Adding A Bank Account
This article explains how to add a bank account. Click the links to view articles on Importing Bank Statements and Bank Reconciliation.
The bank account records all details of your bank transactions, credits and payments. The usual objective of this is to match it with your physical bank account.
You can create a bank account on every block if you have individual bank accounts for each block. If you have just one bank account for all your blocks, you follow the same process as below but in the Branch Finances/Bank Accounts section.
When adding a bank account you have to complete at least the following mandatory details:
- Account Name
- Account Number
- Opening Balance
- Currency
- Reconciliation Type
- Opening Balance Category
Any other detail you complete is optional.
Remark:
- Details of the account you have assigned to an invoice will show on your template.
Remark:
- Reconciliation type is responsible for how you will reconcile your bank account. Types are as follows:
- Manual - you record all payments manually and do not import bank transactions at all
- Online - you import bank transactions using a .csv file and use the Bank Reconciliation function available in Resident.
- Automatic - you use bank feeds to pull your bank transactions and use the Bank Reconciliation function available in Resident.
You can find more information in the Manual reconciliation and Bank Reconciliation articles.