Name

The description that appears in the Bank Accounts window to help you to identify the account, for example Bank Current Account.

You can enter up to 60 characters.

Ref

A unique reference that identifies the bank account in your Chart of Accounts (COA). You can't change this.

The code must have a least four digits and no more than eight, between 0001 and 99999999.

Account type

From the drop-down list you can choose one of the following:

• Cheque Account
• Cash Account
• Credit Card Account

Once you enter transactions into the account, you can't change its type.

Each account type generates its own transaction types. For example, payments can be bank payment (BP), cash payment (CP) or visa payment (VP), depending on whether the account type is a cheque account, a cash account or a credit card account.

No Bank Reconciliation

If you don't want to reconcile this bank account, select this check box.

Account No.

You can enter up to 60 characters for the bank account number.

Account name

The name of the account.

Minimum limit

The amount that you don't want the balance of this account to drop below. If the amount of money you have in this account goes below this amount the bank appears in red in your Bank Accounts window.

Sort code

The bank sort code.

Expiry

If this account is for your company credit card, enter the expiry date of the card.

The currency of the bank account. This defaults to the base currency.

If your software has been set to use foreign currency, you can change the currency by choosing from the drop-down list. Read more >

BACS/SEPA Ref

If you use Bank Automated Clearing System (BACS) to make payments using e-Banking, enter your reference number. The reference identifies the payer and is included in the payment files. Find out more about e-Banking >

IBAN

Enter the International Bank Account Number (IBAN). This is a specific format of the bank account number that makes transactions between European countries easier by reducing errors and delays. This number is validated when you enter it in the record, it should be 34, alpha numeric characters broken down to:

• Two letters for country code.
• Two check digits.
• Up to thirty, (30), alphanumeric characters for the bank number.

You can check if the format of the IBAN is correct at http://www.tbg5-finance.org/?ibancheck.shtml

If this is your default company bank account, this information appears under your company name and address on any invoices and orders you print.manager

You must use an IBAN when payments are made or received across country borders in the European Union (EU), European Economic Areas (EEA) and Switzerland.

An IBAN is always used in conjunction with a Bank Identifier Code (BIC).

BIC/Swift

Enter the BIC number or Swift Code for this bank account. The BIC or Swift Code, is a way of identifying financial organisations.

This number is validated when you enter it in the record it should be 11 alphanumeric characters broken down to:

• Four letters for bank or institution code.
• Two letters for country code.
• Two letters for location code, divided into:
  • If the second character is 0, it's usually a test BIC rather than a BIC on the live network.
  • If the second character is 1, it denotes a passive participant in the SWIFT network.
  • If the second character is 2, it's usually a reverse billing BIC, where the recipient pays for the message rather than the more usual mode where the sender pays for the message.
• Three alphanumeric characters for the branch code, which is optional and can be replaced with the value XXX.

If this is your default company bank account, this information appears under your company name and address on any invoices and orders you print.

Roll Number

Your roll number for this account. This is an additional reference used by some building societies.

Additional Ref

Any additional information you have relating to your bank account.

You can enter any text, up to three lines of 60 characters.

Bank name

The name of your bank, which can be up to 60 characters.

Address lines

You can enter each line of your bank's address here, up to 60 characters per line.

No, there is no opening balance to enter

Use this option if you don't want to enter an opening balance.

Yes, as individual transactions

This option posts opening balances as individual transactions to this account and the suspense nominal account.

Yes, as one value

This option posts a single transaction opening balance.

Note: This option is not available if you are using either the VAT cash accounting or UK Flat rate - cash based VAT scheme.