Create, edit and delete Bank and Credit Cards

Accounting allows you to create multiple bank accounts including credit card accounts.

You use bank and credit card accounts to:

  • Receive payments from customers.
  • Pay suppliers.
  • Make other payments incidental to your business, for example buying stationery.
  • Receive cash from sources other than customers.

Bank and Credit Card Categories

You are able to create categories to group your bank and credit cards account should you want to, although this is not mandatory. You are able to start or stop using categories at any time. Should you want to create categories, you will select Banking…Lists…Bank and Credit Card Categories. Below is an example of the screen, with categories.

To create a new category, you will click on the Add Category button and then enter the name of the new category.

Bank and Credit Card Accounts

To open the Banks and Credit Cards screen, select Banking…Lists…List of Banks and Credit Cards.

If you want to edit a bank account, click on the edit link of the account. To create a new account, click on the Add Bank or Credit Card button. Below is an example of an Edit Bank Account screen where processing has already taken place.

To skip between the master files, click on the next or previous links.

The Edit Bank Account screen has two tabs – the Activity tab and the Notes tab. The Activity tab displays balances for opening balance, total receipts, total payments, receipts and payments to accounts, transfers in and out and VAT transactions. The balance of the account is also displayed.

In the Notes tab, you can make notes on the bank or credit card account. Notes can be created with an action date or without, and will display in the Company Dashboard until marked as complete. If you create a note without entering an action date, the system date, or entry date, will be used as the Action Date.

You can also add attachments by clicking the button.

Individual files may not exceed 2 MB in size. A maximum of 5 attachments per note or transaction can be added.

Bank or Credit Card Opening Balances

If errors occurred during the capturing of your opening balances when you created your different bank accounts, you can use this feature to rectify those balances.

  • Click on the Banking…Special…Adjust Bank and Credit Card Opening Balances option.
  • The following screen will be displayed:
  • Select the bank account that must be adjusted in the Bank Account field.
  • Enter a reason and the new opening balance in the respective fields.
  • Select the date when the opening balance must be effective at.
  • Click on the Save button.

If the opening balance period falls within a closed VAT period or a locked financial year, you will not be able to adjust the opening balance.

It is recommended that you seek professional advice from an accountant or auditor before adjusting your opening balances.