Bank and Cash Accounts

Overview

The Bank and Cash Accounts section provides a centralized location to manage all incoming and outgoing financial transactions for your business. This essential section allows you to track and manage all your financial accounts in one place.

Creating a Bank or Cash Account

To add a new bank or cash account:

1. Navigate to the Bank and Cash Accounts section in your dashboard
2. Click the + New Account button
3. Fill in the required details:
   • Account Name - A descriptive name for easy identification
   • Account Type - Select from bank account, cash account, credit card, etc.
   • Account Number - Optional reference number
   • Opening Balance - Initial amount in the account
   • Balance Date - When the opening balance was valid
4. Click Save to create your new account

When you create your first bank or cash account, the system automatically adds two essential accounts to your Chart of Accounts:

• Cash & cash equivalents - Shows the total balance across all your accounts
• Inter Account Transfers - Ensures transfers between accounts are correctly categorized

Setting Starting Balances

If your account has existing funds, you can set starting balances during creation or update them later:

1. Go to Settings → Chart of Accounts
2. Find your bank or cash account and click Edit
3. Enter the Opening Balance and Balance Date
4. Save your changes

Importing Bank Statements

Save time by importing bank statements directly:

1. Navigate to the Bank and Cash Accounts section
2. Select the account you want to update
3. Click Import Statement
4. Select your statement file (.csv, .ofx, .qif formats supported)
5. Map the columns to the system fields
6. Review and confirm the import

Key Information Fields