What you need to know
- You cannot change the account type, for example, from Current to Credit Card
- You cannot change the category assigned to the bank account. A category is assigned automatically each time you create a new bank account
- If you enter an opening balance, a new opening balance transaction is created and appears in your bank activity and categories
- You cannot delete a bank account after you have entered transactions. If you no longer use the bank account, set it to inactive to prevent new transactions being entered for it Inactive accounts still show in reports and completed transactions. Read more about inactive bank accounts
- Go to Banking, and choose New , then Bank Account.
Complete the following information:
Account Type * Select the bank account type such as Current, Savings etc.
Cash accounts are for tracking cash transactions uch as petty cash. You cannot reconcile a Cash account.
Account Name * Enter the name of the account, as you want it to appear on the Banking page and on reports. Sort Code If the account type is a Current, Savings, or Loan, enter the bank sort code (excluding dashes) in the Sort Code field. Currency *
Select the currency.
For foreign bank accounts, the bank balance shows on the banking page in the selected currency with your base currency underneath it.
Account Number Optionally, enter the account number. Last 4 digits of your credit card number This field displays only if the account type is Credit Card. Optionally, enter the last four digits of the credit card number.
Add a opening balance
If you already have money in your bank account or on your credit card, you'll need to enter an opening balance.
You can do this now, or from the Settings later. Read more Enter an opening balance for a bank account
- Choose Add an opening balance.
- Enter the date for the opening balance. We recommend that matches the date from your bank statement.
Enter the amount.
Enter a positive value when you have money in the ban
Enter a negative value for overdrafts, loans and credit cards
Once saved an opening balance transaction is created. This updates the category for your bank and the special category used for opening balances: Opening Balance Control.
Connect to your bank
This connects Accounting to your online bank using a secure bank feed. Once set up, we automatically download transactions from your bank account, ready for you to add to Accounting.
- Choose Save & Connect Bank to create a secure connection to your bank.
- Follow the steps to connect to your online bank account. You'll need the sign in details for your bank account.
- Go to Banking, then click on the relevant account you want to edit
- Amend the details as required and Save
If you no longer use a bank account, make it inactive so new transactions cannot be entered for it.
- Under Account Status, select Active.
- Set the status to Inactive.
- Save your changes.
The bank account will show as inactive on the banking list.
You cannot delete a bank account when transactions have been entered, including opening balances. The Delete option will not show for these bank accounts.
- Go to Banking, then click Delete under the account name.
- When prompted, click OK to confirm the deletion.