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What it does:
Allows you to create, edit, and deactivate bank or cash accounts, record balances, and reconcile against bank statements.Why it matters:
  • Provides accurate cash position and liquidity reporting
  • Ensures reliable reconciliation between system and bank records
  • Supports multi-currency and multi-company operations
Prerequisites
  • Your company is set up under Accounts > Company
  • Base currency and any additional currencies are configured

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1.0 Create a New Bank/Cash Account

  1. Navigate to Accounts > Bank Account > New Bank Account.
  2. Fill in required fields:
    • Account Name (e.g., “CGIC Operating USD Account”)
    • Account Number (your bank’s identifier)
    • Bank (select bank name or add new under Master Data > Bank)
    • Account Type: choose Bank or Cash
    • Currency: base or foreign currency
    • Company: assign to your legal entity
  3. (Optional) Set Default Cost Center for transaction tagging.
  4. Click Save and then Submit.

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2.0 Edit or Deactivate an Account

  1. Go to Accounts > Bank Account > Bank Account List.
  2. Click the account name to open its record.
  3. To update details, click Edit, make changes, then Save.
  4. To remove from active use, check Disabled and click Save—this preserves history.

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3.0 Record Opening Balances

  1. Open the bank account record.
  2. Under Opening Balance, enter your starting balance as of the As On Date.
  3. Click Save—this creates an initial journal entry for correct opening figures.

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4.0 Reconcile Bank Statements

  1. Navigate to Accounts > Bank Reconciliation > New Bank Reconciliation.
  2. Select Bank Account, enter Statement Date, and Closing Balance.
  3. Click Get Entries to fetch unreconciled payment and receipt entries.
  4. Match each line to your bank statement transactions.
  5. Click Reconcile to finalize.