Prior to go-live, DDI ensures that all known bank G/L accounts are established in the system.
To establish additional reconcilable bank accounts, you first need to create the G/L Account for the bank, then you can define that G/L as a reconcilable bank, and finally you can establish a default bank account.
Until a G/L account is defined as a bank, it cannot be used in key functions such as Cash Receipts and A/P Check Print.
- Learn about bank accounts
Uses for bank accounts
Inform gives special properties to G/L accounts used as banks in the following system functions:
Bank account types
- Accounts Receivable Cash Receipts Posting: A defined bank account is required to receive cash on account from miscellaneous sources,
- Accounts Payable Check Print: A defined bank account is required to produce a system check or a hand check.
- Bank Ledger Inquiry: Establishing a bank provides access to a detailed transaction list with running balance totals and drill down capability.
- Bank Reconciliation: A bank account gives you the ability to maintain a monthly reconciliation.
It is helpful to define various types of accounts as banks:
- Operating Accounts: This type of account should be defined in the G/L Control Table to serve as the default bank.
- Payroll Accounts: Define this type of account for monthly reconciliation purposes. If payroll is processed through accounts payable, it is required to produce checks.
- Savings and Investment Accounts: These accounts are optional. If you want the ability to reconcile, setting up as a bank is required.
- Credit Cards: Handling a credit card as a bank is useful for reconciling cumbersome monthly statements. The main difference is that a credit card balance is generally negative and transactions are booked through A/P Invoice Entry, using the bank G/L account as the “Liability” and a non-bank account as the “Expense.”
- Suspense/Undeposited Funds Accounts: You may opt to use a suspense account as a first repository for credit card receipts for future transfer to the bank on the actual deposit date.
- Create a bank general ledger account
Each reconcilable bank account requires a separate G/L account. Define the bank before logging any transactions to it.
- Go to Accounting > General Ledger > G/L Account.
- Click New.
- In the G/L Account box, type a new 8 digit account number, and then press the Tab key.
- Type a Description.
- Click Add G/L Group, and then assign to the appropriate G/L group for placement on the Balance Sheet.
- Click Save.
- Go to Accounting > General Ledger > G/L Account.
- Define a G/L Account as a reconcilable bank
Create the bank
- Go to File > Company > Bank.
- The main bank account as specified in the General Ledger Control Table opens
- In the Bank box, click and select the G/L Account Number of the new bank.
- On the No Bank Found message, click OK to create a new bank tied to this G/L Account.
- Specify the following information about the new bank you are creating:
- Branch: This option is reserved for multi-branch companies using a distinct account for each branch. Single branch companies may enter a branch or leave it blank.
- Bank Name: Type the name of the bank and/or G/L account. If you have multiple accounts with the same institution, it may be helpful to identify the type of account.
- ABA #:Type the nine-digit number that identifies the financial institution. If this account will not be used for producing checks, you can type a “dummy” number in this field.
- Account Number: Type the account number assigned by the bank. If this account will not be used for producing checks, you can type a “dummy” number in this field.
- Last Check #: If you will be printing checks from this bank account, use the last check number printed. The system will use the next number when producing the first check.
- # of Signatures: Choose one or more, depending on your organization’s requirements.
- Print U.S. Funds on Check: This option is for Canadian customers with U.S. dollar specific accounts.
- Bank Book Balance: Type $0 and a date immediately before the first posting to the account. Using a non-zero value could cause reconciliation difficulties.
- Reconciled Balance: Type $0 and a date immediately before the first posting to the account. This field updates each time a reconciliation is permanently saved.
- Click Save and the bank account is ready to use in any of the functions described in Uses for bank accounts .
- Establish a default bank account
Proceed with caution when changing any system setup. It is recommended to contact DDI Support before making any posting default changes. There are two areas of the system that control bank account posting.General Ledger control table
Use the G/L control table to manage every accounting process that translates a user input to a posted transaction. It also establishes the default bank account in A/R and A/P functions.
- Go to Accounting > General Ledger > G/L Control Table.
- Sort columns by clicking the header.
- Review accounts:
- The A/R Cash Account option controls the G/L account that populates when a Cash Receipts Posting window is opened.
- The A/P Cash Account option controls the G/L account that populates when an A/P Check Print or Non-Vendor Check window is opened.
The General Ledger Control Table appears.Assign a G/L account to a branch
You can separate banks by branch for various purposes. G/L accounts at the branch level override any settings on the G/L Control Table. Note that these settings are controlled by access levels. If you do not have sufficient permission to modify this page but would like to assign G/L accounts by branch, contact DDI Customer Care.
- Go to File > Company > Branch.
- On the system warning that appears, click OK.
- On the Branch Master page, click General Ledger on the left-side navigation bar.
- In the Branch box, type the branch identifier, and then press the Tab key. The Branch G/L Suffix populates.
- The screen shows a list of G/L posting overrides based on defined payment tendered type. Note that multi-branch companies may use a different account for each branch, as well as payment type. For more information, see Assign branch level general ledger accounts.
- Bank G/L
- POS Cash G/L
- POS Check G/L
- POS Visa or MasterCard G/L
- POS American Express G/L
- POS Discover G/L