Bank and Cash Accounts

Activating Bank and Cash Accounts Tab

If the Bank and Cash Accounts tab is not displayed, you need to enable it first. See Tabs — Customize for guidance.

Creating a Bank or Cash Account

To add a new bank or cash account:

1. Click New Bank or Cash Account.

1. Fill in required details. Refer to Bank or Cash Account — Edit for more information.

On creation of the first bank or cash account, two essential accounts are automatically added to your Chart of Accounts:

• Cash & cash equivalents: Located under Assets in your Balance Sheet, showing the total balance across all your bank and cash accounts.
• Inter Account Transfers: Located under Equity in your Balance Sheet as a special contra account. It ensures transfers between bank and cash accounts are correctly categorized.

For more about these accounts, refer to Chart of Accounts.

Entering Starting Balances

If your new bank or cash account has existing funds, set these starting balances under Settings → Starting Balances. For details, refer to Starting Balances — Bank and Cash Accounts.

Control Accounts and Financial Statements

By default, all bank or cash accounts are sub-accounts under the Cash & cash equivalents control account. Your financial statements (such as your Balance Sheet) will collectively show the total balance of your accounts under this single label.

However, you may prefer more detail, such as categorizing accounts into separate groups (for instance, credit card accounts, bank loans, or term deposits). To achieve this, create multiple custom control accounts and reassign each bank account accordingly. This allows accounts like credit cards or loans (typically liabilities) to appear separately under your Liabilities on financial statements.

To display each bank or cash account individually on the financial statements, create a custom control account for each respective account. See Control Accounts — Bank and Cash Accounts for more information.

Importing Bank Statements

To save time entering transactions manually, use the Import bank statement feature:

1. Click Import bank statement in the bottom-right corner.

1. Follow the instructions detailed in Import bank statement.

Alternatively, connect your bank accounts automatically to a Bank Feed Provider to retrieve transactions without manual imports. See Connect to Bank Feed Provider.

Understanding the Bank and Cash Accounts Tab Columns

The following columns help you effectively monitor and manage your accounts:

• Code – Optional code assigned to the account.
• Name – Descriptive name for the bank or cash account.
• Control account – Indicates which control account the bank or cash account belongs to in your Balance Sheet.
• Division – (If Divisions are enabled) Division to which the bank or cash account is assigned. See Divisions.
• Uncategorized Receipts – Number of receipts with no assigned credit account. Click the number displayed to quickly categorize groups of receipts through Receipt Rules.
• Uncategorized Payments – Number of payments without an assigned debit account. Click the number to categorize groups of payments through Payment Rules.
• Cleared balance – Total amount of cleared receipts, payments, and transfers.
• Pending deposits – Total amount of receipts or transfers marked as pending.
• Pending withdrawals – Total amount of payments or transfers marked as pending.
• Actual balance – The resulting balance after adding pending deposits and subtracting pending withdrawals to the cleared balance.
• Last Bank Reconciliation – Date indicating when the account was last reconciled, assisting you in keeping balance reconciliations timely.

Customize columns visibility to match your needs by clicking the Edit columns button in the bottom-right corner. For further details, refer to Edit columns.