Create a New Bank Account

The Bank account set up (within your Chart of Accounts) is one of the earlier configurations made in your accounting module. If you have not done so earlier (see course unit) or if you have a new banking facility which you want to add, you can learn to do it again now.

Step 1

Follow the steps: Main Menu  >  Accounting  >  Bank  >  Bank Account  >  + New Account

(Click on image for larger view) 

Step 2

Fill in the relevant information.

(Click on image for larger view) 

Brief Explanation :

  1. Type: Select Asset > Bank Account.
  2. Bank Name (Optional): Name of the particular bank
  3. Account Name: Name your account.
  4. Account Code: Enter a suitable account code (based on your Chart of Accounts) or refer to your accountant for the correct information.
  5. Parent (Optional): If your company does not have a parent-child accounting relationship when it was set up, then just leave this blank. Or else, select a suitable parent code (this is usually a “Bank” or “Cash” parent account). For more information on Parent-Child account, please click here.
  6. Bank Account Number (Optional): Your bank account number. 
  7. Account Currency (Optional): Pick the existing currency or select “New Currency” to create one.

When you’re done, click “Save”.

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2 thoughts on “Create a New Bank Account”

  1. Question #1: For an account to be able to view as a bank account, it would be either cash or bank account.

    a) True
    b) False


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