- On the navigation bar, click Banks
- Under General tasks, click Create a new account
- In the Account description field, enter the name of the bank account
- In the Account ID field, enter a unique identification for the bank account. Be accurate when you enter the ID because the way you enter it is how it appears on reports and mailings.
- In the Account type field, select Checking, Savings, or Other
- In the Account status field, select Open or Closed. If an account is closed, you can still edit information in the bank account record and use the account to print checks. However, a closed bank account does not appear on invoice records.
- In the Account number field, enter the account number assigned by the bank
- In the Routing code field, enter the routing number, up to eight digits, provided by the bank. The program calculates the ninth digit, and that number appears when you tab out of the Routing code field.
- In the Minimum balance field, enter the minimum amount the bank requires for you to avoid service charges. If there is no minimum balance requirement, you can leave this field blank.
- In the Interfund set field, select the interfund set used to make balancing entries between funds in General Ledger. Interfund sets are created in Configuration.
- In the Bank name field, enter the name of the bank
- In the address and contact information fields, you can add information for your contacts for this account
- In the grid at the bottom of the screen, define the cash account that will use this account
- On the Payments tab, you set up payment information for the bank account you have open. On this tab, you select the types of payment transactions you can use for the bank account and how each payment type should be numbered.
- Using the Edit Payment Options button, you can format check printing and EFT routing and logon cards.
- If you print checks on blank paper, click the MICR Line button to customize MICR options
If you have Accounts Receivable or Cash Receipts, you can create deposits to record the amount of cash, checks, EFTs, or other payments you receive and deposit into your bank account. On the Deposits tab, you select the programs that can create deposits for the bank account: Accounts Receivable, Cash Receipts, and Student Billing. Only the programs you have appear in the grid on the Deposits tab.
Adjustment Categories tab
Adjustment transactions are used to record bank account transactions such as interest earned, service charges, balance adjustments, and transfers between bank accounts. If you have the optional module Cash Management, you can create adjustment categories on the Adjustment Categories tab for adjustment transactions you create regularly, such as interest earned, service charges, balance adjustments, and transfers between bank accounts.
Using adjustment categories reduces data entry time, ensures accuracy, and speeds reconciliation. For example, if you have a monthly bank service fee for checking, you can create an adjustment category for this fee that includes all the necessary information for the transaction, such as the payment amount, the reference for the register and statements, and the payment distribution accounts. Each month when you need to record the bank service fee, you can create an adjustment transaction, select the adjustment category created for this transaction type and all the information for this payment is entered automatically.
The Adjustment Categories tab displays all saved adjustment categories. You can open a saved category to make changes, delete an adjustment category, or copy an existing category to create a new one based on its settings.
The Notes tab on a bank account record makes it easy to maintain helpful pieces of information you receive, read, or need to remember about your bank accounts. Each notepad has a date, type, description, title, and author. The notepad itself accepts free-form text and holds an unlimited amount of information.
History of Changes tab
On the History of Changes tab, you can view record of key changes made to the bank account record. If an account has had a change in the account ID, account status, account number, or routing number, the change appears on the History of Changes tab. The information provides an audit trail and is for informational purposes only. You cannot add or edit data on the History of Changes tab.
When all applicable bank account information has been entered, click Save and Close to save the new bank account
Note: For complete instructions, refer to the Banks Guide.