Configuring Bank Accounts

Cash Management in Sparkrock 365 is used to manage your company's bank accounts. One of the main features of Cash Management is the Bank Account Card, which contains all your company's bank details. On the Bank Account Card, you can perform the following:

• Processing payments received from customers
• Processing payments to vendors
• Voiding posted checks (referred to as financial voiding)

Bank Account Overview

For each transaction made using a bank account, the system will post an entry in the bank account ledger.

The bank account posting group assigned to each bank account enables the program to post the related G/L entries with the transaction.

In addition, if you make a manual or computer check payments, the system posts an entry to the check ledger to record the check transaction and the current status of the check.

Each bank account has its own card that contains information, such as the following:

• Name, address, and contact information
• Account numbers
• Posting specifications
• International banking
• Wire transfers

Bank Account Page

To access the Bank Accounts page:

1. Click Tell Me and search for Bank Accounts. Select the page from the drop-down list.
   The Bank Accounts page displays.
   
2. Double-click on the bank account to see the Bank Account card.

General FastTab

The General FastTab contains all the general information about the bank where the account is held such as the:

• Name
• Address
• Main contact person at the bank
• Search name

For more information on a particular field, hover your mouse over the field label to view the online help.

Communication FastTab

The Communication FastTab contains the following information:

• Telephone and fax numbers
• E-mail
• Home page addresses for the bank

Posting FastTab

The Currency Code field is used to determine the currency for the bank account. Be aware that check can only be made for payments in the currency of the bank account.

• If the Currency Code field of a bank account is blank, check payments can be made only in local currency (LCY) for that account. If a currency code is selected in this field, only use this bank account to receive and make payments in the currency selected in this field.
• If a Currency Code is not selected, you can receive payments by using any currency including LYC. Non-check payments can use any currency including LYC. You can only make check payments in LCY.

Transfer FastTab

The Transfer FastTab contains the information needed to make transfers to and from the bank account. For more information on a particular field, hover your mouse over the field label to view the online help.

Bank Account Card Navigation

The Bank Account Card includes the following options on the ribbon:

• Under the Report option:
  • Check Details: Displays options to print a detailed trial balance for selected checks.
  • Detail Trial Balance: Displays options to print a detail trial balance for bank accounts.
• Under the Bank Account option:
  • Statistics: Displays the current balance for the account in the bank account currency and LCY and comparative figures from prior periods.
  • Dimensions: Displays or enters default dimensions for this bank account.
  • Statements: Displays the reconciled Bank Account Statements for this bank account.
  • Ledger Entries: Displays bank account ledger entries for this bank account.
  • Comments: Displays or enters any detailed comments that relates to this bank account.
  • Check Ledger Entries:  Displays only the check ledger entries for this bank account. Use this option to financially void checks, as described in Financially Voiding Checks.
• Under the Attributes option:
  • Cash Receipt Journals: Use to register and post payments from customers.
  • Payment Journals: Use to register and post payments to vendors. 
  • Balance: Displays the Bank Account Balance page; it shows the balance or net change in the bank account in the bank account currency and LCY over time.
  • Contact: Displays the company contact card for this bank account. When creating a new bank account, the system also creates and links a Company contact card to the bank account.

Creating a Bank Account

To create a bank account, follow these steps:

1. Open the Bank Account page. 
2. On the Action Bar, click New. 
3. In the No. field, enter a unique identifier for the bank account.
4. In the Name field, enter the name of the bank.
5. In the Address field, enter the address of the bank.
6. In the Post Code field, click the drop-down list and select the bank account's postal code. The City field should be automatically populated.
7. In the Country/Region Code field, click the drop-down list and select the country/region where the bank account is located.
8. In the Phone No. field, enter the bank's telephone number.
9. In the Contact field, enter the name of the contact person in the bank.
10. In the Bank Branch No. field, enter the bank's branch number.
11. In the Bank Account No. field, enter the bank account number.
12. In the Our Contact Code field, click the drop-down list and select the person responsible in the company.
13. On the Communication FastTab, complete the information in the fields.
14. In the Currency Code field, click the drop-down list and select the bank account's currency.
15. Complete the Last Check No., Last Statement No., and Balance Last Statement fields.
16. In the Bank Account Posting Group field, click the drop-down list and select the appropriate posting group for this bank.
17. Complete the Transit No., SWIFT Code, and IBAN fields.

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