Adding a Financial Institution Account

Use the following steps to add an account using the Financial Institutions feature.

NOTE: During the course of creating a new Financial Institution, if you decide to cancel the action, the information is retained. There is not a function to delete a Financial Institution; therefore, even though you cancel the action, the Financial Institution is permanently part of your system. A Financial Institution added this way will not cause any errors.

       1.  Select Maintenance, Financial Institutions, Financial Institutions from the menu bar. The main Financial Institutions data window displays.
       2.  Click New. The New Financial Institutions dialog box displays, defaulting to the General tab. Three tabs display behind the General tab: Address, Phone, and Account.
       3.  Enter the name of the Financial Institution and select the type from the drop-down menu.
       4.  Click Apply to save.
       5.  Select the Address tab.
       6.  Click New. The expanded Address tab displays.
       7.  Enter the address information.
       8.  Click Apply to save.
               a.  If you have another address to enter for this financial institution, click New and repeat step 7.
               b.  If you do not have another address to enter, proceed to the next step.
       9.  Select the Phone tab.
       10. Click New. The Expanded Phone tab displays.
       11.  Enter the phone number.
       12.  Click Apply to save.
               a.  If you have another phone number to enter for this financial institution, click New and repeat step 11.
               b.  If you do not have another phone number to enter, proceed to the next step.
       13.  Select the Account tab.
       14.  Click New. The expanded Account tab displays.
       15.  Enter the required account information.
       16.  Click Apply to save.
               a.  If you have another account to enter for this financial institution, click New and repeat step 15.
               b.  If you have completed your entry of accounts, click OK to save the changes and return to the Financial Institutions main data window.

At this point, your Financial Institution exists; however, the Financial Institution Accounts have not been mapped to the General Ledger accounts. This mapping can be done at any time, however, you will not be able to access the Financial Institution Accounts through Accounts Payable, Payroll/Personnel, or Accounts Receivable until this task is done. Continue reading for instructions on Mapping your Financial Institution Accounts.

Mapping your Financial Institution Accounts

You can associate as many General Ledger accounts as you need to your Financial Institutions Account, however, a General Ledger account may only be associated with one Financial Institution Account. There are two steps to associating your accounts:

1.  You must select the GL cash accounts that will be associated to the Financial Institution Account.
2.  Enter associations for the selected GL cash accounts to the Financial Institution Account based on the settings in the module from which you will access the account: Accounts Payable, Payroll/Personnel, or Accounts Receivable (Cash Receipts).

NOTE:  Accounts Receivable and Cash Receipts customers: Accounts Receivable includes Cash Receipts, which also uses the Financial Institutions feature. While the process is the same for both modules, the interface reflects the module for which you are licensed. However, this document will use Accounts Receivable.

NOTE:  Once you associate a GL account to a Financial Institution Account, that GL account may not be associated with any other Financial Institution Account.

The following detail provides instructions for associating General Ledger accounts to your selected Financial Institutions Account.

1.  From the Financial Institutions main data window, select the Financial Institution for which you want to map an account and click Edit, or double-click the Financial Institution in the data window.  The dialog box displays with the text boxes populated with the information specific to the selected Financial Institution.
2.  Select the Accounts tab.
3.  Select the account to be associated from the upper data window. The text boxes are populated with the information specific to the selected account.
4.  Select the By GL Cash Account radio button.
5.  Click Add. The Add GL Account dialog box displays.
6.  Enter the GL Cash Account in the text box, or click to browse for the correct account. The Account Filter dialog box displays. Use the filter to select the appropriate account.
7.  Click OK to save. A confirmation message displays.
8.  Click Yes. The Add GL Account dialog box closes and you return to the Accounts tab.
9.  Click Apply to save.
10.  If you have another General Ledger account to map to this Financial Institution Account, repeat these steps.
11.  Select the By Use radio button.
12.  Click Add. The Select Module dialog box displays.
13.  Select the appropriate module from the drop-down menu: Accounts Payable, Payroll/Personnel, or Accounts Receivable (Cash Receipts).
14.  Click OK. The appropriate dialog box displays.
15.  Enter the required information for the module you selected.
16.  If you have additional accounts that you would like to map to this Financial Institutions account, click New. If not, click OK.
17.  Click Apply to save. If you have another account to enter for this Financial Institution, click New and repeat the necessary steps, beginning with step 15. If you have completed your entry of accounts, click OK to save the changes and return to the Financial Institutions main data window.