Bank and Account Information

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Bank and Account Information

 

Banks & Accounts require the name, address and account number information that will be used throughout the program to be entered. Defaults are also set that control computer generated checks and the next check number.

 

Accessing Bank Information:

Go to the "Bank" module
Click on the "Bank" tab
Enter "All" for the Bank Account no > Click OK > A Bank List will appear


Printing a Bank List Report will give the detail of all Banks and the associated Bank Accounts.

Double-click the Bank to be viewed > The Bank information will appear

Features of Bank Information

Bank

The Bank Name must be unique for each bank location. For example, if there are two Toronto Dominion Banks, one could be listed as Toronto Dominion Bank (Kerrisdale) and the other as Toronto Dominion Bank (Main).


 

Accounts

Account information is displayed here but can be edited in the Bank Account screen. Double-clicking a particular account will take the user to the Bank Account screen.


 

Account Number

Bank Account Numbers are unique. If each account begins with a different number then the user only needs to enter the first number of an account in order for the program to locate the account information. For example, when entering two Royal Bank Accounts that start with the same number sequence, begin one with "0123" and the other account with "123".


 

Type

There are three types of Bank Accounts - Trust, General, and Trust Bearing.


 

Bank Tab

Clicking the Bank tab will prompt the user to select another Bank or series of Banks.

Accessing Account Information:

Go to the "Bank" module
Click on the "Account" tab
Enter "All" for the Bank Account no > Click OK > A Bank Account List will appear


Printing an Account List will give the details of all Bank Accounts.

Double-click the Account to be viewed > The Account information will appear

Features of Account Information

Type

There are three types of Accounts that can be selected from the drop-down menu - Trust, General, and Trust Interest Bearing.


 

GL Debit

Trust & General - The Bank Accounts are GL Asset accounts and as such have a 1000 series number. It is recommended that each Trust Account and General Account have a separate GL number. This will make it much easier for the auditors to reconcile them at year-end.

Trust Interest Bearing - It is recommended that only one GL Trust Liability Account be set up for each bank as there are generally very few entries made to these accounts.


 

GL Credit

Trust - It is mandatory for Trust Accounts to enter a GL Credit account number for the Trust Liability Accounts. They are a liability and have a 2000 number. Since each Trust Account must have a corresponding Trust Liability Account it may be easier to give them corresponding numbers. For example, the Toronto Dominion Trust could use 1131 and the Toronto Dominion Trust Liability could use 2131.

Trust Interest Bearing - It is recommended that only one GL Trust Liability Account be set up for each bank as there are generally very few entries made to these accounts.

General - General Accounts will have several different GL Credit account numbers, so a GL Account number need not be entered here.


 

Next Check Number

The Check Number is preset here for both manual and computerized checks. It is automatically incremented during the posting process. The user can edit the Check Number here or when printing a check and subsequent checks are updated.


 

Date Last Reconciled

The information is automatically entered from the Bank Reconciliation and cannot be edited.


 

Balance per Bank Statement

The information is automatically entered from the Bank Reconciliation but can also be edited at this location.


 

Status

Accounts that have had transactions entered will be listed as active. Accounts that have not had transactions entered will be listed as Inactive. Only Inactive accounts can be deleted.


 

Check Printing On

The program has been set up so that users can have checks generated by the computer. Special checks are required by the banking institutions that have the bank information encoded with magnetic ink. When computerized checks are generated, the check number will be automatically entered by the program at the time the check is posted. The user will be prompted to insert checks into the printer at the time of posting. When computerized checks are disabled, the check number can be edited by the user at the time the check is posted. Trust Bearing Accounts would probably be in this mode since so few checks would be written on these accounts.


 

Account Tab

Clicking the Account tab will prompt the user to select another Account or series of Accounts.

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