How to create a new Bank Record

Summary

You should always create Bank Records from within the Bank Accounts module. However, if you have

created a Bank Record from within the Nominal Ledger, it can still be flagged as a bank account providing

you have not posted any transactions to it.

To create a Bank Record you can either use the Bank Record Wizard, or manually enter the required details.

To run the Bank Record Wizard, from the Bank Accounts toolbar, click New then follow the on-screen instructions.

Answer

To manually create a new Bank Record Open the Bank Accounts module, click Record and then to clear the fields,

click Discard.Complete the Account Details as follows:

A/C Ref Enter the new bank account number.Tip: To convert a nominal code to a bank account code, enter the nominal code in the A/C Ref, press the TAB key, then when prompted to convert it to a bank account, click Yes.
Nominal Name Enter up to sixty characters as a name for the new back account.
A/C Type From the drop-down list, choose the type of account you want your bank account to be. Once you have entered transactions into this account, you cannot change the account type. You can choose from:Cheque account

Cash account

Visa account

Current Balance Displays the current book balance of your bank account. If you want to enter an opening balance, click O/B, then when prompted to save the record and enter your opening balances, click Yes.
Minimum Limit Enter the amount that you do not want the balance of this account to fall below.If the balance on this account falls below the amount specified here, then the account appears in red on the Bank Accounts window.
No Bank Reconciliation Select this check box if you do not want to run the Bank Reconciliation option for this account.

If required, to add your bank details, click the Bank Details tab and enter the required address and account information.

If required, to add the contact details, click the Contact tab, and enter the required contact information for your bank.

If required, to view the transactions on the bank account, from the Bank Record window, click the Activity tab.

If required, to add a free text memo to your new bank account or add an attachment, click the Memo tab and enter or attach.

You have now created your new Bank Record. You should now ensure that the new nominal code is correctly placed in the    Nominal Chart of Accounts.

How to check or amend the default bank account: Open the Settings menu then choose Control Accounts. In the Default Bank box, enter the new nominal code for the default bank, then click OK. You have now changed the default bank account.

To manually create a new Bank Record: Open the Bank Accounts module, click Record and then to clear the fields, click Discard. Complete the Account details as follows.

A/C Ref Enter the new bank account number. Tip: To convert a nominal code to a bank account code, enter the nominal code in the A/C Ref, press the TAB key, then when prompted to convert it to a bank account, click Yes.
Nominal Name Enter up to sixty characters as a name for the new back account.
A/C Type From the drop-down list, choose the type of account you want your bank account to be. Once you have entered transactions into this account, you cannot change the account type. You can choose from: Cheque account, Cash account, Visa account
Current Balance Displays the current book balance of your bank account. If you want to enter an opening balance, click O/B, then when prompted to save the record and enter your opening balances, click Yes.
Minimum Limit Enter the amount that you do not want the balance of this account to fall below. If the balance on this account falls below the amount specified here, then the account appears in red on the Bank Accounts window.
No Bank Reconciliation Select this check box if you do not want to run the Bank Reconciliation option for this account.

If required, to add your bank details, click the Bank Details tab and enter the required address and account information. If required, to add the contact details, click the Contact tab, and enter the required contact information for your bank. If required, to view the transactions on the bank account, from the Bank Record window, click the Activity tab. If required, to add a free text memo to your new bank account or add an attachment, click the Memo tab and enter or attach the required information.

Tip: If required, to print the information from the Memo tab, click Print List then follow the on-screen prompts.

You have now created your new Bank Record. You should now ensure that the new nominal code is correctly placed in the Nominal Chart of Accounts. How to check or amend the default bank account Open the Settings menu then choose Control Accounts. In the Default Bank box, enter the new nominal code for the default bank, then click OK. You have now changed the default bank account.

For further advice or technical queries

Please contact us on:

01603 516350

enquiry@mintmis.com

www.mintMIS.com

Download the above article in PDF for FREE below