Bank Account Information Table
Use this table to link General Ledger cash accounts to codes representing the bank accounts that hold your payroll and accounts payable funds. Based on Bank Account Information records, you can select check records to send to your bank using the Bank Transmission File option, or you can select the appropriate transactions for reconciling against your bank account statement when using the Bank Account Reconciliation option.
When you set up this table for bank account reconciliation, you may also need to add records for bank account fees and interest. Use a valid budget unit (low level Organization Chart record) and expense account combination for each record associated with fees. Use a valid budget unit and revenue account combination for each record associated with earned interest.
You must set up a separate record for each Fund/Account combination that applies to your checking transactions. Accounts payable checks often require multiple records, whereas only one record is required for payroll checks per bank account.
Menu Path
From the Fund Accounting menu, select Reference Tables. In the Fund Accounting menu, select Bank Account Information.
Set Up and Use Bank Account Information Records
Bank Account Information records are used in two Fund Accounting options: Bank Transmission File and Bank Account Reconciliation. In both cases, you select the appropriate Bank Account code when running the option. The Bank Transmission File option is also available in Human Resources.
Following are brief explanations of how to set up records in the Bank Account Information table to ensure that your co-workers have the codes they need when using the related Fund Accounting options.
Bank Transmission File
The Bank Transmission File option allows your accounts payable and payroll personnel choose check records from your database, format the records by applying a template following bank specifications, and generate a data file to send to the appropriate bank.
Your co-workers will select a Bank Account code which limits the check records the system includes in the bank file based on a combination of disbursement fund and cash account.
For payroll checks, you need to set up a Bank Account Information record for the Payroll Fund and Payroll Cash account defined in the Fund Accounting Profile. This fund and account combination needs to be set up for each bank account your site uses for issuing paychecks. If you use two bank accounts for payroll, then set up two Bank Account Information records with unique Bank Account codes.
For accounts payable checks, set up a record for each bank account you use for issuing payments to vendors. Each record will have a disbursement fund and cash account. If you have a bank account that is associated with more than one disbursement fund and cash account combination, you can create multiple records using the same Bank Account code.
For details, refer to:
Bank Account Reconciliation
If you run software version 20.11 or later and have multiple funds that use a single disbursement fund, and you use Bank Account Reconciliation, you need to adjust the Bank Account table setup as follows:
Run a report of your current bank account table set up and save the report.
For bank accounts that represent multiple funds, remove all entries except the entry for the disbursement fund and the entries for fees and interest.
When you load your next reconciliation, confirm that the expected transactions have been loaded.
The Bank Account Reconciliation option allows your accounting personnel to select transaction records from your database for a specific range of dates. These transactions can then be reconciled against your monthly bank statement.
In addition to a date range, employees select a Bank Account code which limits transactions based on disbursement fund and cash account for checks, receipts and journal entries, based on the fund and account or fund and cash account.
In terms of table setup, follow these basic guidelines:
Add records for all bank accounts used for checks and receipt deposits.
Associate fund and account combinations with the correct Bank Account codes. If needed, you can have multiple records with the same Bank Account code.
In addition to selecting transactions, the Bank Account Reconciliation option allows you to generate journal entries for bank fees and earned interest reported on a bank account statement. The Bank Account Information table includes the Fee and Interest checkboxes so you can set up records for these purposes.To use a Bank Account Information record for processing fee journal entries, enter a valid budget unit and account from the Expenditure Ledger. Also, make sure the record has the Fee field selected.
To use a Bank Account Information record for processing interest journal entries, enter a valid budget unit and account from the Revenue Ledger. Also, make sure the record has the Interest field selected.
For each unique Bank Account code where fees or interest apply, there should be only one associated Bank Account Information record with the Fee field selected and another record with the Interest field selected.
For details, refer to Bank Account Reconciliation.
Add Bank Account Information Records
On the Bank File Account Information page, click Add new.
Enter data in the fields in the Bank Information Data section.
Click Accept to save the record.
Display a List of Bank Account Information Records
On the Bank File Account Information page, in the Bank Account field:
Enter a bank account number to list table records for a specific account.
Leave the field blank to display all records in the table.
Click Search to display records matching your entry.
In the List section, use the down arrow key to scroll through the records.
If desired, click the Print icon to generate a report of the listed bank accounts. In the Print window, select the destination format. The default name is bankacct.rpt.
Click Back to return to the Search Criteria section.
Change a Bank Account Information Record
Follow the steps to display a list of records.
In the List section, select the record you want to change.
Click Accept.
In the Bank Information Data section, change the desired fields.
Click Accept to save the record.
Delete a Bank Account Information Record
Follow the steps to display a list of records.
In the List section, select the record you want to delete.
Click Delete.
In the Confirmation dialog, click Yes.
Fields and Descriptions
Bank Information
Field | Description |
|---|---|
Bank Account | Number identifying a checking account. The bank account number, in combination with the *Budget Unit* and Account codes, identifies a Bank Account Information record. As a result, an account can have more than one record. The limit is 20 characters. |
Title | Enter the name of the Bank. The limit is 35 characters. |
Print AP Checks | Select this option to print AP checks using the bank account number you are creating. If you select this option, the Bank Account for AP Check Print field is not available. |
Bank Account for AP Print Check | Select the bank account to be used for printing AP checks if the Print AP Checks option is not selected. |
Print Payroll Checks | Select this option to print payroll checks using the bank account number you are creating. The Bank Account Information table can only have one record with Print Payroll Checks selected. If there is an existing record designated to print payroll checks, a message appears for you to confirm if you want to switch the Print Payroll Checks option to the current record and remove it from the previously designated record. |
Default Cash Account Number | This field is optional. The default cash account number that you want to associate with the bank account. If the Full Account Format option is enabled in the Fund Accounting Profile, the cash account must be entered in GL account number format. Otherwise, default cash key organization and account must be entered. |
Account Details
Field | Description |
|---|---|
*Budget Unit* | Organization Chart code for the ledger account associated with the Bank Account Information record. Generally, this will be a fund (Level 1) record since check records and receipts both reference funds.
If your Fund Accounting Profile is set up for full expensing, the Full Account Window page will display to enter the budget unit. For the procedure, refer to Full Account Window Page. |
Account Number | Account List code for the ledger account associated with the Bank Account Information record. Generally, this will be a cash account in the Assets range from the Fund Accounting Profile. The *Budget Unit*/Account combination must exist on the General Ledger. The same cash account cannot be used by multiple bank accounts. Therefore, enter a unique cash account number.
|
Cash | Select the Cash checkbox if the account is a General Ledger account. |
Fee | Select the Fee checkbox if the record is used for processing bank fee journal entries with the Bank Account Reconciliation option. Otherwise, leave the box blank. |
Interest | Select the Interest checkbox if the record is used for processing earned interest journal entries with the Bank Account Reconciliation option. Otherwise, leave the box blank. A Bank Account Information record must never have both the Fee and Interest checkboxes selected. Also, for a Bank Account code where interest applies, there must be only one associated Bank Account Information record with its Interest checkbox selected. |
Check Numbering
23.10 and later
The Check Numbering tab appears if the database is set up to use automatic check numbering and based on user resources.
Field | Description |
|---|---|
Document Type | Use the lookup to select one or more document types that use the bank account for processing checks. You can enter different sequences for different check and voucher types. Options may vary based on the selection of Print AP Checks or Print Payroll Checks as well as user resources. For example: If Print Payroll Checks is selected, the list may include:
If Print AP Checks is selected, the list may include:
|
Next Number | Enter the next number to be used for the bank account check series. Be careful to avoid overlapping check numbers. |