bank account. You can:

• Search for transactions by reference or transaction value.
• Click More to view transactions between a range of dates, or to view transactions by type.
• View or edit details of receipt and payment allocations.

Address & Contacts tab

If required, you can change the main address and contact details. You can have only one address per bank account; however, you click Add Address Contact to add additional contacts if required. To specify which contact is the main contact for this bank account, select the Main Contact check box. If you need to delete a contact, click Delete.

Reconciliations tab

On the Reconciliations tab, you can view and print reconciliations.

Revaluations tab

Revaluing refers to a change in the value of your base currency due to changes in the exchange rate. This is completed monthly or quarterly when needed.

1. From the Revaluations tab select Revalue this bank account.

2. Select the date you want the balance to be revalued on.

3. The exchange rate automatically populates but can be changed manually.

4. A loss or gain is shown as a difference.

5. The difference will post to the Exchange rate gains and losses ledger account and will appear on your Profit and Loss Report as an overhead.

6. Add a reference for audit purposes, for example month end revaluation.

7. Select Revalue.

Once you’ve completed a revaluation, details of all revaluations are shown in the revaluations tab. If you notice any errors, you can delete the entry and complete the revaluation again. If you delete an entry, we recommend that you complete new revaluations on entries shown after this date.